Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-04-14
DEBT WIPED OUT.


Controller Morrow Reports on Temper
anceville's Separate Indebtedness-lts
Obligations as a Borough Almost Extin-
guished-Only S15, 900 Still Due.
The Controllers annual report contained
but little not already published, with the
exception of the history of the Temperance
| vile Indebtedness, which follows:
In ledger "D' is found the initial charge
| against the borough for S54, 165 81 under date
| of December 81, 1874 for the amount Of bonds
| against its name, the title of the account being
Separate indebtedness of the borough OF
| Temperanceville" To this is added, January
81 1875 S44, $50 II, being of same character as
the former charge. Thence. until January 81
1880, all taxes collected from the borough have
been duly credited to this account
to the amount of SS7,S26 81 Be-
| tween these dates the account was
debited in the net sum of Sll2 "a for interest,
presumably paid by the city, leaving its value
into. first. Bonds PAYABLE, Temperanceville,"
| in the sum of S60.Sl4 IS, to represent evidence
of Indebtedness then outstanding: second,
''Temperanceville sinking fund" s., 6S6 s., for
excess payments of interest by the city over the
| receipts to that time
In the same ledger is found another account
styled Bonds payable, borough of Temperance
ville," which is credited December 81, 1874, with
| the amount of the borough's Indebtedness at
the former mentioned figure, S54, ,l65 50, but to
| which offset is made OF S4,009 IS for items
not pertaining to her debt. thus bringing down
to the next year balance of debt OF $50 loo 51
| which is subsequently augmented by S44,-
| $50 IL, also mentioned above. thus placing into
this account net total of sos, ,045 "A OF special
| Indebtedness.
Received Back an Excess.
This account was charged off with amounts
of warrants drawn in payment of the certlh-
Gates of Indebtedness as presented from time
to time until January 81, 1850, to the extent of
s3l, ,S07 IS. which, however is sS6l2 6S IN excess
of warrants actually drawn for borough in
debtedness embraced in the balance, hence
the account is credited back with this latter
sum is proper, and the net balance at the
end of the fiscal year 1879 is shown to be
So, ,Sl4 IS, exactly the sum closed into II from
the account styled Separate indebtedness
borough of Temperanceville," thus balancing
and closing both of these accounts which are
thenceforth dropped under those names
The history is continued; first, as a memoran-
@ @ to spef show the oasspsndina amounts
of certificates of record; second,
through the new account styled Tenn
Peranceviile sinking fund" inaugurated as be-
fore mentioned, with deficiency of s., $50 81,
which shows the true transactions of the late
borough with the city.
Pursuing the memoranda of special indebt-
edness account We find it reduced in 1850 by
payments of sl7 SS9 49; in 1881. Sl274S "a; 1882,
Sl4 6l9 70; 1883 S. 246 81; 1884, 81 902 SO; 1885,
S43l go and in 1889. 81, 764 Al. thereby leaving
apparent balance of debt outstanding of
that originally stated in 1874, from records of
consolidation, OF S92l B.
The Debt Extinguished.
. ThisIaccount, therefore, shows the separate
Indebtedness of Temperanceville to have quite
reached extinction, SO far as any of its certih-
Gates are known to be outstanding, and it may
be assumed to be conclusive to this fact.
So far as the borough is concerned with Its
original debt and original creditors the records
and accounts of this Office point with certainty
to that result. Her relation, however, to the
city of Pittsburg is not shown in the account
Just referred to, but, as before stated. to the
account which is described as beginning with a
deficiency of 81 595 So in 1880 under the style of
"TeG;peraaceville sinking fund" The receipts
from special taxes prior 10 1880 accounted
for above, and from that year we trace the
Gebit and credit or tile borough through the
Temperanceville sinking fnnd account, as upon
it were coustructively drawn the warrants to
pay the maturing certificates, without regard
TO the adequacy of the borough revenue to
meet them. and in this account have since been
placed all said revenues until they
were in 1854 credited and held
convenience Beginning, therefore, with the
debit balance of l.535 SS on February |, 1880,
the Temperanceville sinking fund is charged
that year with Sl7,SS9 40, and in 1881 with St0-
639 43 and 1873 ST. in all $50, l3S 43, which was
advanced from the water loan sinking fund
under the authority of ordinance of Councils
and for which the said sInking fund holds
liable the borough until reimbursed, the
amount being
Treated as an Investment
and SO carried among the assets of the water
loan sinking fund. In addition to said charges
the TemperaDceville sinking fund stands deb
tied in 1851, 1882 and 1883 with $40 S66 So for
warrants drawn directly upon it to retire certlf
cates.-and is credited with the entire collection
of taxes for the years 1850: 1881 1882 and 1888.
amounting to S., 1913 % S5,74S 02, S. S45 20 and
1886 S4 respectively, thus leaving a balance
debtor on February i, 1884. of $50 l67 ST. at |
which figure it yet stands During 1884 the re-
ceipts from special taxes were ST. 3S3 90 |
for s., 500 69 in payment of certificates of |
Indebtedness, leaving s., ,4s0 81 in excess of re-
ceipts of that year, which was transferred to a |
new account styled "Temperancevile surplus |
fund.- the object of which is to show excess |
and to hold the money, that it eventually can |
be credited to the water loan sinking fund |
when the amount of the debt shall have been |
reached. This surplus amount will be found |
credited with the tax collections, amount |
ing in 1885 to S. 422 10; 1856, S4.OS0 80; 1857,
81 81 30; 1855, 81 III Sc: 1889 $3.50 ~: 1890,
81 299 81, $50 interest from investments being |
included for each of the four years following |
1856, which, with the balance brought from |
1884, and S56 interest from that year, makes O |
total credit to this fund Of sl9,64l O5. Against
it warrants were drawn in 1885 for s49l go in |
1856 for S5l9 40, and in 1889 for 81 Al in pay
ment of Indebtedness, and in 1885 for ST. 400 for
per cent improvement bonds, for investment, |
leaving balance at the end of the present |
fiscal year of Sl4, ,525 81
Still Owes the City $4,000. |
After the. ledger balances shall have sheen |
forwarded to the ensuing year the payments |
on the debt during 1885 and 1889 will be charged |
to the sinking fund from the surplus account,
and sufficient amount of the tax collections |
will be charged off the surplus account and |
credited to the sinking fund to cause its bal
ance to rest at the amount of the loan author
lied by Councils to be made to the borough |
from tine water loan sinking fund before re-
ferred to. Said amount is $50 4OS 49, and to |
pay 1t the borough has whatever sum may lie to |
credit of the surplus account plus the 81, 400 of |
per cent bonds she holds Invested in her sink
ing fund. At present. as will be seen, the bor-
ough owes the city, in round figures $50, 000
and has Sl5 900 to pay it with.
JOSEPH TRICKS WILL