The City Bond Issues to Be Voted Upon April 13 1920 Vote No On All Four Propos

Cover The City Bond Issues to Be Voted Upon April 13 1920 Vote No On All Four Propos
The City Bond Issues to Be Voted Upon April 13 1920 Vote No On All Four Propos
Ill Chicago Bureau of Public Efficiency Chicago
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Funds for the redemption of bonds and for the payment of in- terest thereon are derived from taxes which are always levied in addition to taxes for all other purposes.
In 1915, the tax levy for the principal and interest on the bonded debt of the City was $5, 006, 000; in 1920, it will be $10, 289, 887.
The further sale of bonds of the City and other local governments, aggregating $54, 000, 000, now authorized but unissued, which it is proposed to sell within the next four or five years, will s
...ubstantially increase present taxes for bond and interest purposes.
BAD POLICY TO ENCUMBER FUTURE BORROWING POWER In April, 1919, the aggregate of all the bond issues, which had then been approved by the voters of the City, approached the debt limit prescribed by law and, in order that the Ogden Avenue and other projects sponsored by the Chicago Plan Commission might be promptly financed, the Legislature was appealed to to increase the City's bonding power. An increase of fifty per cent, or approxi- The City Bond Issues.


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