Show SETTING OF CITY LEVY DISCUSSED BY councilmen officials to meet at adjourned session tuesday night after hours discussion concerning the 1932 levy the eity city council wednesday evening decided to meet again at an adjourned ies ses elon slon tuesday to cc nilder the mat ter further farther tin council would like to reduce the levy from 22 to 20 mills as they indicated several rocks ago when lien tie tle levy question first came up ul but whether bether the action is advisable as it affects payment of bonded indebtedness turned out to be a ming problem it if the reduction Is made two in mills ills will ill probably te le cut from the sinking alln fund and the problem fac ing the officials Is whether tho 1 15 5 mills remaining in the fund will take caro care of the city indebted ness councilman arth arthar N smith who strongly ado advocates cates the reduction explains that the city has in 1 tie tle sinking fund and arid that the bonded indebtedness is of which one issue of 1 falls f a ils due in 1939 with payment optional cay azy time after 1931 1934 the issue is due in 1913 1943 according to mr ur smith if the sinking fund is left at its amount its interest earnings will increase the amount sufficient to pay oft off the bond in 1939 leaving with a 12 year yen run to be lie levid levi d for the 15 mill levy in the sinking fund together with its interest ac ne will be approximately sufficient to anticipate any increase in alua alu atlon tion during daring the I 1 12 years basing baling his estimate on figures for the first half of thia this year and on a 20 mill levy mr smith de alares that the general fund will bae at the end of tho the year and arid that fixed obligation st will total approximately 11 SOW leaving a balance of which can be applied at the rate of a month to department departments none of the later latter amount need bo be paid for salaries as thy are included in fixed obligations llast gast 3 ear ears city my was as fol lows iowa interest on bonds nulls sinking fuad 55 Mn eori fund 5 1 street 3 38 special improvements 1 |