The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1913-03-31

for special assessments is on account
Of paving, sewers, and similar i'm
provements, and this indebtedness is
mainly incurred by property owners,
the city government merely acting as
trustee and supervisor of the work
The item called miscellaneous is in
debtedness incurred for paving and
other improvements around the
schools. parks, and other city proper
ty. 1t has for years. been a VeXed
question as to which divisions of city
authorities should pay for these i'm
provements and meanwhile the in
debtedness is maturing without provi-
sion for payment. 1t is therefore an
important question and should be set
tied bysqa friendly suit as quickly as
possible z'a' f.'@@. ''''s2''
@ Sinking Funds
The city sinking funds this
year contained ......... $27,71QO0
The amount should be ...... 5S,533.33
Deficit in sinking funds 80. $50, ,623.33
The law requires that when the city
sells it's bonds payable in a term OF
years that a sinking fund shall be
created into which shall be paid each
year an equitable proportion of the
total bond ISSUE so that there will be
funds on hand with which to redeem
method which has been practiced by
the city from time to time in the past,
In relation to these sinking funds is
subject to criticism. The law seems
not always to have been complied
with, and injustice has been done to
the taxpayers and administrations OF
succeeding periods, and possible dan
ger to the city credit incurred. Often
no annual contribution has been made
to some of the bond sinking funds
with the result that a succeeding
period of taxpayers and administra-
tions must add to their annual tax
levy money to pay the debt chargeabls
to a previous period.
In September last we encountered
an instance when a block of bonds
amounting to $4,000. will fall due on
Dec. l, next, for which there was no
sinking fund at all, consequently q
levy will have to be made for the en-
tire sum in single year, unless re-
issue of bonds can raise the necessary
amount. An additional disadvantage
in such q case is that If the reissue
of bonds had to be placed on the
market during a financial crisis the
city would be entirely at the mercy Of
bond buyers in the matter of interest
rates and terms. The present city
government has commenced the COR
rection of this irregularfty by making
it's full contribution to each sinking
fund and 1t is to be hoped that such a
policy will continue in future.
The Annual Budget.
On Sept. of each year an estimate is
made of what amount will be required
to run the city government for the
succeeding year; this is the annual
budget and specifies in detail the
amount required for each department
or purpose. This year there was an
increase over last year of 10 9-10T6.
OF which the school board caused
5 9-10To.
The state and county go.
The city, not including hydrant rent
ais, S-10, and the parks a decrease of
10.
The city therefore is far the least
of the large taxing bodies, and 1t must
be remembered also that this slight
increase on the part Of the city is in
spite Of the fact that about $4,000, ,0G0
have been added to the city improve
ments which have caused heavy, extra
expense for maintenance and opera
ton. The annual tax levy is made to
raise this sum. For this year the
amount of the city budget is $146, ,561. 90
In addition to this sum the