| Show ACTIVITY FUND BILL TO 0 BE PRESENTED TO CITY COUNCIL councilman to pre i sent bill monday at session I 1 tip tic props mil il to emeile arc ile an tin fifth ih fund fr tit tin chamler cinel cr of conini commerce cre e nul 1 other ri ic it li in lei ionin I 1 fill one mill oi olk ot of tie it elt citi mill I 1 ic e presented to tin tile 1 pt te tit fit council nt at heir their next rega ii meetings gr bondu night ir levcun court film in A N smith I 1 tip tle pin Iteen riling n mr vir matli li nio ie author of the lie I 1 ill it to laj ljj aie a I liu of feic ile mill on tic tie dollier to take cire eire of of if tic ile cita elt ani tit other organizations including Indu fling the tile I 1 isebell liani ban I 1 contest 10 lo 40 hill to celebrations nal aleal ale fl ing in I 1 burden which has ha formerly fallen on he the merchants of price at present tile lie merc merchants hints and binl busl neti men ire called upon for donations cien time the city wishes to stage a celebration or nhe her neer letier the he chamat of com commelle melce undertake undertakes onie new denture it if tie proposal is accepted b iii the council mabelv 2300 2500 would be appropriated each beir for the he fund mr smith point points oyt out that a one mill levy for this tills purpose will vill not rane raise the tax levy in any way war lie this by the following reasoning the bonded indebtedness of tl tie e nty city is 00 at the present time and of th tit 3 amount 00 is 13 pail pai off deirl f bv by bertil I 1 londi ahe 11 ince lilee li lee which is h ic it is stalen is t aaen fire of by IP the sinking fund the ler for the sinking fund i Is mills lud ind at the rate rite which tie t ie bonds ire now non being pail paid off the he ley for the sinking Z fund can ie reduced to three and nulls mills and still meet the pis lisments ments of the bonds when due the ley pl plus the interest on sinking fund finiest menti ments will pay oft off the bond the lev ie v for interest Inte feet on tilt the boida fi fin n be reduced eight tenths of N mill making the cotil re luction 76 nulls mills q reduction in taxes tares which made in the fidure file leiv lev at the present time is 27 mills rill I 1 the reduction is will al cut tilt it down to IQ 14 4 nulls mills llo however weier tie tir lcy id will not recene full benefit of the reo reduction lution next car icar 14 the contin conting cut fund will hue hiie to ie le raised to absorb tin unbudgeted budgeted expenditures expenditure tie i this air were the addition of new pr pigs ings to the viter and cost of connecting the additional water rater the pr ic redaction next vear car will he three or four mills milli bythie Byth by thee te figures mr mir mith points out that in instead stead of raising tie tai tax lej lei for the fund tares taxes will ill actu all be lowered there nassome was question is to the legality of euch such a procedure but mr smith argues that since tile city can ind and does make donations for various celebrations etc it will be perfectly lv legal leg il to set aside this mount eer r aar for ili dom doni tion the mone mill 11 be through the tit y recorder recorders office off ice just as a it is at I 1 r resent and will be expended onh upon the tion of a civic ori org t tiza tion ind the appeal of tae council mr smith is that the council vill approve the proposal since it not tot only benefits the tax and business me men n but the city itself |
