Ashland weekly tidings. [volume] (Ashland, Or.) 1919-1924, 1921-09-28
COUNCIL ADOPTS
ORDINANCES FOR
$45,3S7 BONDS

Ordinances IN preparation for the
Issuance OF bonds to the amount of
$45,3S7.12 we're passed yesterday
evening at an adjourned meeting of
the city council OF the foregoing
amount $4,000 will be known as
Improvement Refunding Bonds"
and are issued without a vote of the
people; $500 will be known as I'm
provement Bonds" issued in the
matter of defraying the citys pro-
portionate expense of paving the
north end of Mill street next to the
city park; and $2,2S7.12, statutory
Bancroft bonds issued in the matter
of the Mill street paving also, but
based upon the application for ex-
tension of time Of payment as filed
by the property owners. All of the
above amount except the Bancroft
bonds will be ten-year general oh
legation bonds of the city of Ashland.
The issuance OF approximately
$4,000 worth Of bonds to cover
loans made to miscellaneous pur-
poses from certain OF the funds of
the city by the council will be placed
before Ashland voters for approval
in the near future. the time to be
set at the discretion Of the city coun-
ell. Bids on all the bonds, totaling
over $685. will be considered by
the council October II, according to
the decision made.
The ordinances and plans for the
bond issues were presented to the
council by W. M. Briggs city attor-
ney, following advice from Portland
bond attorneys. The refunding bonds
will be issued for a term of ten
years and be in $500 denominations.
The plans originally called for $1,000
denominations. The refunding bonds
were issued "to redeem and retire
bonds of like Indebtedness"
Passing of the ordinances in pre-
paration for the bond issue culmi-
mates Investigations by attorneys,
discussion and plans by the city
council that have extended over o
period of several weeks.
According to statements by mem
bers of the council, no more bond
issues are in prospect except, Coun
Gilman Shinn said, the possible
100000 bond issue for the dam
in Ashland canyon"
w. M. Briggs, cilsl attorney, made
the following statement this morn
ing relevant to the bond issue;
THE effect of the issuance OF
the bonds will prove very beneficial
to the city of Ashland. The council
wishes 1t understood that the issu-
ance of the bonds do not in any way
increase the Indebtedness of the city
but simply provides the city Golfers
with funds to pay of already exist
ing Indebtedness, To vote down the
proposed $4,000 worth of bonds.
which is to be submitted to the peo-
pie, would he like merchant re-
fusing to pay for goods which he
has bought and disposed of. An
other direct effect of the issuance
Of the bonds will be the probable
enabling of the council to cut down
the city tax levy for next year as
It will materially relieve the finan-
clal situation. The refunding bonds,
which will constitute the bulk of the
ssue, are made necessary by reason
If the fact that the city has had to
oreclose on many properties on ac-
,ount Of delinquent paving assess
nents, thereby taking over the prop
,rty and having to assume the pay
ng expense fronting said property so
AIKEN in. However as the city sells |
he properties so taken in they will
,radually be able to cut down the
mount of the deficit caused by the
assessments. Ashland has
een particularly fortunate in this
espect and has had to take In few
r properties for paving and other
pecial benefit assessments than
lost any other city in the state of
)regon, much of which has been due
0 the conservative business judg-
tent which has been exhibited by
he present and past city councils"
School Enlarged
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