Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1921-08-01
PUBLIC POOL TO
Be FINANCED BY
BABY BOND issue
Denominations Of $5 To
, 500 At s Pct. Au-
thorized

The swimming pool on the city
Playground is to be built with money
to be provided by an issue of 'baby''
bonds, totalling not more than 49,
500, in denominations of from $5 to
500, maturing in five years and
bearing interest at per cent, the
proceeds from the sale of bathing
privileges to be applied toward pay
ing off the bonds. This was decided
at the meeting of the Playground as
sociation Saturday afternoon to con-
slider ways and means of building the
pool, which movement has met with
general public endorsement since it
has been actively agitated recently
after a period of dormancy.
The resolutions providing for the
bond issue were drawn by w. w.
Dykes, president of the board of edu-
cation and local attorney, and the
movement has his backing and that of
the board. 1t is believed by the
Playground board that the returns
from the pool, once it is in operation,
will not only retire the bonds but
maintain the Playground as well, sup
plying needed funds which are not
now readily obtained. This estimate
is based upon the experienre of the
pool at Cordele and other places of
no greater advantage.
The proposed bond issue is to be
opened for subscription as soon as
preparations can be completed.
The Resolutions
Following is a copy of the resolu-
tions by the Playground board, which
gives some details of plans for the
project:
"Whereas on the 29th day of July,
1921, the Board of Public Education
for the City of Americus, in whose
keeping and legal custody the Hill
property now used for a Playground
was vested by the mayor and City
Council of Americus at the time of
the purchase of said property, bv
proper action in said board granted
to the Playground association per-
mission to construct swimming pool
on said property;
And whereas, the burden of fl
nancing the project devolving upon
the Playground association, in order
to construct swimming pool suitable
to the needs of Americus, it is neces-
sary to issue some form of obliga-
ton on the part of the Playground
association to be able to successfully
complete the project;
Therefore, be it resovled by the
Board of Directors of said Playground
association that it construct on said
property at some suitable place a
swimming pool, the dimensions of
which shall not be less than 40 100
feet, the walls and bottom of which
shall be made substantial by cement
concrete construction and at least
forty (40) dressing rooms adjacent
to said pool together with elevated
seats and roofing around the pool
be constructed in connection there
with and also that there be drilled on
said property some suitable place con-
venient to said pool a well for -
purpose of supplying water and that
such other essential and necessary
equipment be provided so as to make
the same attractive and valuable to
the Playground;
Bondholders Protected
''Be it further resolved that this
association issue its obligations in the
form of bonds in denominations of
Five to One Hundred Dollars each,
the total of which shall not exceed
Thirty-Five Hundred Dollars, for the
purpose of paying the total cost of
the construction of said pool and all
the equipment and essential parts
necessary to have Herewith as here
inabove started:
"Be it further resolved that there
shall be no personal corporate flnan-
cial responsibility back of said bonds
to secure the same except that II, the
Playground association should fail to
make a success of the project after
it is completed, the bond holders
shall have the right to take possession
of same and conduct it on such finan-
cial basis as they see proper for such
| time as may be necessary to reray
| the bonds;
"Be il further resovled that all of
said bonds be sold at par and that
thew bear interest from date at 8 per
cent per annum and be written to ma
ture 5 years from date of issue, with
privilege of retiring at any time
Mr. Cargill today elaborated on the
plans for the pool in statement as
follows:
| Preliminary Legal Steps
"sThe resolution adopted by the
Board of Directors of the Playground
association at its meeting late Satur-
day afternoon is the preliminary legal
step toward the issuance of bonds for
financing the swimming pool. We
were fortunate in having the legal
advice and assistantce of Mr.. w. W
/ Dykes who prepared the resolution
! at my request. Mr.. Dykes as chair
man of the Board of Education is
deeply interested in the plans Of the
| Playground directorate for adding to
the facilities of Americus which pro
mote physical education and develop
ment, and as. public spirited citizen
/ he is-preparing to do his utmost to as.
sist in the proper working out OF
these plans. The contemplated bono
;e.,, ebo,,ld he nIaepd very quickly