Leadership

ONE METHOD OF RAISING FUNDS FOR MUNICIPAL IMPROVEMENTS.

Issue 7 and Volume 57.

ONE METHOD OF RAISING FUNDS FOR MUNICIPAL IMPROVEMENTS. One method of raising immediately funds needed for public improvements has been given a practical demonstration at Atlantic City, N. J., where money required to pay a contractor for work already accomplished on the Absecott pond improvement is provided by a method proposed by City Treasurer Alfred M. Heston. The commissioners called the city treasurer into a meeting and he explained his plan. Mr. Heston got in touch with the members of the Sinking Fund, of which he is a member, and it was quickly agreed to accept temporary certificates in the amount of $100,000 from the city, and give them the cash. These certificates will be held until such time as the bonds for this improvement are sold, and then redeemed. About $50,000 of this amount will be used to pay the contractor and for other outstanding bills. The balance will…

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