The Birmingham age-herald., 1917-07-14
GEO. WARD OFFERS HIS ASSISTANCE ID
 REDUCE 5-M|LL TAX
President City Commission Talks in Reference to Abolition of Sinking
 Fund Tax

President George B. Ward of the city commission has issued statement in which he offers his assistance to the aboli- tion of the 5-mill sinking fund tax if possible, or his aid in reducing it to the minimum.
 MT. Ward offers his cooperation in ev- cry possible way, and calls upon the Real Estate Exchange for suggestions. His statement follows:
 Tt is perfectly proper and wise that the property owners should open up the question of the 5-mill tax rate, and it's relation to the sinking fund
 Undoubtedly, under the present rate, more money will go into the sinking fund than will be needed to retire what is commonly known as the Steiner bonds
 Studying the question. however. one point must be investigated, and care fully considered, and that is how many mills will be needed to liquidate and amortize the bonds at their due date. that are protected under Judge Sharpe's decision.
 "A competent accountant can figure out the scheme and present it for acceptance.
 This administration and any other administration will be glad to accept it..
 While discussing the 5-mill provision of the constitution, it is only fair to call attention to the fact that while it may be excessive for the million and a half bonds commonly called the Steiner bonds it would not be excessive if the law allowed it to be applied to all city bonds, as was the accepted practice prior to Judge Sharpe's decision.
 Within six or seven years the maturi- ties will come so fast and so large that the bugaboo of heavy bank balances will disappear.
 Thereafter the amount collected would only be enough to pay the interest and refund small portions of bonds. Constant refunding of the other bonds would then be necessary.
 The public should understand clearly that as the law is construed today no provision is made for retirement of bonds or the interest on bonds issued since 1902.
 They must be renewed or refunded as fast as they mature.
 However, in consideration of all these facts it is well that the question should be cleared up as we go along ana each
 
 to stand on it's own bottom.
 T am glad the Real Estate Exchange has brought the question to issue. and will cooperate heartily with them in working out the sensible adjustment of the tax rate.
 The exchange should be reminded, however, that it's figures as given to the press are not accurate.
 There is neither the amount in the sinking fund as large as stated nor is the amount due the fund from year to year as large as stated. The amount on hand is S7S6 819.9s, and the annual in crease is around s3o0000. Not quite all of the taxes are yet in. The difference of figures is easily ex- piained, as the books are here, and so is Judge Sharpe's decision to guide any competent accountant in arriving at the true statement.
 'It should also be remembered that an appeal was taken from Judge Sharpe's decision. which appeal is still pending and undetermined. If his decision should be reversed, the whole of the 5-mill tax would be needed. in any event, to take care of the bonds issued in 1902