Daily capital journal. (Salem, Oregon) 1903-1919, 1914-01-07
Standard
Blood

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HOODS SARSAPARlLLA. Drug
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Purifies, builds up, creates appe-
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Get bottle today.
Legislature met and amended the char
ter Of the city in order to legalize a re
fund issue which was then made dur
ing the administration of F. W. Water.
as mayor, April l, 1904.
Bonds Still With Us.
1t is interesting to note that this
bond issue was refunded about fou1
years after the wooden bridge for
which they paid, was washed away in
the floods of 1SS9-1s9O, and yet while
the bridge has been destroyed many
years the bonds are still with us, and
it is my determination, and 1 trust,
gentlemen, that you will support me in
the same, to pay this bonded debt
which has survived rhe destruction Of
the property purchased with the pro.
ceeds of serial refund issue. 1t is in.
teresting to note that section s of the
original ordinance numbered 422 au-
thorizing this Indebtedness contem-
plated that these bonds might be re-,
deemed before maturity in the order
of their issue, but as redemption was
not mandatory by the terms of the Or
dinance upon any council they have
run along until we face the necessity of
paying them off in April, 1914, or of
refunding them for another long period
of time or refunding them on a serial
redemption basis, which should be man
datory and not optional, l sincerely
trust that when the proper time comes
you will support me in my wishes in
this matter.
The next issue of bonds which will
mature I need only mention in passing
and as being subject to the same re.
marks, but inasmuch as they will ma.
ture in 1920 only wish to place my.
self on record at this time in the hone
that the policy which have advocated
above may be followed when these
bonds mature. The issue is $4,000 Of
5 per cent ten year bonds maturing
January 20, 1920, issued under author.
ity Of ordinance No. TAT for the pue-
pose of refunding a part of the cost of
constructing the Marion and Ferry
street sewer systems. The records Of
the city do not disclose to what extent
this amount of money represents the
original cost of these two systems but
from what can learn, it is only part
OI Ine cOSU InefeOl.
The next issue is one of $63,0jO,
which was refunded under ordinance
No. 749 for the period of ten years
December q, 1909, to mature January
20, 1920, and represented $65,000 Of
4 per cent funding bonds
which were issued originally by what
is generally known as the "hayseel
council" under date of October 2, 1899.
The original issue was made, so far as
the records of the city disclose, for tia
purpose of funding $65OOO of outstand.
ing indebtedness incurred for the oper.
atining expenses Of the city over q
period of several years during the hari
times of that period,
The last issue to which ] need refer
is $4,000 Of refunding 5 per cent
bridge bonds authorized by ordinance
No. SG2 passed on the 22d Of November
1910, to mature October s, 1920, and
were issued for bridge purposes The
bonds are based upon the city's third
interest in the steel bridge over the
Willamette river, | understand and
are subject to the same remarks that
have made in regard to the other
bridge bonds above, nasmuch as the
steel bridge is practically worn out 50
far as its serving the demands upon
it at the present time are concerned.
With its life and security am not
concerned at the present time.
trust that the outline Of the bonded
which have laid before
you will give you an insight into the
city's financial problems that will be
useful and enable you to better dis
charge the duties incumbent upon yJu
and Of advising and assisting me dur.
ing the coming year.
/ am informed that part Of the