The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1921-10-17
PLANT
WORTH TWICE
CITY'S DEBTS
Report Shows Total Amount
of Money Borrowed Does
Not Represent Half Value
of Plant.
FINANCES EXCELLENT

That the total amount of money
borrowed by the city including all of
its bonded Indebtedness does not rep
resent one-half of the value of the
municipal light plant is shown in a
report of the financial condition of the
city of Richmond in a report COM
piled by Baltz Bescher city controller.
The report covers all of the money
borrowed by the city during the last
year for the installation of new unit
and other machinery at the plant.
The total bonded Indebtedness Of
the city at the present time is $44S,
100000 and with $15,O00.00 borrowed
from the banks the total Indebtedness
is only $463,0O0.OO. OF this amount
the city light plant carries $500, 100000.
The balance of $5S.OOO is the amount
of bonds issued by the city some time
ago to cover general expenses.
/ AS a credit against this indebted
ness the city plant has $73,701.9S in
cash and bonds to pay off the in
debtedness as it comes due. The re-
port covers all the money spent by
| the light plant in putting in the new
unit and other equipment just in
stalled. AS the light plant has pres
ent value of over s1.OO0,OOO, the total
amount of money borrowed by the
/ city does not represent one half the
value of the municipal light plant.
City's Indebtedness
Bonded Indebtedness of the city of
| Richmond, Ind, Oct. l, 1921:
Original bonded indebted
ness of City Light Plant,
40 ............s 100000
Bonds City Light Plant sold
this year, sc ............ 276,oOO.OO
Bonds City Light Plant
printed but not as yet
/ sold, SO ................ 100000
Total ................ $500, 900 90
i City bonds which are paid by taxa
tion:
General City bonds, 4To IS 100000
General City bonds, go is
sued and sold 1921. 100000
Total $4,000
Total bonded Indebtedness
L this date S44S, 600. 90
Borrowed from banks dur
, ing September, temper
ary loan ............ 100000
Indebtedness this date $463, 600. 90
, In explanation of the above bonds,
the light plant bonds and interest up
. to date have been paid out of the
, earnings of the light plant, and if
, given proper support there is no rea,
son why the plant should not be a BILE
= to continue to pay the same out of its
earnings. At the present time there
is paid into = sinking fund of the
plant each l.onth S1,250.00, which
should be increased next year.
In 1917, the controller was directed
to purchase $50,000,O0 of Liberty Loan
bonds, which were paid for in 1917
and 1918. This purchase is in a sepa.
rate fund which is called the NJ. E. L.
and P. P. Liberty bond sinking fund
Out Of the earnings of these bonds, the
sinking fund commissioners have UP
to date purchased an additional $4,000
of Liberty bonds. The fund at this
V time has S55,200.00 of government
bonds and S2,46406 cash, or a tota
of S57, ,664.06 cash and bonds.
Sinking Fund Report
8 The NJ. E. L. and P. P. Sinking Fund
: has at this date s16,037 90, making g
q total In light plant sinking funds o.
s13,701.98. cash and bonds, as a credit
against $390,00000 outstanding bonds
y The general sinking fund balance a
!. this date is $5,0S1.71 The balance II
all funds on the Goth day of Sept, 1921
:. is as follows:
II General fund ........S 1886 O;
: Light Plant general fund . 23,226.2;
:. Light Plant sinking funds,
cash 1851 81
y General sinking fund ...... 5,0S17-
+ Park fund ............ 1907!
y Improvement sinking fund. 3,497 o.
e Workmen's Compensation
e fund ............... 3,4s1.1
e Chautauqua Fund, cash and
h and bond .............. 1850
It Special Fund .............. 21,755 a
Cash street fund .......... 2,89S1
# Library fund ............. 2,9S34
81 Total ................. .sS7, ,S97.S