Ashland weekly tidings. [volume] (Ashland, Or.) 1919-1924, 1921-11-02

street, $500. 1e
(Note-This sum was borrowed
from the electric light depreciation
fund which fund will bo reimbursed
from the proceeds OF the coming
electlon.)
(f) Loans made to the fire de-
pa,tment fund from other funds
$500.
(g) Loans made to the street
fund from other funds, $2,S2O.lO.
(Note-This latest sum includes
81, 1,O2O.S5 paid for tractor)
Making a total of $16,554,S9.
There will be noted that the total
of said sum only amounts to Sl6,-
554.S9, whereas the election is for
$4,000. In explanation of this, the
council would state that at recent
meeting of the common council, all
the bonds heretofore authorized by
the city council mot requiring
vote of the people) together with
the $4,000 worth of bonds to be
voted by the people at the coming
election, were conditionally sold to
a bonding house of Portland, Or, at
price amounting to 1872 of the
entire issue of $63,3S712, which
bid makes a discount of $S11.35.
In addition to this discount, which
is included in the $4,000 worth of
bonds to be voted, there is also the
expenses incident to the legal serv-
ices of the Portland attorneys in
connection with the approving opin-
ion on all the 63,3S7.12 worth of
bonds to be issued; then, further,
there is to- be added the interest on
the sums which have been borrowed
from the various funds. BY borrow
ing from the various funds we avoid
paying 6 per cent interest.
1t will be borne in mind that this
special election and issuance of bonds
does not INCREASE the indebtedness
of the city of Ashland, but instead
is merely paying for benefits which
the city has already contracted for
and has received.
The credit of the city of Ashland
is at stake and certainly no man can
refuse to favor paying a bill which
he has already contracted.
The sums which go to make up the
issue OF bonds to be voted on at the
coming election were borrowed from
the various funds above enumerat-
ed, simply to save the city at the
particular times when such funds
were so needed-the unnecessary
expense of calling a special election
of the people of the city to raise
each of the sums necessary. The
$4,4lO.Ol which has been expended
to protect the city in the matter of
delinquent Improvement liens was
money which 1t was absolutely
necessary that the city expend in
order to protect its interests.
Another reason that the council
has borrowed from city funds to pay
the items making up the $4,000
bond issue is that by so doing it has
saved the city of Ashland at least 2
per cent, inasmuch as to have issued
bond heretofore would have meant
that the city would have mad to take
a large discount on the bonds,
Whereas by the city borrowing of
itself it did not have to pay such a
rate OF interest.
Inc council has 1t authoritatively
also that the price bid (.9S72) for
the entire amount to be issued was
the best offer which has been made
for any municipal bonds of the state
of Oregon during 1921.
Remember, that in voting Eyes"
at this election you are simply vot-
ing to pay for a bill which has al
ready been contracted and is to pay
for benefits which the city has al
ready received,
Respectfully submitted,
c. b. LAMKIN.
Mayor.
FRANK j. SHINN,
ALBERT e. JOY,
G. H. PIERCE,
G. NJ. FROST,
W. Il. BLAKE,
j. l.. HARNER,
Councilmen.