The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1917-06-16

conducive to the high standard achieved.
/ Floating and Bonded Indebtedness.
/ Exhibit B" shows that notwiths tanding
| adverse conditions prevailing during the
present commission administration, a most
/ chaotic condition inherited from previous
administrations has been brought te
a standard whereby the city's debt may
| by continued conservative managenn ent--be
| gradually wiped out
At its inception, the commission council
| found itself confronted with a floating debt
of S5S,S94.46, of which S51, ,440.l4 consisted
| Of notes and certificates of Indebtedness all
having the same maturity, bearing I pei
| cent and per cent. and which had been
1 continually renewed from year to year, with
| a consequently heavy interest burden. Not
withstanding continued decrease in tax
| assessments. this Indebtedness and interest
was gradually reduced TO S4S,T00 in 1914
| when. on December J of that year, the com
| mission council availed itself of Act No. 21S
| of the general assembly of Louisiana for
f1914. and adopted Ordinance No Is G. G.
| series. making effective a plan formulated
by the city auditor for fefunding the in
| debtedness through series of per cent
semi-annual interest bearing negotiable GER
tificateS of Indebtedness maturing annually
| in from to fifteen years, with interest
coupons attached special appropriation
| of per cent of the regular 10-min tax and q
requisite amount from the surplus annual
revenues from the year 1914 to 1880 in
elusive provides for the retirement of prin-
cipai and interest in fixed instaliments. This
plan has effected a saving Of 8 per cent in
the rate of interest paid and enabled the
commission council to retire $500 of the
principal The statement shows how this
Indebtedness has been apportioned over the
various years.
It is well to recall here that in the year
1918. the city was placed face to face with
a most serious and perplexing condition when
the failure of the Bank OF Donaldsonvllle
imposed upon it the loss of it's bond sink
ing fund, amounting to s7o9S.25, which
subsequent dividends and set-offs amounting
to $2l2.T9 were credited, leaving q net loss
of s6888.46, which had been gradually ac-
cumulated from the special 5-miH tax to pay
the school and waterworks bonds at their
respective naturities. With the loss OF this
fund, the city was placed in the position Of
being unable to retire the $1,000 OF these
bonds maturing June 81, 1915 but the hold
ers of the bonds were found willing to hold
them, and Ordinance No. 20 c. G. series
was adopted August 9, 1915, providing for
be attached to these deferred bonds until
such time as the city shall be able to re-
constitute this fund. A sufficient accumula-
tion in this fund enabled the city to retire
one of these bonds the first of January
of this year, reducing the bonded debt to
$4,000.
second failure in 191A-that Of the
Peoples Bank--imposed further loss In
this fund of $s93.64. Notwithstanding these
adverse conditions. the commission admin
istration has forged ahead, performing It's
pledged duty to the citizens and taxpayers,
and gradually reduced the citys debt from
sl18,026.95 in 1918 to S1f0.039.31 in 1917,
making a reduction of s7987.6A, from which
further reduction of s2291.7s for a paving
certificate held by the Bank of Donaldson
vile in Liquidation, which has been set-otf
against the amount lost in the bond fund,
will make a total reduction Of the debt
amounting to s10,2Ts.42.
Contingent.
There is d contingent liability of the city
to the American La France Fire Engine Co.,
of $4,000, for balance due on type 20
purchased by the city for Vigilant Hose
Co. No. 8. This company not being in-5
eorpcrated and unable to contract, eouls
purchase this modern fire fighting equip
uent only through the Intermediary of the.
city. Therefore, by resolution of the com
ualss censassia
ized on April Iu.s 10, sfur ~
$4,000. Of which VigiIant Hose Co. No 3
paid $500, the first cash payment. raised by
popular subscription and otherwise, leaving
a balance of $4,000 payable in one, two, three
four and five years with interest at per
cent from date of acceptance of the app:
paratus Aug. so, 1916 For this balance
the city has executed in favor of the Ameri-
can La France Fire Engine Go. its certificate
Of Indebtedness, Vigilant Hose Co. No. .
pledging itself to raise the annual payments.
or much thereof as possible, as they be-
come due.
Condition of Funds.
Exhibit CO. shows the cash receipts and
disbursements of the current fiscal period
to May 81. 1917. and balance in the various
funds. follows:
On deposit to credit of
General Fund d-.----.-.----.-.S ola 30
On deposit to credit of
Bond Sinking Fund -..--.-. 2I92.0l
Total .......... .s2sos.5s
Records.
In keeping with the systematic organiza-
tion of the clerks office. modern loose
leaf Mcmillan minute book has been Install
ed during this administration, very much
facilitating the labors of your clerk in
recording the proceedings of your delibera-
tions. This record is now written up on the
typewriter, making very neat legible, and
permanent record.
In conclusion wish to thank the several
commissioners for their faithful assistance
and support in carrying out the many de-
tails of the office. Their cooperation has
made an otherwise arduous and laborous
task work of pleasure.
Respectfully,
lSigned) A. j. MELANCON,
Clerk and Auditor City of Donaldsonvlle LII
On motion, seconded and carried,
the report was received and ordered
spread upon the minutes of the coun-
ell and published in the official pro-
ceedings.
The following report of cash re-
ceipts and disbursements for the
period from January to May 81 was
read:
tsee Exhibit "C")
The following bills were read and
approved:
Municipal Light & Water Conn., $11.9o
Grasseli Chemical lCo...-...-..-....... TIT
The council adjourned.
A. J. MELANCON,
Clerk of the Commission Council.