Payette enterprise. (Payette, Canyon Co., Idaho) 1909-1935, 1918-06-27
MAYOR WOODWARD
INVESTIGATES
] he Mayor of Payette,
Payette, Idaho.
Dear Sir.

Payette, Idaho.
Dear Sir:
AS Ch0irman of the Sub-Commit
tee on Capital Issues IN this Fedora
Reserve District, permit me to brinl
to your most thoughtful consideraticl
the vital Importance of governments
economy at this time, economy il
materials. Betterment or extension 0
utilities, street improvements, wheth
er construction, re-conStruC tiCn OF
repairing, CT construction OF new
bGildmsas in short, any public improy
mems such as wCuld be natural and
appropriate in peace time, but which
can be postponed until after the war,
fhCuld not be entered upon at this
time. UNDERTAKINGS which do not
Contribute directly or indirectly to
winning the war necessarily with
hold support correspondingly from
our military C,f.rts, which means
that they can be carried forward oaly
at the cost deferring the conclus. on
of the war and the consequent IN
creased sacrifice of lives of those
at the front This applies etrally
whether undertaken by state, coun-
ty or city and whether to be paid
Tor by sales of bonds, by general
taxes or local assessments.
No German propaganda could be
more insidous nCr more harmful
than one for undertaking at this time
public work which can be deferred
for the time being. 1t is time when
all non-essential projects should be
deferred and when the cost of gov
nrnment should be reduced to the
minimum in order that all energies
may be concentrated in the one VIZ
tai effort of winning the war
Bespeaking your earnest end pa
triotfc cooperation, I remain,
Yours very truly,
John Perrin
Chairman Sub-Committce
Capital Issues Committee.
In compliance with the above re-
quest, Mayor Woodward stated to a
representative of The Enterprise that
he had made an examination of the
clty's finances for the past two years
with the following results:
The assessed valuation of the City
of Payette for the year 1918 is ST.
209 100000.
The laws of the State of Idaho per-
nit leyy of 10 mills on the dollar
&c be levied for the General, Road
end Salary funds of cities.
Total expenditures from the Gem
eral, Road and Salary funds for the
year ending May 1st, 1917 amounted
tt $16,634.SO Amount available un-
der the levy for the same period
S1S,036.40.
Total expenditures from the Cen
eral, Road and Salary funds for the
year ending May 1st, 1918 amounted
to 11,S16.24. Amount raised under tn
levy for the same period SIS, 1880.
Total saved on the General. Road
and Salary funds during the year
ending May 1st, 1918 amounts to s4,-
S1S.56.
In speaking of the recent issue!
of $4,000 funding bonds Mayor Wood |
ward stated that these bonds were
Assued for the purpose of paying off !
the overdrafts or warrants which
had been issued by the city from the |
various funds, in excess of the
amounts raised by the 10 mill levy,
which is the limit fixed and allowed
by law for the three funds above
mentioned
These overdrafts have been accum
ulating since March 1912, at which |
time the City issued $4,000 fund
ing bonds to clean up a similar lot
of overdrafts.
The recent issue of funding bonds
consists of fifty one bonds o the
value of $1,000. Each bond carries at
W II ~ AllbtltSt coupons NsNN'
of the value of $4,000, or a total Of
81 200. Or a total for principal and
interest of $4,000 for each bond.
If the City is able to meet this in
debtedness at the end of the 20 year
period, the s51 900 we now get will
cost us s112.20O.
The rate of interest on the bonds
is per cent, making yearly inter
est ON these bonds alone of $1,000.
The interest on the overdrafts and
warrants is z per cent or a yearly
interest of ss3,57O. In issuing the pre-
sent issue of bonds the City Council
not only saves the city $50 interest
yearly, or s10,200 during the life OF
the bonds. but relieves the local
banks and merchants from z load OF !,