Show CREATION f TI Of A AV SI SINKING Ki fU D V Mayor MaJor Morris Sends an Important Communication to the City Council REGARDING OLD BOND ISSUE Urges That ThIs Tills Matter latter Mater be Attended To Teat at Once So ns as to Lighten Taxation A very Important recommendation was as modo to the city council counci last night by I Mayor In regard to tho creation cr of ot a sinking fund for tor the tIle re redemption ro of oC the cent bond Issue of ot May Ma 1 I 1891 The Th mayor urges that this thin most moat Important Import matter mater bo bu attended to at ones osice so that the tho levy lovy for tor the Iho same may not be so heavy upon the taxpayers after this year ear as M every cery years cn delay means a I heavier tax to raise the amount necessary I sary to redeem tho the bonds Further It I Is contended by b the mayor that un unless leM less some lore action In this direction Is taken bythe by the city el the tho bondholders bondholder might Institute proceedings to compel compe a ft tax levy le y for toi the tl purpose of ot redeeming tho the bonUs bonds The Th communication of at the thu mayor which follows In Iii full tul was WIS re in referred erred to tu the committee for Cor consideration To ro 10 the Honorable 1 rull the President and Ind Members of tho the City Council Gentlemen Regarding the 5 6 per cent bond Issue of ot May MUy 1 I 89 I 1 again respectfully call cal the attention of ot your honorable body boy to the provision In II the tho state statutes for tor fora tora a sinking fund which rends reads Sub 6 0 Sec 06 The Tle city cly council shall have power to 10 borrow money on the credit cedit of ot the corporation for cor corporate porto purposes In tho the manner ond HI HIto to the extent ext nt allowed by the tho constitution tion ton and the to Issue war var runts rants Ind bonds bond In such amounts and Ind forms torms and on such Huch condl a la as the council shall Ihal determine The council counci shall provide for tor the pay payment pa ment of ot the Interest on such bonds bondA an as antho the tho same Ilmo shall become duo amid for or n a 1 sinking fund for tor tho tita payment e I of or tho the ul thereof within 20 yean Cani after the iCi It Is my ni judgment ji i that the tho administration should prepare to cre create e elto create ate this sinking fund fUld hy 1 a levy lev V upon the taxable property of ot the tho city I Tho rho ho total valuation for tor the year yen I 1 3 50 Assuming that the year cur will wl show the name fame valuation v I 1 believe Iee that list a I 2 mill ml levy lov will vilt wi be b re required to raise the whatever r tho the valuation may 11 bo be b I t be b behave have Jo It la is II our duty 1 1 t to pr Ni ido hlo for tor this 8 OO every o r year Mr tin 1 i ithe the tha maturity maul of ar t the bonds bonda Had find cog cognizance I heretofore been of ot this section of or UIA thia statutes and provision made Ind accordingly half hai of or tho the amount necessary to 10 redeem the hands bonds would by b thin time have hae accumulated In tho the sinking fund thus necessitating tho Iho thole levy le of at but about 1 I mill 11 for the flip Ihl re remainder of ot the tho period I can cl see leo no 10 nm alternative hilt but hit that this grasi the Hie situation make provision for tor this sinking fund Every Evey year It Is la put off of will wl make It I so 10 much harder hardel for fr or the tho payers to hear bear Tho The money monty wI havo ho hoto to lo be bc provided for and the best heM anti and only time hue to begin Is the present enl If 1 some seine such action In is II not lIot taken there Is ha danKer danger of or the bondholders themselves ele Instituting proceedings to compel pel the Iho city el to make the tho levy k which might aught possibly he higher than mills mi It 1 need not follow that u ii I tax levy ley every eYer year will 1 bo ho 10 required for tor the tho pur Paso PORO of raising this lila money but until Home other source fOUle of I revenue Is creat crent created ed oil bo ho 10 a resorted I tax tl levy Ie to will wl necessarily have hl to tobo |