The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1892-02-24
How Much Could Jersey City
Raise on Bonds Under
Senator HudSpeth's
Bill.
PRESENT DEBT AND ASSETS
About $2,S00,00O the Limit of Pos
sibility-lnteresting Deductions
from Official Figures,


this year has attracted more local interest
than that of Mr.. Hudspeth, providing
means of raising money for the purpose of
procuring new water supply in case the
Eminent Domain bill shall become law.
IRE JERSEY CITY NEWS published the
full text OF the bill last Thursday, Those
who read it, at once asked how much
money the city could raise on bonds in
accordance with the provisions of the
bill.
The EUening Journal answered the
question i'll it's own way. That way was
as usual calculated to injure the prospect
of getting water supply independent of
the water syndicate, in whose pay the
Journal is. The Journal said the bill
contemplated heaping up S., 400, 900 of
bonds upon the city. The intention was,
of course, to create a panic by creating
the impression that Jersey City was to be
swindled, like Newark. which is paying
$4,000, 600 for its water supply.
10 ascertain the facts NEWS reporter
has made an analysis of the present debt
and assessment figures with special refer
ence TO the provisions of the Hudspeth
bill. The result shows that ABOUT 50. 767, :
285 is the amount of bonds which might
be issued under it for new water supply.
The amount would be slightly larger. the
increase being in proportion to whatever
increase has been made this year in the
railway valuations over last year. This
figure is not readily obtainable at this
time. 1t would not affect the result over
$50, 900 at the most.
THE LAW.
The section of the bill which describes
the method of fixing the limit of the bond
issue reads as follows:-
That where bonds are issued un der the author
ity conferred by this act, The net amount of the
bonded indebtedness of such city shall not be
increased by such issue so as to exceed Is per
centum OF the aggregate value of the real and
assessed for taxation, including the real
estate (other than the main stem) of any
railroad or canal company separately
assessed in such q e city by the State Board
net amount of bonded Indebtedness of such city
shall be determined by deducting from the ag-
gregate amount of bonds of such city, of every
kind outstanding, including temporary loan
bonds and improvement certificates. first, the
full amount of cash and securities Cat the par
value thereof held IN the sinking fund, or sink
ing funds, of such city; second, the full amount
of adjusted arrearages of unpaid taxes, assess
ments and water rates or wates rents remaining
unpaid, whereof the net proceeds are applicable
according to law, exclusively to the payment of
the bonded Indebtedness of such city while any
of it's bonds remain unpaid; third, two-thirds of
the amount of indebtedness due such city on ac-
except taxes for city purposes which have be-
come due within the fiscal year in which such
Aqueduct stock shall be issued; fourth; two
thirds of all amounts due the city on account of
unfinished street and sewer improvements.
OFFICIAL FIGURES.
The last balance sheet published by
the city was that of December l, 1890.
Taking it MS a basis, the bond issue would
figure out as follows:-
BONDED INDEBTEDNESS OF JERSEY CITY, DEC /, 1890.
General Debt....... 81, 1853, 239 35
Assessment Debit. 5,473,5OO 90
Water Debt. ......... 4,7sb,00U 00
Temporary Loans. 100000 90
Improvement Certi-
ficates. .......... $4,000 90
- s1s545, 739 IS
OFFSETS TO BONDED INDEBTEDNESS.
1.-Assets in Sinking
Funds ......-. s1,7ae,Ss5 IS
2.-Adjusted Assess
ments lunpaid) $115, ,495 22
Adjusted Taxes
and Water
Rents (unpad). 675.276 62
- 7sO,77 81
Assessments S2O33, ,4S6 o4
3-Taxes.. 3,076,4l2 90
go of total..... 5,109. sos 96
--- ss,4O6,59s 81
4. Amount due on
unfinished street
and sew er i'm
provements..,. $685. 5s3 90
2-s of do....... $157,o55 Sc
Balance, net bonded
indebtedness.... 12,464, ,927 81
SIS, 545, 739 80
PROPERTY IN JERSEY CITY, RETURNED FOR TAXA
TIoN IN $780,
By Local Assessors:
Real estate SI3, ,Q59, 265 90
Personal do......... 5,89S, 150 90
$7S,957,415 90
By State Assessors:
Railroad and canal
property tother
than main stem. Sc, ,059, AL 90
Total. 800, ,O1e, ,s56 90
Is per cent of do.... $l50O2 5as II
W edness........'.. ] ST., a,4s4,Ss7 SO
Increased allowed
by Water Act. S2,5S7, ,sO1 os
---- SIS, ,o02. .5ss 40
DOWN TO DATE