New Britain herald., 1930-12-09
Young Presents Statistics to Show Money Is Not Needed at Once-Quigley Criticizes Estimate of Repair Costs and Levitt Defends DOwnes.

At the second conference between Mayor Quigley and representatives Of the school board, held yesterday afternoon on the Northend school building situation, the mayor ac- ccpted an invitation from Superin- tendent S. II. Holmes to visit the Lincoln school on Steele street and observe the manner in which classes are handled, particularly with refer ence to the use of the auditorium. Superintendent Holmes told the mayor he was confident that the misunderstanding that exist rela- tive to the need of auditoriums in the schools would be dispelled by such an observation.
 Mayor Quigley having planned on holding the conference today in- stead of yesterday, he did not have figures in detail 10 show the school board members and it was decided to wait a few days before meeting again. In the meantime study will be given to the matter, especially 10 a statement prepared by louis W. Young, d member of the board. Mir. Young's figures impressed the con- ference, Mayor Quigley observing that there was considera ble food for thought contained in them.
 Young's Statement
 Mr. Young's statement follows:
 The mayor and the members of h1 col r5 pTf I believe, that the present Northend school is inadequate and that it must be replaced by new building some time in the near future. The ques- ton 10 decide. then, is whether it Is better policy for the city to repair the present building now. putting off building a new school for year or two, or, whether it is better 10 erect modern school building at once.
 Tt is estimated hat a new build ing would cost S200, GOO, but not all of this money would ha required by August 1st. 1881. If it were de- cided today to go ahead. actual con- struction could hardly be started before March lst. Between this . time and August lst. 1881, not more than s100,000 would be needed to finance the building. This money could be secured, William H. Judd tells me. through temporary loans. This money could be borrowed at 3 1-2 per cent. Figuring on an average of s50,000, required for five months, the interest would be s73O, which would have to be pro- Nided for in the taxes collected in August, 1881. If the remOdelling shown in Mr. Downes' estimate were done, the cost would be $16.5S5, which would have to be collected in the 1881 taxes.
 MT. Judd believes S200,0oo Of per cent bonds could be sold at , par. The yearly interest would be sS,000, and sinking fund sG,6GG. Interest payments would decrease every year through retirement of bonds.
 Below is a schedule showing the amounts that would have to be provided through taxation to finance the school now:
 Taxes Inter- Sinking Total Cost "f
 puo est Fund Repairs Aug |, 1881 $ 73o u$ 30 $l6.5S5 Aug 1, 192e . ono 6,s66 1i 6F6
 Aug l. l9G5 . 5.7Sf f.sss 14,f0o From the above Il is seen that not until August 1st. 1933. would taxes have to be increased more than if the temporary improve ments were made now. and then by only $13,251.
 "InasmucA as the city taxes will not have to increased for two and one-half years if a new school were . built now. it would seem wise to go ahead with this project at once, for the following reasons: