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-Counci En-
thusiastic Over Plan.

T'hAt the voters OF Atlanta will be
asked to pass on an issuance of $780,
200 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 5, 1t also will direct that th4
hospital bonds be the only municipal
issue before the people.
If the issue is carried at the cleo
lion, in which more than $4,000 voters
will participate, the bonds will be Sc
rial instead of 9O-year, and will pay
4 IL per cent per annum. OF the
issue $720,000 will be in denomina-
tons of $1,000. and in order to crea tie
a local interest in their sale 100000
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 saving to
the city of approximately $A9S,000 on
the entire issue.
During the discussion MondaT,
Council was assured by w. G. Hum
phrey, chairman of the Finance Com
mittee, that the $40. 900 which must
be set aside this year for interest and
sinking fund, if the issue is passed by
the people and floated before January
l. would be put in the June apportion-
ment sheet
II the issuance is authorized. the
principal will be paid in 80 equal in
sediments of $25. 900 annually.
The interest, which will amount to
$4,000, will DC paid semi annually
According tC the State law, the city
must provide $4,000 if the issue Is
fioated before January l, 1915. After
that date the law requires the city to
levy a tax 10 take up the debt.
1t 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 $15S,O00 from
the pay ward system.
No Burden to Taxpayers.
DR.. Summerall submitted figures TO
prove that the issue would not be q
burden to TIE taxpayers, and that 1t
would be q 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 ell as paying off the debt.
but would yield an annual profit OF
about $4,000, If the pay wards were
filled all the time.
Il on the other hand, the pay
wards were 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
to stand over until Wednesday after
noon. when Council will meet in spe-
cial 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 ), and he spoke
strongly in favor of submitting, along
with the Grady bonds, proposals for
bonds for sewers. plaza and other
projects 1t was through Alderman
Thomson's efforts that the Council
authorized Mayor Woodward 10 ap-
point a committee of ten to confer
Jointly with the Grady Hospital cam
paigners the ACCESSIBILITY of submit
ting the issue 10 the people sepa-
rately