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Show BUNKS OPPOSE LiGHTjNG PLANT Clearing House in Resolution Resolu-tion Sets Forth Financial Arguments The igden Clcnrins Ilous1 association, associa-tion, coniposeil of the sin b:mks of ( ipdcn, unanlmousl itv iiiefi at a meet-niK meet-niK yesterday that the Clearing House should call the attention f the voters of Uprden City to the ilal issue involved in-volved in the proposal of nine ISSUCfl of bonus to lie ntfd 11 poll M;il-rh 1 f 2 1 . which bond issue aggregate a total of $- J j. 000. 00. The folkowinj; resoluilon ws unanMiously ailopleti: "RrcsuLA'ED That we favor lSTltlmate Improvements that have been carefully and systematically planned and decided to he necessary; provided they can he properly financed fi-nanced e wish to emphasize that conditions at Hie present time demand the exercise of the most ricld economy econ-omy .-nd w therefore favor the position posi-tion taken by the ( gden Chamber of t'omnierce In Its C&inpaCgn apainst radical increase in taxittion, and par-tlcularly par-tlcularly against svich portions of the proposed loml issue as are intended .for public works that have not been carefully planned and the estimate of cost Scientifically prepared. "In this connection we would specifically spe-cifically disapprove of the proposed issue of $50000.00 bonds for a Municipal Mu-nicipal lighting Plant, First: because we feel that the city has not attempted at-tempted to use Its remedy to secure lower rates through the agency of the I'tiJIiy Commission, and Second: be-rause be-rause th: sum asked for is totally in-adeq in-adeq tats to provide a proper lighting system and we feel that it would be a coBtlv experiment doomed to certain failure. MOM Y M VIUvKT "IT 1 S FURTHER RESOLVED That to illustrate the unfavorable money market at this time, we call attention at-tention to the sales of the two lots of same Isaue cf OODBN CITY SCHOOL BONDS Phe first lot of 1200,000 00, bearing 4 3-4 ier cent Interest were sold June 18, 1U19 at par less $600.00 costs. The second lot of $126 000. 00, bearing interest at Z per cent were sold February 1921 for S91S.60 for each ?1 000. Ou bond It) COM MORI "Therefore during that time l.e-tween l.e-tween June, 1919 and February, 1921, the interest rates hav so increased that the last lot of bonds will cost ( "gdMi City schools in increased rat of Interest and in discount of $81.40 on each $1,000 00 bond, an equivalent of 1 per cent per annum more ihari the first lot. "The result applied to the Issues of Bonds now proposed of $2,025,000 00, would mean: 'That it would cost Ogrden City in added Interest alone 1 per cent per year pr 20 per cent in 20 sears, (the term of the bonds); 20 per cent of $2,025,000.00 is $4o5.ooi.oo. which amount represents the extent the interest in-terest rates have increased since 1919 Does not this clearly show that no bonds should be issued at so unfavorable unfav-orable a time for improvements not absolutely necessary '!" OO |