Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1924-09-13
Bonds Are Necessary

and the Mayor and Council of
the city discussed at length
Thursday night ways and means
of solving the wood block paw
ing problem now facing the city.
The unanimous decision of those
present was that the City must
issue bonds for a renewal of the
paving, and that without delay.
There is no other way out OF
the problem. Each rain adds. TO
the expense of relaying and
temporarily repairing those
streets paved with wood blocks.
The oftener they are washed up.
the greater the cost of repair.
Already, we are informed, this
cost is running very near $3,OOU
a year. This sum would pay in
terest at 5 per cent on 500, 600,
which is the sum estimated that
will be necessary to lay perma-
nent paving.
1t would be the height of fol-
ly to attempt to replace the wood
blocks with a permanent paving
out of the current revenue -
or general fund-of the City.
The city now has a floating in
d b t d of SIPS, 959.H
which to a large extent came
from doing permanent impToy-
ing out of current revenue. Moth
ing should be done to increase
the floating debt, but every eff
fort made to decrease it as rap
idly as possible. Some of this
debt is bearing interest at 8 per
cent, part at 6 per cent, the May
or says, and this interest charge,
together with a part of the prin-
ciple is being met yearly by an
increase in the tax rate made tor
that purpose.
The machinery at the pump
ing station is hrst-class is in
splendid condition. 1t represents
an investment of many thous-
ands of dollars, but is being
housed in a building that is
leaky and inadequate. Some
thing must be done there, as we'll
as with the streets, and this too,
with but little delay. This inn
provement, like the paving,
should be done with money de-
rived from bonds. 1t is esti-
mated about $4,000 will be
needed for this item, together
with the extension of some of
the sewers of the City.
We believe that the Mayor
and City Council should imme-
diately call an election, asking
for sum sufficient to cover
these three urgent improve
ments; that is, permanent re-
placement of the streets now
paved with blocks, rebuilding
and repairing the buildings at
the pumping station and the ex-
tension of the sewer system. Not
less than 100000 will be need
ed, it is estimated, and we sug-
gest that the Council ask for
100000 in long-term bonds,
which may be sold by the May
or and Council as the money is
needed.
If the Council finds that it will
need a sum less than 100000.
it need not issue the entire $780,
600, but it cannot issue more
bonds than is named in the call
for the bond election.
1t would be a mistake to is
sue short-term bonds, as we see
it, because of the financial bur-
den that will remain on the
shoulders of the city for the next
20 years. The City has bonds
already issued that will mature
and must be paid off during the
next 20 years. and this, togeth-
er with retiring the floating in
debtedness would make it i'm
possible for the City to meet adj
ditional obligations during that
period. However. if the City s
financial affairs are economically
handled during this 20-year pc
rod, it will then have retired
both the floating debt and those
bonds maturing during the 20.
year period. Then it will be in
position to retire the bonds nov
contemplated.
The City can now issue bond,
to the amount Of $I56,532 anc
\ remain within the constitutions
limitation. Should it use 500,