Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1914-05-12
Budget Providing For
City's Expenditures For
Next Eight Months Is
Passed With One Coun-
kcilman Not Voting.
Matter Of Purchasing Sew
er System of Brownsville
Sewerage Company Is
Broached -SystemMay Be
Purchased In ; Months.

Owing Ia the extended consideration
given by the city council Yesterday IN
the matter of ccpiina The i. q. Ham
ilton proposition to take over the citN'>
outstanding indebtedness. few matters
other than The passing Of the budget
were diSpo>cd of. The Hamilton prnpo
siiion came within Il second oi being
PASSED when the motion hy Alderman W.
4. Craig that il be- accepted with tn
under standing hat interest was nor 90
bcrome payable until the money was
actually ia the city'S hands caused dis
cusSion and finally delay.
The contract and form Of warrant to
bc issued Hamilton under ihr prop ~
ton provided that interest was 10 hc
come operative with the acceptance of
the contract Mr. Hamilton had iu
formed She council thai ID would take
a matter Of about tXo months before the
money could be- actually paid over. and
when this was taken into consideration
il was found that il would cost the city
something over S900 in interest before
the money was NJ hand
Mr. Hamilton in dealing with The Il
nance committee informed the members
that owing Ia a decision by his attorneys
he would have Go revise his first propo-
stion. which provided that the warrants
he required IN exchange for his script
would show Interest at G per cent. but
that the city would actually pay pr
cent. This proposition was tentatively
accepted by the council. Ills newer
proposition provided that he would pay
the city 10 cents on the dollar for the
script the city to pay the Scrlpl owners
an additional 10 cents. making the tota.
"a the script holders ~ cents on the dol
lar. The warrants 60 hr issued 10 MIR.
Hamilton would show interest a; the
rate of g per cent. Int ~ addition Mr.
Hamilton required in his newer propnSl
iion that the city pa, : per cent interest
in advance.
As explained hy Alderman Dworman.
the two propositions are practically the
same. except that III, city will pay per
cent interest al the beginning Of the loan
instead of stretching ii out over Il per
iod of fifteen years. Some of the alder
men figured that thr city would b. los
ing greatly by the proposition but Mr.
Dworman. a banker. assured me mem
bcrs that the two offers were the same
in the long run. The later proposition
will neccsSitatc an initial payment hy
the city of approximately SG5uo which
the new budget. paSScd Yesterday. has
provided for.
The resolution to finally accept thr
Hamilton proposition would have passed
Yesterday afternoon had the matter Of
the 800 interest not cropped up. Upon
Mr.. Hamilion's return 10 the cny il will
be- again thrcShcd ont with him. and per
hapS will come up again for conSidcr;t-
ton al the meeting of the council next
Monday.
Before the matter can finally hc
closed il will bc necessary for the cnnn.
ell Ia prepare and adopt the budget for
1915. This Will b. done. il j. expected
sometime within the next two months il
the loan offer j. a copied.
Mr.. Hamilton already owns or has
options an all the city scrip hr viii ne
ccpt. amounting Ia about StG.o0n accord
inr Ia list he submitted to the city
rounci! with his contract.
The budget which vas passed ly The
city council yesterday afternoon pro
yidcs for the ciiy's expenditures mp e
and including December 81. 1914. The
finance committee in rccommcndin. II
said that Ii had in view tax rate oi
$l.02 Il. which docs npi incl idc tn,
school tax already pas s.cd. of :. cents ou
the hundred dollar VI nation The Tax