Show ONE i ii MORE CHANCE TO ET AT MONEY ONE City Officials Overjoyed at al News of Proposed Bond Issue DALY SAYS IT IS LEGAL Arranges Figures to Suit Himself Himself Himself Him Him- self and Declares Debt Limit is Not Mot Reached Hurrah boys weve we've found out how we can issue more than worth of oC bonds bonds bonds- This Joyful message was flashed through the corridors and offices of the city o side of the joint building yesterday yesterday yesterday yes yes- while the city council was listening listening list list- ening to a tiresome address b by Councilman Councilman Coun Coun- cilman Hall Hail on city's finances Assistant City Attorney Dal Daly made the discovery ery that the city is farther away awny than from the limit of ofUs Its Us bonded indebtedness ness and is now putting constructions and furbelows upon the law which will allow the city council to ask tho the people for COl n a greater great great- er r bond issue than He has discovered that of ot the In outstanding bonds there are aie a number number number num num- ber of or refunding bonds which cannot be bo classed as original bonded debt but which are arc merely renewals of old obligations obligations ob ob- ob- ob 11 g and therefore not entitled to be classed cla with the general s neJl total of oC bonded Indebtedness Want ant to tu Know Limit The assistant city attorney is now digging through the law books and the cit city bonds to ascertain just jut what class of bonds have been Issued and to figure out just what limit the thu city elt ma may go in asking the people to vote bonds to carry carryon on public Improvements and to pay last years year's enormous amount of or debts He will havo two opinions to hand to the council In a short time which may show to those people that the they are calculating on a cheap basis when whon they thuY want to ask the people to vote them theta only a little over half a 3 million dollars worth of bonds Hurrah said City Auditor Rudolph Rudolph Ru Ru- dolph Alff AIU A wh when n ho learned of the tho discovery And echoes came from every quarter quarter ter of or the building HURRAH Then It was roughly figured that the eft city may Issue at least more of bonds providing tho property owners at a L regular election sanction the issuance by a majority vote oto In Its fa favor vor In construing tho clas classes es of ot bonds now outstanding the assistant city attorney attorney at at- torne torney finds that there aro are many of ot Continued on 00 P Pa Page e r ONE MORE CHANCE TO GET AT MONEY From In Page e On One these bonds running running- from rom rain 18 1894 H up to 1905 and amid so on for COl twenty years which 01 are refunding m bonds These bon bonds s he lie figures are arc not to be he counted commuted with ith tho tile rest Then there tire are sonic some which ato alO aro for fOI general 1 purposes purposes pur pur- ur- ur poses Jose some which are tiro for water etc The Time city cannot expect to bond It Itself itself it- it self HeIr for more than limn on a n. basis of oC four fOUl per cent of tho Limo total valuation of taxable property within within tIme the cit city The Time outstanding bonds are arenow mo now within of oC that thul fl figure I and amid time the council lias Ims proposed to Issue bonds only to that extent because that thal was as as thou thought ht to lo be bc tho limit Mr Daly points to the time following portion of th the constitution lYom Flom State Constitution Art AiL IV r Sec I 1 1 Limit of or indebtedness indebted indebted- I ness micas of oC coU counties cities etc When authorized to create creato indebtedness as os provided IHo In lii section three o of this article no count county shall become In Indebted In- In to nn nm amount including existing cx- cx i l linS' linS indebtedness exceeding two 1 pcr- pcr el No city town school district dis dis- tm or om- other municipal corporation shall become indebted to an aim amount including existing In Indebtedness s exceeding ex ex- four fOUl of the value of tho time taxable property therein the limo value to be hc ascertained by hy tho time last Mt assessment for fOl state and count county purposes pur poses IH 0 to lo tho Limo incurring of or such Indebtedness except that in iii In Incorporated In- In cities the time assessment shall shoJI be bo taken taleen from time the last assessment for city purposes Provided That rhut no part pail parlor of or tho indebtedness allowed in lii this timis section shall be lie Incurred for other ilium strictly county city town lown 01 or school district purposes es Provided further that any ally city or em town when as us provided In Section three lit of or this article may be bo allowed to in incur cur CUI a lurg larger l' l indebtedness not exceeding exceed exceed- ing imig four additional for fOI i ing liS' liS such buch elt city or em town with water artificial lights or 01 sewers sowers when the time works for tot ing such water lights or ot s sewers shall be owned and by hy the time municipality Chance to Vote Vole Section three referred to provides that time the bonded indebtedness shall bo ho created only after a regular vote vole o of qualified electors who arc taxpayers Most 1 of the bonds now outstanding say city officials are for fol water awl and sewers and the law still Mill leaves an au opportunity to lo vote vole all kinds or of bonds for general purposes providing ng a majority ma imia- jom ity of or time the people eople vote ote to burden cs cl with the ad added ed obligation Assistant Cit City Attorney Daly was started to work voik on omi the time bond proposition tion Lion when lie he was asked to look luul into the time legality of a form of of or bond bouti for fOl the time o of till voting machines These rhese bonds arc for tom 1 1400 each payable lo to the time d cJ Voting l Jach Machine company corn com PattY pany and amid are arc to he be gi given lI In iii Men lieu of cash for the time voting machines that the time thecil cil city has contracted to buy Tho Time fact that the time eft city is fla paying in for these machines much ma mu- cli ch chines I nos with lu t bonds Instead of with cash lends further emphasis to time the stricken con con- l ot the city t treasury a ui H I 1 Halls Hall's Dainty Scheme While Mi- Mi Daly was making this in interesting In- In discovery the members of city council were listening to a along along long a dle s from rein Councilman I. I L. L E. E Hall hail Over night he lie had faked up a little scheme of his own to show the city cily how to get out of the financial hole without the taxes and without voting voting- more bonds Mr l Hall hail grow grew cry cm oratorical and amid lie he presented a cumbersome unintelligible unhitch unhitch- list of figures to show that on a basis of 13 mills tax le levy providing pro the time valuation is the city's revenue front from taxes and amid other oilier things would amount to and the expenditure re for general purposes es would woul be bc J This would leave to plug up sonic some of or tho the holes left from Crom last year Mr Ir Hall Hail figured lg the time departmental expense at al Instead of iG 71 as estimated by me special auditors auditors audi audi- tors tons and amid increased time the estimated revenue wherever ho lie thought ht It IL could bo be Increased Ha o Ha o I m With Fi I He Ho Ic toasted tho time administration ant and amid the time special and amid then lieu he lie said there was absolutely no necessity for forthe forthe the tho Increase of tho the tax levy or 01 for fUI H a bond issue The lime fact that lit ht presented figure which would place the lie city eity a tion thou on a far fat too economical basis baIs for fUl any American party part men brought ridicule from the American side PresIdent President Pres Pres- ident Davis leading in the tho attack on Halls Hall's figures tou have ha twisted and tangled your oUt figures Mr Mi hall lie said so that thaL they timey arc entirely unintelligible If you OU Salt Lake to lo expand It cant can't do It Jt on those figures You dont don't 1 think I have q maliciously misstated time the facts facts' asked Mr Mm Hall HallO Halla O a no nu not nol at al all mm lI t at al all said Exalted Iuler Davis Your figures aro arc merely to too lou fur far fetched Tho Tue ai au pro PIo und and con as lo to the city's finances was vas continued until Lii this when tho Limo various heads of the lie will bo be o asked to step Stel U up and amid tell wh why It Is Impossible tOt for them to make mako a cut anywhere along Limo thu lino lillo |