Seattle’s Post-Fire Financial Reckoning

City Comptroller Carson has issued an instructive circular showing in detail the proposed bond issue. It appears from the information given that of these funding bonds, amounting to $622,650, $600,100 is due on account of permanent improvements made necessary by the fire, and $23,550 is the balance due on the purchase of the present city hall property. The importance to the city of issuing these bonds cannot be overestimated. If the bonds are issued as proposed the credit of the city will be maintained and a large saving in interest will be effected. The comptroller further shows that the issue of $145,000 of bonds for the completion of the Lake Union sewer tunnel is also of paramount importance. If those bonds are not issued a public improvement of recognized merit will be retarded and a great pecuniary loss will necessarily result. In the matter of the issuing of bonds to the amount of $250,000 for the construction of lateral sewers, the comptroller calls attention to the action taken by the people of Tacoma, who have recently voted bonds to the amount of $500,000 for a similar purpose.