Show MILWAUKEE TRIES I ITO TO WIPE OUT DEBT i l MADISON WI WI Juno June 23 ThO gradual 1 elimination of It its public I debt witH witHa a consequent reduction of oC ta taxes cs Is to be undertaken by the I city ot o Milwaukee ee n as M the result or of enactment by the VI Wisconsin leg leg- Ice of ot a bill creating a public debt amortization fund The Wie- Wie cousin city is s said ld to be the first In the United States to take such sucha a step Under the tho new Milwaukee plan the he city la is i compelled annually to get et aside This growing fund Is allowed to accumulate with compound Interest until It reaches an amount equal 1 to three three ot the city's bonded indebtedness After Arter that time the law provides fourths three fourths of ot the tho annual I Income from the accumulated fund is I pain to the city treasury with Ith the prin principal cipal still stilt allo allowed cd to grow crow by the amount of the city's and one fourth of o the Interest To start the plan the present ad- ad administration admInistration ad administration ministration has hag deposited HOO- HOO In Sn the amortization fund An- An Another An Another other Is to be deposited next January 1 With tola tnie rate continued It Is estimated MII Mil vaul waukee's ees ee's debt will tIl III disappear In 40 years and the city tax rate will ha hao 0 been reduced third one-third |