The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1929-07-16
GREATER CITY
PLAN OFFERED,
BY C. OF C.
Ten-Iear Improvement Idea
Advocated. on Pay-as-
You-Go Basis.
NECESSITY IS SHOWN
Projects in View to Cost
Far More Than Possible
Bonded indebtedness.

Bonded indebtedness,
A ten-year capital improvement
program, on the ''pay-as-you-go'
plan, was urged upon CITY and
county officials today by the In
dianapoliS Chamber of Commerce
civic affairs committee.
The committee adopted a lengthy
report submitted by Chairman Will
liam Fortune and prepared by VIII
liam H. Book. civic affairs director.
Necessity for the ten-vear pro-
gram was shown in the report.
which outlined proposed public i'm
provementS which would cost far in
excess of the possible bonded in
debtednesS for the next ten years.
Budgeting of capital improve
ments, the committee held, will in
sure possibility of making the most
needed ones without a serious rise
in tax rates and even may reduce
the final cost, through additions Of
real estate when the price is COM
paratively low.
Pay As You Go Urged
In urging more liberal use of the
-you-go" method of finance
ing public improvements, paying out
of direct taxes instead of through
bond issues, the report points out
that Indianapolis taxpayers this
year will pay $l,320,00O in interest
charges alone, more than enough to
build the Irvington high school, the
first unit OF a Broad Ripple high
school, and take care Of the years
normal requirements for elementary
school space.
AS an example of the overworked
use of bonding power, the report
cites the courthouse bonds. Oriei-
nally issued in 1870 in the amount
of $950,00O the county has paid in
interest alone, it is estimated,
$2,600,000 and still has $4,000 in
debtedness.
Borrowing power Of the school
city, including projects now con-
templated, but not actually author
lied, is only 1903, 799, which is
dangerously low. the report says.
This includes temporary loans out
standing.
School Cost Heavy
The school city in 1889 and 1910
must retire $5,120,000 bonds. Within
a ten-year period high school prof.
ects costing $2,0O0,OO0 including Irv-
ington and Broad Ripple buildings,
the former to be started this year,
and additions to Washington and
CrispuS Attacks, will be necessary,
as we'll as grade schools costing
$3,000,000, it is said.
civil city necessary or proposed
improvements which would be paid
for By bonds during the period. in
clude flood prevention. $1,175,O0O;
track elevation (by bonds). ST.
100000; street widening, several
million dollars; sewers, $4,000. 900:
War Memorial plaza, either by city
or county, $lO00OOO; fire and police
department Improvements, $575, 900;
new market house, $1,O00,000; coli.
scum, 100000; automobile shops,
100000; sanitary district Sewage
disposal plant, 100000: park dis
trict amount not estimated.
County projects include flood pre-.
vention, $961,O0o; track elevation,
$2,480,000; tuberculosis hospital adj
dition, $250000; new courthouse or
jail or combination, 100000 to
100000; county roads, 100000 to
100000.
Borrowing Power Shown
Present useful borrowing power OF
the several units is given as: Civil
city. $2,119,919; park district, 81 As
002; sanitation district, s1.8O3Ol9:
school city, 1903, 1893; county. $8.e27..
364.
Estimated additional borrowing
power in ten years through matrr-
ing Of old bonds plus increased as
sessed valuation is given as: Civil
city S. 1880; parks, S1,67S,500;
sanitation, s1,454.000 schools,
$5.326000; county. 1921 $50.
Proposed expenditures for the
ten-year period are listed: Civil city,
81 $4,000: parks, not estimated,
but more than the 1921 SOP possible
bonding power; sanitation, $780,
900; schools, $5,24o,O00; county,
1851 900.
Thus. the committee holds, the
entire possible bonding power for
the next ten years, without leaving.
any reserve, would be required to
finance public Improvements al
ready proposed, without taking into
consideration necessary projects
which may arise later, but are un-
foreseen nov.
Ask Budget Preparedness
Upon this basis. it is urged in the
report officials should at once pre-
pare public improvement budget
for a ten-year period, allowing for
the most important projects. and
leaving a comfortable bonding mar
gin for future necessary improve
nents. The remaining necessary
Improvements could be paid for
through direct tax provision.
Indianapolis and Marion county,
it is declared. despit- the "stagger-
ing amount Of mon y required 70 <
meet principal and interest on
bonded debt, are in an advantageous
position compared with other local.
tiles"
On Jan. /. only two cities Of the
tventy-six having more than 100000
population. had a lower per capita
debt. This advantageous situation.
ii retained. will aid in attracttaas
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