The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1922-12-06
CITY FATHERS
DISCUSS FINANCES

JOINT MEETING OF CITY COUNCIL
AND TWO COMMISSIONS HELD
MONDAY NIGHT.
In a Joint meeting of city council,
the water and light commission and
the bond commission in city council
chamber Monday night financial af-
fairs of the city were discussed with
a view Of arriving at definite plan
for retiring the outstanding bonds
when they become due. Some pre-ar-
ranged plan for dealing h this
phase of city finances. .plained
Mayor Dial in opening the meeting,
became necessary when it was point
ed out to the city council by &lr. Wal
lace who recently audited the city
books, that through failure OF past
city councils to lay aside the annual
sinking fund a deficit in the sinking
fund had been created which would
prevent the full payment of the bonds
when they became due unless a large
appropriation was made yearly for
|
bonds be issued at maturity
Nh. Wallace was present at the
meeting Monday night. Asked as to
the amount necessary to be appropri-
ated each year to meet all Of the bonds
when they became due, he said that he
estimated the annual amount to be in
the neighborhood Of $4,000. On fig
ures presented by Mr.. McCuen, Of the
| water and light commission, it was
shown that the appropriation would be
Approximately $4,000 if the original
schedule were adhered to and the
| present deficit be ignored. Under that
:. plan no attempt would be made to
. make up the present deficit in the
sinking fund, but refunding bonds
would be noated to make up the deficit
, when the bonds became due. The eX-
act amount Of the deficit was not dis
@ closed at the meeting. The total bond
!. ed Indebtedness was brought out as
: s296,5O0.
h Mr.. McCuen. said that the present
d bond issues had been provided for un-
II der suggestions from the Business
I, League and that he felt that the league
g should be consulted as to what meas
le ures are to be taken for their retire
D ment in view of the fact that to retire
y all Of the old and new bonds at ma
l.. turity might require larger levy for
III the next few years than the league an
Il ticipated when the bonds were recon-
mended. The view Of Mr.. McCuen was
d. acquiesced in and the matter carried
ed over until another meeting.
- Council and the water and light com
=. mission also discussed the question
III of the commission assuming respon
sibility for payment Of interest an
''n sinking \fund for past bonds for wa
- ter and lights as well as the ne'
"' $65 900 issue. An animated discus
on sion of this question: took place. Th
~ commission took the position that
10 could not meet these payments in cas-
90 while the city was only having
.''e "boolt charge" made against it for tt
.on ' water and lights it was using. AS
matter of accounting, it was decide
that book charges should be ma'
against the commission for these iten
'o' and that settlement in cash be pos
ono poned until the commission is able
'S'' meet the payments Members OF t
commission intimated that this mig
~ be very long wait as the water a
light department was showing an a
ma nual loss Of around $4,000 before
commission took charge.
eing
t,rs Action on the disposal Of abe
$4,000 in accumulated interest a
premiums on the bonds recently s.
was postponed. Mayor Dial reco
mended that no expenditure OF t
eloh money be made, but that it be pla'
in the hands Of the sinking fund &C
ful- mission to apply on future payne
Of interest.
Es-
MIRO Eaiua Rnrind