Evening journal., 1922-02-14
City to Ask One Million
Dollar Loan For School

hams. endorsing this. moved that a
Joint committee should be appointed
TO arrange for a town meeting or
series OF public assemblies. This mo-
ton was carried unanimously. The
committee was named as follows:
Council. President Wsrd, McNabb
and Abrahams; School Board. Presi-
dent Souder. Chandler and DIT.
Washburn.
Joseph II. Martin. editor OF the
Sunday Star, delivered a ringing
speech, in which he declared the city
need not worry about the future;
that although there was an indus
trial depression, prosperity was GER
tain to return that the city should
look to the proper care OF It's school
children without fiinching. His ad-
dress was warmly applauded.
Those who attended the confer
ence were as follows:
City Council - President Ward
James B. McManus, Herman ID.
Faulkner. Harry f. Vincent, James
S. Evans. Alex. r. Abrahams. ]. O.
Hopkins. John j. Mulvena, John +.
Henry, J. f. McNabb; Board OF Edu-
cation-President Souder, James T.
Chandler. Victor ID. Washburn,
Shermer II Stradley. City Superin-
tendent David A. Ward. Secretary
Robert j. Bruce. Others present
were Dr. Joseph II. Oden, Henry p.
Scott, Edgar NJ. Hopes. Jr., Alex
ander j. Taylor City Treasurer Sam
uel J. White. Joseph H. Martin.
Charles r. Gray. W. j. McVey, John
c. Saylor and Thomas Hill.
Financial Review
The following Is the review OF the
financial condition OF the city made
by Mr.. Hopes:
The assessed valuation Of the real
estate IN the city OF Wilmington is In
round figures $4,000, 900. For general
purposes me borrowing capacity OF the
city Is limited TO lOfc OF this assess
ment or f1i 400. 900. For school pur-
poses an additional 90 Of the ASSESS
ment may be borrowed or s.. ESQ 900
which brings the etotai borrowing ca
pac!ty OF the city for all purposes Up
According to Chapter 1853. Volume q.
Laws or Delaware. the item OF 2T
Wnlcn may be borrowed for schooi pur-
poses must include any existing bond
ed Indebtedness incurred by the BOARD
oi Educauon. Further. the amount
which may be borrowed In anv one
seas LOT school purposes must not ex-
ceed one-half OF 10 OF the assessed
saiue or the real estate OF the CITY
I-l4ub lhe year the loan Is made At
sne present time the bonded debt on
eSSouht OF the Board Of Education is
t5uo,Ooo. and the amount which NAV
oe borrowed for school purposea Il
therefore reduced 10 81 $50 600. OF which
in any one year
Inc city Of Wilmington has adoptea
an amDl uous program involving street
improvements. a harbor develonr,enr
o1gu ~ paid fire department The schools
needs are inadequate FOR existing
nesus, ana u Is proposed to spend the
1-m on ~ 100000 as preliminary step
IN tnelr Improvement The otiestior
now arises as to the effect OF these ex-
IIluituIts on the present CITY tar
rate with special reference 10 The IN
greases IN taxation which NAV result
is admitted by assessment officials
csn ssn' no increase m assessable values
cah De expected during the next two
Years and that additional revenue can
" optalned only by increasing the tax
Iats or ny taxing sources other than
real estate. Before coneiderinr fhe 80
TAI bonded indebtedness OF me civ n
flu oe helpful 70 present first the new
! projects to which the city is commit
Since the beginning Of it's presen,
nscal year duly 1. 1920 the city mas
b issued bonds Tor the following purposes
b Annual
PUBLIC Safety .. s5i5.500 f2s77s
street and Sewer SIS 600 91'f7E
Harbor Committee 10000 5000 5000
Total new issues 81 $780, 500 s7s.s5o
In addition. the city will issue before
the emu Of the present fiscal wear
lJune 30. 1922 the following bonds:
Department Amount rnteras, r,nes.
Street and Sewer. s5i7.00o sss sss
Harhor Committee 5000 27 600
Mew Never cTs@atory RsRs ~ 7s.SSS 7s.SSS ss7s
Total pending .si.2s7.OOo s57.ois
Ne" issues .... l.e3o,6oo rs $50
Total year 1s2i-22 s.. ss7. 500 siz5 ss5
For the next year, 1s2g-23. the cftv
Is committed as follows.
Annual
Harbor Committee. 5000 900 SO SO
free Library co.. 200 900 nm
Public Safety . 100000 e-so
o.. s.. Shipping
hoaro .-....... 1S6 $50 g7sf
Total year 1929 81. i.4ss.25o ss1saI
Iotal year 1s2l-22. 2.s97.500 is5. es5
? TotI program .s4.3ss.75o 5000. sss
mus II will be seen that during tho
next sixteen months the city will have
issued N.5Ss,75o OF bonds carrying an
! nual interest charges Of at least 5000
| 500. At the same time the cifvs s-vv Mi
retire certain Issues. the effect OF which
Z can be shown as follows:
4 Bonds issued 1922. 90 sa7 ,ol
b Bonds maturing 1922 1885
Net Increase. 1922 ...s2.7i9 O5l
!. Bonds to he issued 1929 81 .i5s 25i
4 Bonds maturing .......... ia. .7Oi
! Net increase, 1929 .si.2si So
r Total increase two years. s.. .s7s eo
D What will be the Immediate effect
| Of adding TO the above program 4
bond issue OF 81 900 900. for school pur.
g poses? Assume the interest rate 10 be
n ~ e. and the bonds 10 be issued $3.50.
o 900 az once. 100000 during the fsca
year 1929 and S250.000 after. July 1
C 1928 The total Increase in bonded debt
r would be:
e Net Increase. ls2l-22. ....s2,7l2. .05
School Bonds. i92l-22 zee. 250.OO
d Total increase. is2i-22 ....s2. .ss2. .O5
Net Increase. 1929 81 261. .55
- School Bonds i922-23 Gee. 5Oo,oO
e Total Increase. 1929 81 7si .55
!, Totai Increase. ? years si.72s.sO
School bonds. l923-2f .... $3.50. .00
e Bonds maturing. l92S-2i 1855
: Net Increase. 1924 zee. 1885
n Total Increase. years s4,777. .25
h At the present time the payments o
s the city on account OF bonds maturini
4 annually averages approximately $780,,
600. The continuation Of this paymen
I will discharge all OF the bonded in
O dehtednoss OF the city at maturity eN
a cepting the school bonds under con