City of Seattle Records

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 statement of our financial condition (signed) Harry White mayor