The Richmond palladium and sun-telegram., 1915-01-05

For every dollar this city is ex-
pected to spend we have just thirty
cents availa BILE. and the city can't do
business satisfactorily on that scale"
declared Alfred Bavis, speaking for
himself and the other members Of the
board of public works. and council
agreed with him.
Last night the fact that the city of
Richmond is way behind in the matter
OF public improvements, especially per-
manently improved streets and an ad-
equate sewer system. was put square
ly up to council in a statement signed
by the three members of the board,
and in a verbal statement by Mr..
Bavis.
Council Backs Board.
That council keenly realized such Q
condition Of affairs existed and that
it was high time some remedy be ap-
piled to the situation. was indicated
in several speeches made by council.
men, and by q unanimous vote IL was
decided that council should meet with
the mayor and the board members
next Monday night for the purpose Of
planning a campaign whereby many
of the most necessary permanent i'm.
provements can be provided.
A bond issue was openly advocated
by several city officials. especially
when Mr.. Bavis assured them that
bonds could be floated without
further increase in taxes, and tho
prospects are that in the near future
council will decide to authorize Q bond
issue of over 100000. possibly $780,
900. At the meeting next Monday
night Mr.. Bavis will submit to coun-
ell his plan whereby bonds can bo is
sued without increasing the tax levy. |
Those who have been informed Of this !,
plan agree that it is practical.
City Cuts Bonded Debt.
There is now a seven cent levy to
meet the city's bonded Indebtedness,
which will be about $4,000 next July, !
exclusive Of the $139. 700 municipal
light plant bonded debt. which the
plant itself is paying off In Novem-
ber, 1916, the city will have NO bonded
debt.
The sinking fund levy now provides
approximately $1,000 per annum and
bears three per cent interest. Il is
planned to float bonds bearing three
and onehalf per cent interest. Mr..
Bavis would issue bonds. part Of
which would be taken up in six years,
part in eleven years and the remand
er in eighteen years. If q $l5o.ooo
bond issue was floated the inteeaoe
could be met annually out Of the sink
ing fund. leaving a substantial surplus
III 1t each year after paying interest
on the bonds, and at the end Of the
first six years the first $4,000 I'm
bonds could be taken up with monies,
in the sinking fund
Bonds Would Attract.
AS the bonds would be non-tankla
they would be an attractive invest.
ment Mr.. Bavis believes. for they
would be equivalent to taxable com
mercial bonds bearing 6% Dor cent
interest He would advocate, in the
event of bond issue. that the bonds
be offered to the general public in
small lots.
This plan. in more complete detail.
will be explained by Mr.. Bavis at the
meeting next Monday evening.
After the reading OF the boards re-
port last night the mayor. possibly
doubtful as to the spirit I'm which coun-
Gil would receive it. hastily stated that
the communication was not to be IN
soApie1o as d TeconueuuatlOn Oy the
board that "a bond issue be- floated, but
was merely statement of existing
In the past it has been councils pol-
icy to ignore the fact that although
Richmond has grown to be a third
class cityAo is still earbed in the swad-
ding clothes of small town. SO far
as permanent improvements are con-
cerned. and the mere mention of n
Continued On PaSs SixS
f..s- - 80 rtA L !