Martinsburg journal. [volume] (Martinsburg, W. Va.) 1920-1977, 1921-08-12

work, begs to report as follows:
After an examination of the books
OF the City Recorder and an inves
tigation into various phases of the
City Government, We find that the
principal reason why difficulty has
been encountered in the financing
OF the present work has been due to
two prime factors to witt. Fail
ure of the State to make prompt
PAYNE on bonds which the State
ID pledged to purchase: 2. Z.
necessity OF the city paying ca.
for paving and sewer work Coz
structed and for which the prope.
ty owner is allowed a ten year i'll.
stallment plan Of payment.
The difficulty in the ten year pay
ment plan was encountered be-
cause the city had made no definite
arrangements to finance the carry
ing of the property owner &C
counts, which condition has forced
the city to borrow funds from local
banks, from the general funds of
the city and from other sources.
This step has been absolutely nee
essary on the part of the city, 9TH
erwise the present 1921 construct
ion work would have been aband-
oned when half completed.
Despite the ten year payment
plan adopted, we find that SO per
cent of last years total assess
ments against the property owners
FOR work done in 1920 have already
been paid. which indicates a com
mendable attitude on the part oba
considerable number of property
owners. However. even with such
payments it would have been impos-
sible to continue the work this year
unless funds had been borrowed
from other accounts.
We find that when the work of
1921 is completed by P. Flanagan
and Sons that the city will be com:
PEELED to make cash payments OF ap
proXimately s150,000, which outlay
| includes all of this years work and
the payment of two small balances
on last years contracts.
To meet such obligation the city
has the following assets:
1920 unpaid assessments s67,887.61
Net amount available from
bonds after repaying
bank loans, etc ........ 58,21S.99
lotdr ''..'.'. ...... $lzb, lOb.6J
Making total all of which would
be available only on condition that all
Of last years assessments were
paid.
In addition to the above named as
sets the City will also have approx
mately 100000 in assessments pay
able by property owners for the
work now in construction. However,
these 1921 assessments will not be
legally available until such time as
the city Is able to apportion costs
and present property owners with
bills, making such accounts not
available when absolutely needed,
unless property owners should vol
unfairly come forward and make ad-
vence payments before bills are rem
dered, Such advance payments
could be equal to from 25 to rs
per cent Of the approximate rough
ly estimated cost Of the work. This
committee has obtained the widths
on all streets now paved and using
| last years costs as a basis the COM
mittee recommends that it's Cham
the ten year payment plan provided
an estimate of the approximate
cost of his or her assessment. How
ever, this should be done with the
understanding that such estimates
are not binding against the City or
the Chamber, but it is believed that
using las years costs as a basis no
property owner will be far wrong
in the estimated cost which will be
figured.
Including repayments Of loans
from other funds, bank loans, other
incidental liabilities and the cost of
this years work, the total liabilit-
les Of the City at the conclusion of
this years work will be approx
mately S191, 909.44, whereas the to-
tai paving and sewerage assets will
be 1856, 1860, leaving a net bal.
ance of s64,19716 to be used by the
city in payment Of it's share of tut.
ure work. However, such assets can
not be of any value until due I'M
less by voluntary action of the prop
erty owners.
Future progressive improvements
in Martinsburg depend on the will
lingness and ability of property own
ers to finance their 1920 and this
years assessments by a method
other than by taking advantage Of
the 10 year payment plan provided
in the City Charter. Unless this is
done next years work will necee.
sarily be minimized If not virtually
abandoned
Your committee has considered
several plans of individual financing
and respectfully recommends that
action be taken on a particular plan
which will permit of the financing
OF the individual property owner. by
any of the Martinsburg banks of
which such property owner is a
customer. Procedure under such
method would be to have each prop.
erty owner apply to his bank for a
loan on a note to cover the amount