The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1915-01-12

he asserted tQdL Dy applying tnd
municipal plant surplus to its sinking
fund for two or three years, the sink
ing fund would then be large enough.
with the accruing interest on it TO pay
off the plants bonded Indebtedness In
1927. After about three years. when
the plants sinking fund was suffi-
ciently large. it would then Be pcssi-
BILE to cease making payments into
this fund and apply the bulk Of the
plants annual profits to the city's gen
eral fund He estimated this would
amount to about $4,000. With the
general fund reinforced by this
amount annually, he said, many inn
provements could be made each year.
Council Opposes Mayor.
Council approved the mayors sug.
gestion as practical one but several
members pointed out that there were
"a number of needed Improvements
which could not be postponed until
such a plan could be placed in opera
tion, for the most part streets and
sewers.
Neither the mayor. Controller Nc.
Mahan or Board Members McMinr
make as to how improvements which
vided for without q bond issue.
There was a difference of opinion
as to the amount of the bond issue. on
councils part, and what improvements
should be made at this time, but coun.
ell was unanimous that a number OF
proposed improvements could no long,
er be postponed and to finance them
bonds would have to be issued.
President Bavis had copies Of hil
plan for paying off a bond issue Of
$150,0o0 without increasing taxes, dis.
tributed to councilmen, and they all
agreed that it was a most practical
one. Controller McMahan declared
however, that no bonds bearing only
31s per cent interest could be sold.
Council did not share this view, how
ever.
To Sell to Citizens.
There is no trouble In the mayors
official family over the question of q
bond issue for needed permanent TN.
provements,' Mr.. Bavis said In ada
dressing council. The mayor aud my
associates on the board disagree with
me in this matter, but they are as con-
scientious in the opinions they hold as
am in mine. In this ! am merely ex.
erting my own individuality. There
are no two opinions alike. possibly. as
to the most needed improvements.
"As to the amount necessary to pro-
vide them there is no dispute. would
sell these bonds over the counter In
small lots to our citizens. and by do
ing this we would provide attractive
investments and stimulate general in.
/ terest in city affairs. This bond issue
may arouse quite little opposition.
That is to be expected, but we must
do our duty and be prepared for criti.
cism. At the present time would
not favor issuing any bonds because
the market Is not ripe, but within the
near future these bonds should be
floated and 1t would be wise to starr
on our improvements while there IL q
limited demand for labor. want tc
be on good terms with my conscience
that we get busy on our program OF
| improy
WaldeIe Backs Issue.
! Councilman Waidele then declared
he stood for bond issue. He said he
expected some criticism but was moi
afraid of it. He said that Richmond
needs better sewer system the worst
kind and that many of its streets were
in a disgraceful condition. MANY OF
our expensive macadam streets arr
worse than our gravel oues," he de
! clared.
| Board Member McNfinu then an
/ nounced that he favored issuing bonds
only for an automobile ladder truck
He said the majority Of the citizens
opposed a large bond issue and tbs
forcing of costly improvements upol
them
I'VE had three small improvement
before the board today, and I thinl
two of them will be successfully re
monstrated against" He declared tha
the statement read to council las
week, outlining Mr.. Bavis' Improve
ment plan, had been signed by him
self only because he regarded it as
! statement of conditions, and in no wa;
ommendation from the board.
Mr.. Marlatt made the came state