Show 11 f OFFICIALS Will BORROW BORRO L 1 rd Reduces Reducer Amount commended Y- Y by Trea Trea- Local Loan of er to toBe Be Secured to borrow on ont t Anticipation bonds to finance tys ty's s operating In 1925 pend- pend of ot tax and other reve- reve ks s. s was wac a reached ed by the city com com- Lion slon Ion Thursday morning This is 19 isEo Eo less than the city borrowed eat ear ago 1 in anticipation of at Its Hire rie venues was taken In connection ii ha a formal communication from city treasurer treaSUrers Robert NUng N. N ung recommending that the city row and suggesting I entire amount be borrowed 1 January delivery as the mortey modey probably be gotten otten at less Mid ild Id erest rate now than later on treasurer suggested that the 1 above current n needs be bec c cid d In local banks at Interest Deeded eded foUNT aUNT REDUCED Je be recommendation of the treas- treas was carried out with the ex- ex lion of ot the amount t tor to be bor- bor red tA the majority of or the com com- favoring a sum Bum not more it Commissioner roes mes suggested and Herman H. H Green of at department moved that be borrowed This lion tion unanimously bUe th l amount is to be bp barid bored bor- bor fd id for tor January delivery in an- an patton of ot 1923 revenues a local tIp Is to be made to toke ke If P the tho difference between ars ar's J collections and the an- an u revenues for the year that notes for tor this year jear yeary ear eare y e promptly retired The recommendation of ot Mr D in relation to financing the pending endi g tax re- re as follows fin 10 with arrange- arrange ts or financing the city's options op- op m in 19 1923 decision is to be bep p two matters The J-The The The amount to be sei se- se i lf It If the thA tot total l amount Is I e In January or partI part I I t n January and part later In ear Ing In mind items of ot expense Ping let mer In 1925 that did not ex- ex J 1924 I such as a the extension Dell Deli dam the new me the bonds covering the thera braa ra barns and the purchase of ot It would seem advis- advis figure on borrowing durIng Jear ar at least and s my mi recommendation n. n YS YS 5 PER CENT Heretofore we have had the en- en i we borrowed delivered January and placed the surplus our current needs In differ differ- i banks covered by cates of ot deposit paying 3 per net det et On the amount Wowed rowed the first of ot 1924 we are flowed ring 6 mg 6 per cent interest but the thes s s nt condi condition ion of ot the money k t and the die credit standing of at justify within reason the that we can secure pney f Y now around 4 per cent If i borrowed borrowe only part of ot the money r anU rY delivery and go Into market for fot the balance of It Jt t faU we shall undoubtedly have an an appreciably higher price the money because we shall be competition then with the offer- offer SY rot f foreign foreign- and of ot and commercial en- en o ot this country Expense of ot administering the at- at IrTZ the city meeting the costI cost I new new new improvements etc is anally anally an an- ally Lally increasing As of Decem- Decem T year we have spent more than for the same nod Iod In 1923 We will have to toW W locally this month ii I Tn order to retire the tax an- an n notes and interest of amounting to plus idling dUng charges of ot approximately 00 qI This local borrowing difference existing be- be been en our anticipated revenues and collections A like condition prevail next year ear and if it we gow fO row now nosy all delivered uary we will undoubtedly to borrow locally next De- De Der Oer er r this estimate be- be based on our local borrowing Continued on page 8 CITY OFFICIALS I L WILL BORROW 1 OO 1 I j ff L Continued from page pale 1 1 1 I I Ogg IQ this yeal year and end also for 1923 It If I i borrow tie borow now we will ba have ve- ve veto to borrow locally ig t t. t Decem December er fit It is m my recommendation therefore that we borrow for de delivery dein de- de livery 1 in January with ho 10 Understand ing that the surplus poe of a current needs be placed place I in ba benks k covered h l' l c tin tes te tesos te t n pos os r 1 properTy ro n erT y secured secure C 1 a at e esl f obtainable rate ot of y |