The Birmingham age-herald., 1913-11-16
Public Bond Improvement Fund

The bond Improvement fund is also
in bad shape. 1t is impracticable accu-
rately to figure the amount of delin-
quent assessments. but 1t is not less
than $500, 600 and may be considera-
bly, more. The difference between the
amount of bonds outstanding viz ST.
266,50o, and the principal of assess
ments with which to pay them, shows
there must be a large amount of ac-
crued interest also outstanding.
The faith and credit of the people of
Birmingham are pledged to the pay
ment of principal and interest of these
public Improvement bonds, as well as
it's general bonds.
As trustee of The funds which are
received from the people for the cost
of these improvements, the city Is NOR.
ally and legally bound TO collect proper
assessments from the people whose prop
erty is improved, thereby keeping the
bond fund intact.
1t may or may not, be Illegal to
habitually apply in any large sums the
taxes paid by one set of people for gov
ernmental purposes to the delinquency
of another set of people who are in
debted to a special fund.
But whether or not Illegal it is not
just to allow such delinquency to con-
tinue in view of the above statement.
In addition to these delinquent ASSESS
ments (that is payments on the ten
. discrepancy of more than s2o0oO0 in
the amount of bonds outstanding. and
the assessments against the property
owners. Such discrepancy is caused by
reductions and cancellations on principal
of assessments and rebates of interest.
The reductions in this fund have been
as follows:
BIRMINGHAM PROPER
Fiscal year ending 9-30-1911. .....s 1906 80
Fiscal wear ending g-A-1ql2 IL 40 90
Fiscal year ending 9-3o-1913. ..... i, ,306.15
$50, 345. .es
Which included the so per cent reductions
allowed to churches and charitable insti-
tutions. This amount has been paid by
the general fund:
ANNEXED TOWNS
Fiscal year ending 9-3O-1911 ......s 81, 80
Fiscal year ending 9-3O-1912..... los, 720. "a
Fiscal year ending 9-3O-l9lS ..... S9.1149s
s19s, ,296. %
For which no provision has been made.
As this amount is covered by per cent
bonds issued by annexed towns, which
do not mature for several years, the in
terest will amount to large sum.
SINKING FUN
The sinking fund now holds:
Cash .................'....'.. W, 1oo.ol
Securities ........................... H'6Vo.U
s13l, 1855 81
~ strict observance of the law would
have provided it with approximately
$4,000 more.
Methods of Relief
Anyone who seriously considers this
condition of affairs and studies the state
ments submitted herewith, must conclude,
/. That more revenue must be raised
through direct taxation. so as to make
income and outgo about equal.
e. That bond issue of about $1,000 900
to wipe out the floating debt will be
imperative.
g. That operating expenses should be
reduced in every way possible.
aggregate savings affected thereby
cannot possibly offset the operating de-
ficit, but will help Service of all kinds
may be impaired but the people should
not expect more).
4. That all demands for neW or IN
creased appropriations must b >yefused
for the present.
mo matter how worthy the ca or
how valuable the service, both
wait until the credit of the city is
jeopardy.
8 That every dollar due the city m,