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 8 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 3d.,
500, in denominations of from $5 to
800, maturing in five years and
bearing interest at 8 per cent, the
| proceeds from the sale of bathing
| privileges to be applied toward pay
| ing eff 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 It is believed by the
| Playground bOatd that the returns
| from the poul, once il is in operation,
will not only retire the bonds but
maintain the Playground as we'll, sup
plying needed funds which are not
now readily obtainedt This estimate
is based upon the eXperienre of the
pool at Cordele and pther 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 goth 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 Playground
was vested by the mayor and City
Council of Americus at the time of
the purchase of said property, bv
I 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-
tion 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 we'll for r.
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 finan-
cial responsibility back of said bonds
! to secure the same except that if the
J 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 repay
/ the bonds;
BE it further resovled that all of
said bonds be sold at par and that
they bear interest from date at 8 per
i 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 a statement as
follows:
Preliminary Legal Steps
'The 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 Americas 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 bond
issue should be placed very quickly
and / expect to see it popularity at
Itested by a prompt oversubscription
J when offered.
aft NAV he we'll to State at the out