Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-03-31
HOSPITAL BOND
ISSUE To VOTE
on MAY 5
Serial Instead Of Thirty-Year
System Adopted Council En-
thusiastc Over Plan,

That the voters of Atlanta will be
asked to pass on an issuance of S750,-
VoO IN bonds for a Greater Grady
Hospital was assured by members of
Council Tuesday At a special meet
ing to be held Wednesday afternoon
Council will indorse the proposition.
AND direct that the election be held in
conjunction with the county election
on May 8. 1t also will direct That thA
hospital bonds be the only municipal
issue before the people.
If the issue is carried at the cleo
ton, in which more than 1000 voters
VIII participate, the bonds will be Sc
rial instead of 3O-year, and will pay
4l-2 per cent per annum. Of the
issue $4,000 will be in denomina-
lions Of $1,000, and in order TO create
local interest in their sale $4,000
will be in denominations of 500. This
was suggested by Mayor Woodward
at a special meeting of the Council
Monday afternoon.
Big Saving by Serials.
The substitution of serial bonds for
S0-year bonds will mean a saving to
the city of approximately SA98, 900 on
the entire issue.
During the discussion Monday,
Council was assured by w G. Hum
phrey chairman of the Finance Com
mittee, that the $42,0 900 which must
be set aside this year for interest and
sinking fund, if the issue is passed by
the people and foated before January
!, would be put in the June apportion-
ment sheet
If the issuance is authorized, the
principal will be paid in 80 equal IN
stallments of $4,000 annually.
The interest, which will amount u
$1,000 will be paid semi annually.
According to the State law, the city
must provide S42, 600 if the issue Is
fioated before January l, 1915. After
that date the law requires the city to
levy a tax TO take up the debt
It was announced that the issuance
would be no burden to the city, for
the reason that within six months aft
er the money is available the city will
be deriving an income of s15S,000 from
the pay ward system.
No Burden to Taxpayers.
DR.. Summe~all submitted figures to
prove that the issue would not be a
burden to the taxpayers, and that 1t
would be a paying investment for the
CITY. He showed conClusively that the
100 pay wards would not only provide
for the upkeep of the entire institu-
ton. as we'll as paying off the debt,
but would yield an annual profit of
about $4,000, if the pay wards were
filled all the time.
If on the other hand. the pay
wards we're not filled all the time,
he convinced the Councilmen that
even then the department would meet
the debt
Though the majority Of Councilmen
Monday favored the proposition and
would have Endorsed it there and
then. one or two thought it was too
important to be rushed, and through
their efforts the question was allowed
IN stand over until Wednesday after
noon. when Council will meet in spe-
ciaI session to finally pass on the
issue.
Thomson Against Haste.
Alderman A. D. Thomson was Wig
orous in his protest against holding
the election on May ., ana ne spoke
strongly in favor of submitting, along
with the Grady bonds, proposals for
bonds for sewers. plaza and other
projects. It was through Alderman
Thomson's efforts that the Council
authorized Mayor Woodward TO APP
point committee of ten to confer
Jointly with the Grady Hospital cam
paigners the ACCESSIBILITY Of submit
ting the issue to the people sepa-
rately
Mayor Woodward chose the follow
ing members for the committee Sea
wright. Kelley, Thomson. Sisson, Nc
Donald Nutting, Colcord, Humphrey,
Smith and Ragsdale
Immediately following the Council
meeting the special committee met
and various phases of the subject
we're discussed 1t was at this meet
ing that Martin Amorous, ex-member
of Council. recommended that the
bonds be serial instead Of 3o-year
bonds
Speakers on behalf Of the cam
naigners we're Colonel Robert ] Low
~ Bishop c. K Nelson, Wilmer 1.
Moore. DR.. George Noble and E. w.
Martin