The weekly Iberian. (New Iberia, La.) 1894-1946, 1914-01-31

poses a bond Issue If $50, 0OO
which il is figured wifi accomplish
the following improvements:
The Teete Boutte Canal. .S75, 900
To fund the outstanding Wa
terworks bonds, ......... lo.00O
To pay the city's part OF paw
ing Main street from Weeks
street to Chestnut street. 49,. 10000
To paying the city's part OF
gravelling other streets, -. 10000
lOtdi ...-...'. p i""t"0o
The Commissioner of Finance Is
OF the opinion that three mill
special tax, voted for period Of
forty years, based upon the pres
ent assessment would take care of
the obligation and the interest
that would accrue in consequence
of a bond issue. If the assess
ments Will continue to Increase al
the rate OF two per cent per year,
then a 3 mill tax would wipe out
the obligation in % years The
present assessment is s., 400, 900
aud il is estimated that it will go
to two and a half million by next
year.
The voting of a 3 mill tax for
this general bond issue contem-
plates The funding of the out
standing bonds for the water
works. OF course if this Is done
the 3 mill tax, voted III 1900. and
upon which The bond issue was
pfedlcated, iDstehd Of running
four years more, would fall at
once.
The idea of pursuing this
course is to avoid an increase of
the tax rate. The 3 mill tax ne
cessary to support the $4,000
ieneral Improvement Bonds, if
voted successfully, would wipe
out the special tax of 3 mills vOt.
ed in 1900 and now still running.
It would be substituting new
3 mill tax for an old one. This of
course would have no effect ia in.
creasing the present tax rate. 1t
would continue the life Of that
special 3 mill tax, winch is limit
ed to expire in 1917, to 1912 or
decade longer. The tax rate Of a
city, especially a growing one,
very seldom, il ever, is Tedaced.
You may oatlive some one special
tax and entertain a dream OF
hope that You will experience a
tax rate reduction, but upon
awaking from that dream you will
realize that there are several new
necessities quite urgent in their
demands for the revivifying of
the expiring special. Not in this
city alone is this true; in fact it is
SO common that one may be justl-
fled in ventnri0g-Once special
tax is elected, 1t will be reelected
for ever. Therefore, if we can
get the General improvements
outlined above. without an in
crease Of the tax rate, the proper.
ty holders of this city are faring
we'll indeed.
Street paving must come sooner
or later, and it is quite fashiona
bic just now. The present City
Charter provides that in thu
event of the Board of Trus.
tees determining to pave any
street or part thereof by levyiDg a
special assessment or contribution
OF two thirds Of the cost thereof
upon the abutting owners, it shall
adopt an ordinance defining the
street or streets to be paved, time
Of pavement etc. As the other
one third of the cost of such work
is not provided for it might be as
reasonable to expect the City to
provide for it. as to expect the
property holders to raise it by q
special tax and bond issue.
The bond issue plan fixes two
thirds of the cost OF paving upon
the abutting property owners and
the other one-thlrd upon the gen
eral taxpayers. The operation
Of this plan would require those
properties, which have borne their
street paving expense, las In the
case on Main street from Weeks
street to eastern city limits,) to
again bear part of the tax for
street paving Of other parts of the
city. 1T remains to be seen,
whether the property holders will
approve and support such q meas.
ure.
The city's part of the proposed
paving has been estimated at
$4,000 for Main street aud 500.
900 for other streets; total $780,
900. Some Of the bonds issued ID
consequence Of this indebtedness
would run for the % years. The
interest, therefore, on the whole
issue would, in oil probability,
EQUAL the face of the bond issae.
by the time the obligation vas ex.
tlngnished. Therefore. the City's
part OF that proposed contract. 20
rest upon the property taxpayers
OF the city. would aggregate, IN