Indianapolis Times, Indianapolis, Marion County, 27 January 1939 — Page 2

“IN BOND FUNDS

erdrafts in Assessments «:Under Barrett Law May ... Be $150,000.

‘The City must make a special tax levy of at least one cent per $100 i¥ajuation next year to take care of severdrafts in Barrett Law bond funds, according to Charles A. ‘Slinger, chief Barrett Law clerk in the County Auditor’s office. State examiners who are making the first audit of Barrett Law rec_ords since 1929 have found overdrafts amounting to $60,607.76 in the first 500 out of 5000 active Bar‘Yett Law assessment rolls. They timate the overdrafts will exceed $150,000. ‘The Barrett Law legalized pay-w-aaent of assessments for street and [a Sewer improvements in 10 annual installments. After improvements ‘a-~were completed, bonds were sold for ® the amount of the assessments to ~ be paid on installments plus interest. iF City Obligated

#irOverdrafts in these funds have ““Been created where property own"ers settled their assessments in full, #:gaving the interest. The City, how- © sever, was obligated to pay the in- . terest to bondholders who now de2 mand the full amount of the bonds, . Slinger said. The law requires a special levy to make up such 2 "deficits. 5: A special levy is the only alternaJ tive, State examiners claim, to make up this deficit. ‘The law provides " .two other methods which the examiners brand as impractical. == One method allows use of unappropriated balances to absorb deficits, but the 1937 Budget Law practically eliminated the possibility of . unappropriated funds accumulating, the examiners said. A second method prescribed reinvestment of Barrett Law Dpayments in similar Barrett Law bonds, ~ the income from interest derived therefrom to be applied to deficits. The City tried this s /plan unsuccessfully, because the funds were in- - vested in bonds for the 16th St. opening and widening which did not pay out. : Bondholders May Sue

A more serious aspect of the Barrett Law situation exists, however, in huge delinquencies in paying the assessments. The law provides that holders of bonds may bring suit to foreclose on property to recover the money due on the bonds. In many cases, owners of vacant land that has a depreciated value take no interest in the bondholders as the delinquencies plus interest and pen- . -alties are greater than the present

value of the property, according to

Mr. Slinger. The State Supreme Court now is studying a jcase from St. Joseph County to determine liability of the city in just such situations. Should cities be required to satisfy bond- _ holders in these cases, Indianapolis would be faced with a staggering burden, Mr. Slinger pointed out. The total amount of delinquencies never has been estimated, he said. Out of 8703 improvements made by Barrett Law assessments, there are approximately 5000 that are not yet paid off. Many suits are pending in the Marion County courts to foreclose on Barrett Law claims. All loaning companies now require that Barrett Law assessments be paid in full before a mortgage is made, Mr. Slinger said. The rule was made the past year, following a precedent set by the: Home Owners Loan Corp.

ROBERT M'HATTON'S

RITES TOMORROW °

.Once Active in Insurance Business Here.

Robert |McHatton, who died Wednesday at the Minnick Nursing Home, 1922 N. Pennsylvania St., will be buried tomorow in Crown Hill. He was 84. Services will be in the home of his son Robert, 5631 Lowell Ave, at 10 a. m. . Mr. McHatton, who was born in - Warsaw, Ky., was in the fire insurance business 50 years, retiring 10 years ago. He was employed by the New York Underwriters 43 years. He was a member of the Downey Avenue Christian Church, Scottish Rite, Shrine and Columbia Club. He is survived by two sons, Robert of Indianapolis and James of Rockville; two daughters, Mrs. Carl H. Barnett of Lebanon and Mrs. Florence W. Moffett of Indianap- . olis; 13 grandchildren and one great-grandchild. His grandsons - will be Talivearers.

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FOLKLORE MUSEUM CREATED IN FRANCE

PARIS, Jan. 27 (U. P.) —~French provincial architecture, costumes and household goods soon will be assembled to give a broad panorama of national life in the National Folklore Museum, situated in the

completion. The Trocadero already houses a fine Natural 3History museum, the Folklore museum being designed to supplement the compilation of visual French history by assembling the customs and daily habits of each of the distinct provinces.

'WOMAN HURT AS CAR

new Trocadero Palace now nearing)

AND TRUCK COLLIDE

30 Persons Arrested Here For Traffic Violations.

One person was injured in five overnight accidents reported to police today. Mrs. Margaret Huffman, R. R. 3, Box 489-K, was hurt when the car driven by her husband, Lawrence, and a truck driven by Frank Wynn, 38, of New Augusta, collided on

Capitol Ave. just south of Washington St.

A taxi driver, Curtis Barrett, 48,

of 1724 Milburn St. was arrested on a charge of failing to obey an officer’s hand involved in an accident at Alabama and Vermont Sts.

-after he was

His car and a truck driven by

Karl Erath, 47, of 1025 Hervey St., collided.

Thirty persons were arrested for

alleged traffic violations.

‘RAM CHARGES SHINY AUTO EAST LYME, Conn, Jan. 27 (U: P).—A ram saw its ‘reflection on the polished. surface of Andrew Antoniac’s auto and charged. The car went to a repair shop. The ram was mystified but unhurt.

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NEW TRIAL ORDERED IN HOPPENJON CASE

Rescheduled i in March Term of Circuit Court.

~NEW ALBANY, Jan, 27 (U. P)—| Frank ‘A. ‘Hoppenjon, former Floyd|

County Treasurer aecused in a $128,000 - County Treasury .shortage, faced another trial today. i The case was rescheduled for the

IClaude Gladden, Scottsburg, field | Accoun examiners for the Sate Board of being ‘accessories to embezzlement. a

They are charged with

failed to reach a verdict yesterday. The jurors deliberated 16 hours and then announced that an agreement was impossible. Mr. Hoppenjon will remain at liberty under a $1000 bond. Also awaiting trials are Joshua T Crandall, New Albany, and

Vey y (617% Ve Vr.

12 PIII ITPVY, hols) BLA UC LEVIN MON

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