Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1924-10-01

c. J. Clark gave to the council their
opinions on the subject.
In opening the session Mayor
Poole asked the city attorney to re-
port as to the audit ard certain
legal phases of the bond subject
which had been under discussion.
eve quit a few nights ago." said
Colonel Lane, to await the report of
Auditor Dodge. He has reported to
you and not to me his findings as
to the present financial status of the
city. | discussed this whole ques-
ton with hi mand l am of the cor
clusion I formally held, which is
that you have the legal right to is
sue bonds to the extent of 100000
and more, should you so desire.
That opinion has not changed and
havebeen unable to find any law or
reason for changing that decision,
and understand that is the opinion
of Auditor Dodge.
"This 1 can say, the floating debt
does not interfere with your bond
issue. Like every other city thai /
know of, Americas has created a
debt other than bonded debt which
you term a floating debt. We are
taking care of that debt every year
an din time will retire it in full.
What l want to emphasize is that
the floating debt does not affect
your legal right to issue the bonds
you had in mind"
Following the rendering of the
legal opinion by Colonel Lane, Eol-
lis Fort was asked to give his opin-
ion. He said that he fully concur
red in the opinion of the city at
torney; that at the request of Col.
Lane he and Mr.. Lane had gone ex-
haustively into the legality of the
bond issue and he concurred in full
with the city attorneys opinion
''You have heard the city attorn-
ely and Colonel Fort, said the May
or to the council. "I, too, concur
in their opinion. stand right where
stood two weeks ago. Legally
we can issue 100000 in bonds if
the people ratify the election at
the polls. There's no question in
my mind as to our right to do that
legally. However, since this dis
cussion has come up / am of the
opinion that it would be better TO
ask for only enough money at this
time to repave those streets now
laid with wood blocks. That is an
emergency and must be met now
The repairs on these streets must
come out of the general fund and
they amount to more than the in
terest on tn bonds. | suggest that
we call for only 100000 at this time.
The city engineer figures that that
sum will do the job and do it right
an dior permanency.
"A few people have gotten hold
Of the idea that the council wanted
500, 900, part of which would be
used on the streets and the balance
would have been used to retire some
OF the floating debt. They are dead
wrong. There has never been the
least desire 0 nmy part to do any
such thing. 1t would be clearly H.
legal and l for one will mot be al
party to any such thing, nor do II
think YOU would. My idea in ask
ing for 100000 was to have a
margin so we could pave some
streets later on, maybe two years
from now, if the people wanted the
streets paved. The leaway would
havesimply prevented tie necessity
OF calling a nelection wren the time
came to do other improving. We
would never have sold more than
what was necessary to repave tae
wood block streets and I do not
think the balance of TIE 100000
would have been issued for two or
three years.
However, the best thing to do
now, since this discussion has come
about, is to ask for an emergency
bond issue of 100000 for re-paving
the wood blocks streets. This, I be-
lleve the people will vote. If they
don't We must continue to repair
them at a cost of several thousand
dollars year and that's mighty
poor business and will hamper US
Just that far in retiring our debts. ~
In explaining how the city could
now issue 100000 and remain VITA
in the constitutional limitations,
both 4s to floating debt and bonded
debt, this information was given the
Ill 4