The City Bond Issue to Be Voted Upon February 22 1921 Vote No Statement to Th
The City Bond Issue to Be Voted Upon February 22 1921 Vote No Statement to Th
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NO LONG TERM FINANCING FOR CURRENT EXPENSES When permanent improvements are to be acquired or constructed, it is often sound financial policy to spread the payments for them over a considerable period of years and thus to permit those who are benefited by the improvements to contribute to their cost. But long term bonds should be issued only for such purposes. They should not be sold to pay current expenses, which as the term implies are incurred for services or benefits actual or alleged which... are enjoyed, if at all, only in the pres- ent. Posterity gets no benefit from them and in fairness ought not to be asked to pay for them.
No principle relating to the conduct of a City's affairs is better established than that the creation of a mortgage on its future income-producing and debt-incurring pow- ers, in order to pay the running expenses of today, is bad policy both financially and morally. And it is partic- ularly bad financing when, as in the present instance with Chicago, the margin of debt-incurring power is small and should be safeguarded for use in making essential permanent improvements.
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You can find similar books in the "Read Also" column, or choose other free books by Ill Chicago Bureau of Public Efficiency Chicago to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
NO LONG TERM FINANCING FOR CURRENT EXPENSES When permanent improvements are to be acquired or constructed, it is often sound financial policy to spread the payments for them over a considerable period of years and thus to permit those who are benefited by the improvements to contribute to their cost. But long term bonds should be issued only for such purposes. They should not be sold to pay current expenses, which as the term implies are incurred for services or benefits actual or alleged which... are enjoyed, if at all, only in the pres- ent. Posterity gets no benefit from them and in fairness ought not to be asked to pay for them.
No principle relating to the conduct of a City's affairs is better established than that the creation of a mortgage on its future income-producing and debt-incurring pow- ers, in order to pay the running expenses of today, is bad policy both financially and morally. And it is partic- ularly bad financing when, as in the present instance with Chicago, the margin of debt-incurring power is small and should be safeguarded for use in making essential permanent improvements.
What to read after The City Bond Issue to Be Voted Upon February 22 1921 Vote No Statement to Th?
You can find similar books in the "Read Also" column, or choose other free books by Ill Chicago Bureau of Public Efficiency Chicago to read onlineMoreLess
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