The Tupelo journal., 1916-04-21
About Purchase of Y. M. C. A.


the city of Tupelo on the 9th day of
] May, 1916, for the purpose of submit
ting to the qualified electors the ques-
ton whether or not they will vote to
authorize the Mayor and Board of AL
dermen to purchase the property of the
. Y. M. C. A. at a valua ton of $4,000
and to issue the bonds of the city for
the purpose of raising money to pay
for same and in order that the question
may be inteligently voted upon, give
the facts of the proposition as nearly |
as / know them.
The original or first cost of this prop
erty was somewhere from $780, to |
$32, 900. The amount of the indebted
ness against the same is now a few
hundred dollars over $4,000 This is
evidenced by notes given to the three
banks of the city in practically equal
amounts and the notes for same draw
eight per cent interest.
These notes, in addition to being
signed by the Y M. C. A, are also
signed by Messrs. j. H. Ledyard, j. @. |
Robins, S. P Clayton, D. w. Robins,
j. M. Thomas, DIR. T. F. Elkin, M. H.
Moore, D. S. Ballard, Asa W. Allen,
r. A. Weaver, R. F. Goodlett, Clark
Troy, E. C. Kinds, G. w. Long, R. G. |
Clark, S. j. High. F. C. McGaughy, |
Geo. T. Mitchell, C. w. Troy, R. B.
Clark and Fletcher Johnson. Of course
! the people who signed these notes did
so for the purpose of helping to put up
what they considered good institution
for the city.
AS | understood the proposition at
first, | was opposed to same and would
be opposed to it now, were 1t the
proposition thought it was in the be-
ginning. Until recently / was under
the impression that it was the intention
of these people, who were on the notes
to the banks, to have the city buy the
property straight out, and let them out
of the transaction entirely. But such
is not the case and the affair can be
managed if the city continues to grow,
so that the city will not lose any money
and have good piece of property and
these parties who signed these notes
will be relieved of part of the financial
burden which has been imposed upon
them by reason of their having signed
these notes. In this way:
AS above stated, the rate of indebt-
&c inbf
association has been unable, after re-
peated efforts, to borrow the money at
a less rate of interest. But bonds of
the city for $4,000 can be issued and
sold at rate Of interest of five per
cent per annum and in this way the
difference in the interest would be $3.50
annually. And the parties above men
toned as being signers on the notes,
propose to give the city their. written
obligation and undertaking that they
will Jointly and severally secure the
city against the payment of any OF said
interest and also against any cost OF
upkeep on the property until such time
as the city may need said property for
some city purpose And the Board OF
Aldermen have authorized me to say,
or at least majority of them have SO
authorized me to say, that even though
the election should result in favor OF
the purchase by the city of this proper
ty, that the board will not purchase
same until such contract of indemnity
is executed and delivered along the
lines above set forth.
1t is my idea and also that of the
Board of Aldermen, or of those to whom
/ have talked, as well as good many
gentlemen who are on the notes and
some few outside people, that with the
present growth of the city, it will be
only very few years until another
school building will have to be had in
order to furnish sufficient accommoda-
tons to pupils attending same And
that when such time arrives, then the
city will take over the property and the
obligation of the signers of said notes
guaranteeing interest and upkeep will
end.
While | have always PAID what
owed or signed for, dollar for dollar,
and am satisfied that practically all
the signers on these notes will pay the
same, if the present plan OF action is
defeated, can see no objection to the
city taking over this property upon the
conditions above set forth, without any
loss to it, if by so doing these gentle
men can be relieved of the payment OF
$3.50 per year in interest or practically
that amount, on debt in which they
have no personal interest.
If this is not done and the city should
not take the property over for school