The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-03-16
CITY DEBT OF NEW ORLEANS.

eight hundred and eighty dollars, calling
:. interest to the amount Of 81, 449, $50 for t
= year 1875.
4 OF this amount 81, Az $50 are in the origin
bonds Of the consolidated city, issued und
the act Of 1852 ana called consolidated bond
except about $1,000 issued for old N -nicipa
ity debts Ali the outstanding bonds Of tn
: description bear interest at the rate Of siz Pc
5 cent. and are redeema3ls in 1892.
The next item on the list Of city bonds
So, 030 900 railroad series. issued to the Ne
Orleans, Jackson and Great Northern, 2pe
. lousas and Pontchartrain railroad companies
: 81, 772, 900 Of the first, 3l,145,00O of ii
, second, and $4,000 Of the third. Thes
bear interest at six per cent, and mature a
various dates from May, 1871 to July, 1884.
The Water Works bonds amount to 81, l9e,
800, Of which 81, 1872 400 are at fl We per cent
maturing in 1899, the balance at seven pc
cent maturing III 1894, all issued in 1869
The seven per cent bonds of 1869 and 1870
issued to redeem city notes, warrants, etc
amount to s., Oh, 900, and mature in 1884 anG
1895.
The wharf improvement bonds issued De-
cember J. 1870, amount to S702, 900, bearing
interest ut seven and thirty-one hundredths
per cent, maturing III 1880.
| Street improvement bonds issued for paving
and repairing streets, amount to SAG, 00O at
| the same rate of interest as the last named,
maturing in 1911.
| The ten per cent bonds issued April |, 1871,
amount to 81, SAB, GOO, are payable in 1881. OF
| this item 100000 are pledged to the Louis
lana National Bank, late Fiscal Agent, and
bear no interest.
The jefferson City debt assumed by New
Orleans, S295, 900 at eight per cent
There is an unpaid balance Of the million
four year loan of 1868 remaining unredeemed,
amounting to S37, $50, interest ten per cent.
The new consolidated gold bonds issued
under act Of 1872 amount to ST, JAP 900, all
at seven per cent, payable interest and princ-
pal in gold. OF these s., sos, 900 are of the
general series, redeemable in 1929, and
81, 1914, 900 of the drainage series, issued for
the construction of drainage canals and pro-
lection levees The bonds of the general
series were issued in funding certificates of
Indebtedness, and to,a large extent III renewal
of matured bonds of other series.
The McDonogh School bonds amount to
Sl09 at 6 per cent, maturing in 1912 and
1911
The Fink Asylum bonds amount to SIS 900,
at per cent, due III 1914.
The street assessment bonds amount to
$3.50, issued for paving streets, at 7-3O per
cent payable in 1888 and 1851
The total amount of the above bonds is
81, O5l, $50
The city is also indebted for certificates,
which entitle the holders to gold bonds, |
$780, l23.
For floating debt certificates, s5Si7
For seven thirty administration certificates,
$40, 800
Certificates for 10 per cent bonds. Sil6
Bills payable, SS7G0.
Certificates for street Improvement bonds,
1890
Coupons of interest due and unpaid, S257.-
$50, being the unpaid interest on the bonded
lebt of the city
When claimed, S1l 800
Certificates OF Appropriation outstanding
l51, 9l2
Appropriations uneertitied $1,000.
Tax warrants, Sl5, 792
Making a total OF debt, in addition to the "
bove given bonded debt, of $3.50, 02o, and !
18th the bonded debt grand total of S22,- !
II, $3.50.
Since the lst December, 1871, interest has q
cen regularly paid on the old consolidated
onds and the wharf improvement bonds, =
hich, together, amount to 50, l49, $50. The
have been able to meet the in y
rest on the first by means of receipts from
lck taxes of 1874 and previous years, and the p
Zip Of the sinking fund provided in the act 81
1852. The interest on the 1902, 600 of u
harf improvement bonds has been met by Is
Q proceeds of wharf dues collected Sc
These two items. however constitute less =
an one fourth of the entire bonded debt of u
Q city. On the remainder, seventeen mil IL
ms of dollars, interest is now due and I'M %
id for December. 1874 and January and "
bruary 1915 three months, amounting to oi
out $780, 900. The interest coupons due Sd
d unpaid on the LIST of January were
oI366, so that at the present time there ~
ist be in the hands of the creditors Of the
y, the holders of her bonds or other per
rs. mora than half million of dollars in fir
paid interest coupons da
The reason for this delinquency is obvious. St
&c city debt tax for 1874, out of which the be
terest on the city debt for that year can or
ne be paid, was uucolected on the 3lst th
cember of that year, to the amount of tic
10, 900 When that interest tax is collected wi
Will be applied solely to the payment of the to
crest OF that year. But the taxes Of 1874
e and unpaid January l. 1915, amounted bit
ST ,353, i22, and the unpaid taxes of ~ for