The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-02-28
BY ARCH STEINEL

children are aDed, too many
crowded in a room. Four
year-old Tommy has caught
8-year-old Mary's cold.
The bathroom they're
using isn't modern. The
faulty furnace and chimney
fue are fire hazards.
They begin discussing plans for
a new dwelling. They have no
money in the bank-and just
around the corner are two big
bills.
But the children's health must
come first. We need that new
home, Jonathan" says the wife.
Eyes, and the bigger the down
payment on the new one the lower
the monthly payments and the
less interest We'll have to pay. In
terest, if it's a lot, will eat up
the investment" retorts the hus-
band.
What to do about it?
Guess I'll have to go to the
boss and ask for a raise and then
there's the Army bonus I'm get
ting that'l make the down pay
ment big enough to cut down
the interest with what we have
invested in the old home" adds
the husband.
And that is what building and
finance committees of the Board
of School Commissioners are
planning for the School City-to
go to the Boss" the taxpayers,
and seek good portion of
$2,210000 to do away with over
croWding. insanitary buildings and
fire hazards in the Indianapolis
school system.
TINE plan is for Mr.. and Mrs.
Il Jonathan Public to give the
School City the right to go on a
compromise pay as-you-go" ba-
sis by paying for current needs
yearly and borrowing money only
when necessary.
Where Mr.. and Mrs. Public have
big bills to meet "just around the
corner" SO too the School City is
confronted in 1939-1940 with a
debt load of $4,901 900 for school
buildings and property purchased,
in the main, in 1919 and 1920
"What'll we do about the big
debts due, Jonathan?" asks Mrs.
Public.
when the time comes, we'll
use savings we have budgeted and
about half of the amount we'll
have to borrow. Then we can
spread out the new loan over a
long period and it won't be so
hard on u.s." replies Mr.. Public.
THAT is what the school city
i plans to do about the $4,901,-
600 which is due in the peak of
the debt years. Bonds maturing
will be paid in part and half of
the bonds will be taken up by the
issuance of new bonds to replace
them.
With high school enrolment ex-
pected to increase 5000 by 1941,
enough to fill two high schools
the size of Shortridge and with
grade school children forced to
attend insanitary and poorly VEN
tilated frame buildings, the School
City can not wait to reduce debts
but must raise new money while
paying off old bills.
The School City's bonded in
debtedneSS is near it's limit, which
means that it owes $10,020,0O0, as
of Jan. /, 1886, and that it can
borrow only $1,000 for erecting
school buildings. On June / the
school systems borrowing capacity
will have been raised to $4,000.
TINE plan as tentatively out
u lined by the school boards
finance committee is to use the
$4,000, or $4,000 of that
amount, toward new additions
and modernization of elementary
schools.
1.-THE estimated cost of additions
to Schools No. A and 81 is $780,
900 and it is possible for the
board to proceed with construc-
ton of these units and still have
a balance in bonding power" says
the finance committee, composed
of Merle Sidener, Paul G. Stetson,
and a. B. Good.
Additions and modernization at
five other schools, at a cost of
100000, have been urged by the
boards building committee and
the finance committee suggests
the use of budgeted funds-money
allotted for improvements this
year-to modernize Schools 81,
SO, and IS.
Proposed additions at Schools
AZ and IS, at an estimated cost of
$4,000, must await new borrow
ing capacity or reduction of the
School City's bonded indebtedness.
MYTH minor improvements
w scheduled in financing, the
school board committees turn to-.
the heart of the "pay-as-you-go"
plan by seeking direct levy of
taxes to pay for proposed $780,
600 Irvington high school, an
100000 school building at Arsenal
Technical High School. and addi-