Show CITY'S CRTS OVERDRAFT i WILL ILL BE r. r i Stupendous Current Debt Upon Which 6 Per Cent Interest Must Be Paid BANK CARRIES HUGE PILE tt I Contractors Also Help Save t J I Credit of the lie American i t Administration f By Uy November o 1 I. I tho the city will bo be bot t 1 paying Interest on worth of or Ir warrants warrant which are arc carried by tho the thoa Na- Na a af f tonal Dank Bank of oC the Republic I The Intermit on tills this stupendous amount figured at tie the present rate of or fC six Ix per nor cent will vilI be 1200 per month lo statements are arc conservative aUve and andare f are based upon UIn the prediction of uC a n. man manIn i. i J In itt the employ of or the city government r. r whoso whose specialty Is Jt cU city finances I.- I. Fur lor lt tho ho month of oC May ra the city I paid ald i in Interest to tu tho Knox bank r Tills mis I Is six Ix per JeI cent of or time the average f overdraft for COl or the lime month Tim Till average IL f overdraft O for 01 or Muy Ity was tM IO o. o I Iwan It wan WlM 14 at the hc beginning of or time the timet i t ami ammil I at Lit the end of or time the 1 That amount amo Is h. merely mercy an au uv uv- croge pv r. r fh actual l' l overdraft tt of the cit city V r counting outstanding warrants is h t approximately tho ho city T 4 auditor doesn't know an and because the cU city wont won't tell thure thoro is la noway no t t way of or arriving at the actual amoun overdraft luCt of ot the time o cr h Imy tiny Un- K r. J Tho average tc o cr overdraft for or May rn Is f t figured at the banI on dilly daVy balances c s vu rime ell city t only upon the time rf i overdraft o at aL tie thc end ot of each cach Ila ilay It II ft on th the first day 1 of the lie month time ell j ilia may have lun paid interest on an all o cr 7 of oC 8 on Oil the time last liy time tile overdraft overdraft over over- n draft rna may have ha been but the thc average for fot the time would be no in t J moro that upon the lie cH city paid I In in interest Ic t. t Time Tho interest paid laid lJ by the time city for or time the April over overdraft raft was vas something over shoe 1100 For May day time the Interest had hind In- In For Kor Tune June there will be t a t Increase In July August Aug Aug- nsf September and October the tIme Interest and overdraft will grow row all and b by bythe 1 i the time first o of Xo November Xo ember the time o er overdraft will vIiI have o r or more moore and amid the interest will vIii hive t reached 1200 10 for COl time the month at least Tills fills appalling Is tho time direct result of oC the time most Cla flagrant rant dissipation of If public pl funds ever el seen in the time history of oC Salt S. l Interest I Those who watch watch the city city's finances nU mu may construe the overdraft o from many standpoints lime me 1 He overdraft o for Cot 1 May was 8 necessarily increased by the pay pa m men nl I o of Interest In other words the time t ell city pays pos interest on Its Interest a as aswell aswelt I welt well as on Its Hs overdraft o Its It's a sort ort of or overdraft interest affair you ou know h i.- i. isido from the huge pile o of city warrants war wu- tf im rants that time the is unable to r redeem because of or the lack of r funds 11 I and th the bank Is la carrying ln at In In- In iY W IQ have U b led celii tracts are atc heln compelled to walt wait until after attar time the end nd of the time year reat for or ti th the city's city portion of the cost of or the time Improvement fu for which th they look took contract The contractors J F arent aren't getting an any interest either Pat Pal Moran has agreed to wait ait until 1003 for u about out which Is the time Its elty's portion o of the time cost of or paYing paving First Ho South th street and amI he lie has a agreed n ell to wall wait for other big hll amounts So have hac other contractors I r cl cent cont nt of or revenue revene Tho elt city wont won't get a c until the thc taxes are aro paid paltI In In tho the fall fail That will be after neter the November er elec elec- Lion tion Until that hint time mum the tho city ell treasury Is at tho the merc mercy of the bank r |