8

7

Widening South Second Street $ 11,000.00
Total $762,267.00
I would recommend that the indebtedness be funded
by the issue of bonds to runtwenty years.
On the first day of November 1890 the contracts made
by the City with H L Yesler, W V Rinehart, and the
representative of the Starr Estate will expire and
by the terms of these contracts a failure on the part
of the City to make the several payments on that day
will work a reversion of the property to the original
owners. As we have not the means at our command
with which to make thesee payments, I would recommend
that these contracts be extended a suficent length
of time to allow us to fund this in connection with
other indebtedness, and that all accrued interest on
there contracts be paid.
We have received during the last three months from
fines and licenses in round numbers the sum of $5,000.00
At the present rate of increase it is safe to say
that ourincome for the next year from this source
will be the sum of $240,000.00
The tax levy for 1890 is as follows:
City Fund 2 mills $ 52,000.00
Road Fund 3 mills $ 78,000.00
Fire Fund 2 mills $ 52,000.00
Gas Fund 1&1/2 mills $ 39,000.00
Interest 1&1/2 mills $ 39,000.00
$260,000.00
Total $500,000.00
As the income from the Water Works will pay the interest on
the bonded indebtedness, this will insure us a revenue
for the coming year of $500,000.00
Owing to the confusion consequent upon the removal
of various city offices this statement is not as full
as it otherwise would have been and I hope in the
near future to be able to give you a complete state-
ment of our financial condition
(signed) Harry White mayor