Every evening, Wilmington daily commercial., 1922-02-14


time iAcur such . substantial obliga-
tton ~ you now propose, In addition to
what II 10 already committed to. I
am m conviDcc8 an anyone can pos
sibiy bc Of the advantage to q COM
nunity Of good schools. ~ have nm
open mind on tho desire Of the now
School Board working in cooperation
with your organization to start at
once, or as soon ms possible, on an
enlightened program OF new schools.
As l have stated to you previously.
however. II seems to mo that we
should consider our action very care
fully In these disjointed times before
addine TO the rsoples' burdens
Mayor Harvey stated also that II Will
mington IL wiling and able to pay for
new schools then. of course. no intel
lisont person would stand'in the way.
"Iio has asked pertinent uues-
tion." said DIR. Odell. Can we build
new school without imposing on
the people burden they cannot or
should not bear? There should be no
evasion. no dodgine OF the issues, no
hiding OF the facts"
Henry II. Scott. one of the best
known bankers Of the city and a MEM
Der OF the Service Citizens introduced
MIR. Hopes. who read his financial
statement and showed By 1t that the
city can build n new school without
financial embarrassment to itselr,
through n bond issue. His statement
was n complete answer to the quos-
ton Mayor Harvey aeked In his letter
and II cleared UP In tho minds OF
r,any OF those at the meeting many
points on which even some OF the city
officials may have been doubtful.
Mr.. Hopes report was as follows;
The assessed valuation OF the renl
estate in the city OF Wilmington Is
In round figures sil4.ooo.ooo. For
general purposes the borrowing ca
pacity Of tho city Is limited TO 10 per
cent Of this assessment. or $li. 100000.
For school purposes an additional 2
per cent Of the assessment mny be
borrowed. or s2.2so.ooo. which brings
the total borrowing capacity OF the
city for all purposes up TO s13,6So,-
000.
According TO Chapter 1863, Volume
80. Laws 81 Delaware, the item Of
per cent which may be borrowed for
school purposes must include existing
bonded indebtedness incurred by the
Beard of Education. Further. the
amount which may be borrowed ir
any one year for school purposes mus
not exceed one-half Of l per cent o
the assessed value OF the real estat,
of the City during the year the loaT
IN made. NJ the present time tn,
bonded debt on account Of the Boar
of Education Is 100000. and tn,
amount which may be borrowed 10,
; school purposes Is therefore reduce,
10 N.sSo.ooo. of which not more thar
$4,000 may be issued in any on
year
The city of Wilmington has adopte,
an ambitious progrdm involving stree
improvements. n harhor development
and a paid FIRE department. Th
schools Of the City are inadequate
Tor existing needs. and II is propose
% spend the sum of 1000, 900. as
preliminary step in their Improvement
Tho question now arises as 60 tn
|, effect of these expenditures on tn
present city tax rate with specia
reference 10 the increases in taxatio,
which may rsult. II Is admitted b,
assessment officials that no incrcas
In assessablc values can bo cxpecte
during the next two years. and tina
!. additional revenue can be obtaine
only by increasing the tax rate or b
. taxing sources other than real cstat
!, Before considering the total bonde
I, Indebtedness Of the city Il Will /
a helpful 10 present first the new pro
a iects 20 which the city Is commite
/, since the beginning of It's presei
y fiscal year July /. ls2D the city n,
n issued bonds for the following pu,
I, poses: