V , . 1 o. .. h V of‘the late 1920's the town of The Pas had incurred debts to carry out local to $16,876. In the early 1930's the town took on additionallooalf _' relief works debt, amounting to $33,552, in order to provide work for: the , atown. By 1932, therefore, the total local improvements and relief works debt

I $50,428.

- Debt Incurred for Local Improvements and Relief Works in the Town of The Pas

as of December 31, 1932

PM so Date of Issue lean interestRate flown of Issue Yea; anable Local Improvements 16/05/1927 10yrs . 556% $ 5,300 1937

-' Improvements 19/03/1928 103113 --5% . ' 6,200 19.38

, ' Local Improvements 15/06/1929 IOyrs ; Sit/2% $ 5,376 1939 'LOcalImproveinents 07/05/1930 lOyrs 6% $ 8,007 1940 'Localhnpmvements 01/01/1931, 10m . 6% $16,032 1941 Relief Works 01/04/1932 _ ly—rflO) 3%“0 $ 7,927 1942 Relief Works 01/04/1932 lyi- (5). - 5%"... $ 1,586 1937

Source: Town ofThe Pas, statement ofDebenmre Indebtedness as of December 31, 1932, Town of The Pas Fonds, Sam Waller Museum

Note: In 1933 the terms for the two relief works were extended to 10 years and 5 years as indicated in the brackets . « .

These debts were handled in a different fashion than the earlier major debenttnes. On these earlier debentures, annual interest was paid but the entire amount of issue was due on the year payable and some payment toward the principal was placed in a sinking fimd. .

In the ease of'looal improvement and relief works debt annual interest was paid, and some of the principal was also retired. For example, the required annual payment on the local improvement debt of$5,300 issued in 1927 was $703.15. Interest on this debt, at 5 ‘26 percent amountedto $291.50. The balance of $41 1.65 paid annually contributed to retiring the principal.

Before the debt consolidation of November 1, 1939 the town had paid 05 four of its debts, namely the. three local improvements debts with 10 year terms that had been issued in I927, 1928 and 1929, and the relief works debt issued in 1932 with a 5 year term. The debt still outstanding on the other three, totaling $31,966 at the time of issue, had been rodueed to just over $5,918.

The Housing Loan v a l 920 the town secured ahousing loan from the province. It arrived in two stages: $16,500 in 1920-, . andan additional $25,000 in 1921. The interest rate on this loan was 5%,, which would amountto

’ ‘ , interest cost of $2,075. No term was given for the loan, and I found no clear indication

I 1 Whether some of the principal was to be retired annually in addition to interest being paid.- a}; .

evidenw available from The Town of The Pas Fonds at the Sam Wallar Museum, it seem '. 1.. loaned this money to local residents for housing improvements, at, an: '

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