Show CITY CITY TRANSFERS TRANSFERS TRANSFERS' I FROM SURPLUS FUNDS Money Placed in Sinking Account on Motion of f Mayor Marcus MarcusOn On recommendation of ot Mayor Louis Marcus and City Auditor Samuel F F. Nicholls was withdrawn from the city's budget surplus surplus surplus sur sur- plus Thursday and placed in the sinking sink sink- ing lag fund which has been depleted to Mr Nicholls explained that the action action action ac ac- ac- ac tion taken by the city commission on is contingent wholly on anticipated in in- income come If the income fails to come up to expectations the amount added to the sinking fund will be reduced ac ac- ac cordingly The sinking fund required by statute statute stat stat- ute to pay interest and retire the bonded debt of the city has been maintained only by appropriations made during the past two years The total debt represented by term bonds is and includes I of bonds issued to pay for the city's half of the city and county building The latter bonds become due in 1934 Mayor Marcus explained to other members of the commission that u if possible about of the building build ing in bonds would be retired in the meantime thus making it possible if necessary to refund the remainder of the issue The action of ot transferring from the surplus to the sinking fund also will simplify y fixing of the 1932 1032 tax levy which must be done by the commission in the near future Mr Nicholls said To intelligently advise the commission in this duty he explained ex cx- it is best to have the accounts accounts accounts ac ac- ac- ac counts especially the surplus at as near a Q correct figure as possible |