Annual report of West Chicago Park ... - Chicago Cop.com

PARK COMMISSIONERS. 7
original Park and Boulevard System as specified in such Act of
the General Assembly. These bonds are payable within a period
of twenty years from the first day of July, 1891, with semi-annual
interest thereon at the rate of five per cent. per annum. In order
to secure the payment of the interest on those bonds as it becomes
due from time to time, and also to pay and discharge the principal
thereof, according to the provisions of said Act, as the same shall
mature, the corporate authorities of the town of West Chicago
in strict compliance with their legal duties under the constitution
and laws of the State of Illinois, have provided for the levy and
collection of an annual tax of one and one-half mills on the
dollar on all of the taxable property of the town of West Chicago.
The bonds so issued and delivered by the town authorities of the
town of West Chicago to the West Chicago Park Commissioners
are of the denomination of one thousand dollars each. Of the
total amount of those bonds, five hundred have already been sold
and the remaining five hundred are now in the custody of the
Treasurer subject to the order of your Board. The first lot of two
hundred and fifty of such bonds were sold at par and accrued
interest; and the remaining two hundred and fifty were sold at a
premium of two and one half per cent. and accrued interest in addition
to the premium. The amount received by the Park .Board
applicable to general park purposes during the past year was but
one hundred ninety-four thousand six hundred and twenty-six
dollars and eighty-three cents. Of this amount one hundred and
fifty-seven thousand eight hundred and thirty-four dollars and fiftyone
cents were expended in the maintenance of our present park
system, leaving the sum of thirty-six thousand seven hundred and
ninety-two dollars, thirty-two cents for expenditure upon new
improvements. The extension of improvements upon the park
system necessarilly increases the amount necessary for the purpose
of maintenance, and without the timely provision of the one million
dollars obtained through the legislation above referred to, it would
have been many years before the system of parks under your
Digitized by Coog I e