PARK FINANCING 



483 



C.URVI: "Ei 



PLATE 241 



arranged in the form of a series of yearly notes with interest at six per cent. 

 The pool was opened on June 18, 1922, and from this date to September 15, 

 1924 the total net income, after paying for 

 all operating and maintenance expense, 

 was $34,561.28 a sum more than suf- 

 ficient to meet the yearly notes and in- 

 terest. On September 15, 1924 there 

 remained seven outstanding notes of 

 $3,500 each, one falling due each year. 

 From May 2, 1925 to September 15, 1925 

 the net profit from the operation of the 

 pool was $6,103.56; and during the fol- 

 lowing season the net profit was $5, 775. 88, 

 giving in both instances more than sufficient sums to meet the notes and 

 interest falling due. 



Worth Hills Golf Course, comprising about 104 acres, is located about 

 four miles from the center of the city. The costs entering into its construc- 

 tion were as follows: cost of land, $39,000; clubhouse, $11,603.53; construc- 

 tion of course, $12,120.56; equipment for clubhouse, $2,486.55; one mower 

 and two trucks, $1,042.97. Total cost, $67,153.61. Of this total cost the 

 sum of $66,900 was borrowed by the recreation commission on the credit 

 of the city. This debt is in two parts, one of $59,900 and the other of $7,000. 



The former is arranged in a series of notes 

 of $4,000, each bearing interest at six per 

 cent, one note to be paid each year. It is 

 expected to meet these notes plus the in- 

 terest from the operation of the course 

 as well as to pay the maintenance and 

 operation expenses. 



In Minneapolis two public golf courses 

 have been purchased under contract with 

 the original owners by which the courses 

 are to be paid for out of the net receipts 

 of their operation. The first of these is the 

 St. Anthony Golf Course of 154.8 acres, 

 located four miles from the heart of the 

 city. The contract entered into on March 

 6, 1924 with Armour & Company, the 

 original owners of the property, provided 

 for the following: (a) The Board of Park 

 PLATE 242 Commissioners shall take possession at 



^o 



