The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1894-06-01
COUNTY'S NEW ERA
Freeholders Today Enabled
to Retire S25o,ooo Worth
of Bonds.
ISSUED AT SEVEN PER CENT IN 1874
Sinking Fund Provided for, and
by Careful Investment s4O,-
900 Saved the Tax
payers.

The meeting of the Board of Freeholderss
yesterday, was brief. The clerk read the
receipt given by Sheriff Tofey to Bob
Davis. which specifies the number of prison.
ers Davis left in the Jail when the Sheriff
ousted him.
Freeholder Ellis, Chairman of the Finance
Committee, offered a resolution to the effect
that $3.50, coo seven per cent. bonds due to-
day, be paid 1t was adopted. The bonds
were issued in 1874 to raise funds for cur
rent expenses after the time Of the fiscal
year had been changed Mr.. Ellis, in offer.
ing the following resolution, said:
s'These are the first bonds which this county
has paid from sinking fund, and it marks
a new departure in the affairs of the county,
and is the beginning of new era. If no
sinking fund had been created these bonds
could only have been paid by issuing new
bonds, or by having placed in the tax levy
the amount reouiredn Mr. Ellis eulogized
the sinking fund scheme and declared It to
be great institution. The Sinking Fund
Committee consists of Mr.. Ellis, Director
Bruggeman and Collector Dugau.
GOOD FINANCIAL MANAGEMENT.
An official today explained this fund, as
follows:-ssIn the year 1874 the Ceunty Of
Hudson, in accordance with an act Of the
Legislature, passed February 70, 1874,
issued $250,000 of seven per cent. bonds,
payable in twenty years. The money de-
rived from the sale of these bonds was used
to provide for the expenses of the Board OF
Chosen Freeholders Of Hudson County, ow-
ing to changing the dates of the fiscal year
from May 1, 1873, TO December l, 1873. The
act provided that the sum of $25, 800 should
be placed In the tax levy of the county each
year for ten years, commencing with the
levy for the year 1885, for the redemption or
the bonds at maturity.
ssThese 4 per cent. bonds are due today ,.
and County Collector Dugan, as Treasurer
of the County Sinking Fund Commission,
has notified the Board of Freeholders that
the bonds will be retired from the sinking
fund established for their payment.
'sThe appropriations Of SIS, 600 a year for
the years 1885, 1885 and 1887, while they
were annually placed in the tax levy Were
not paid over to the Commissioners OF the
sinking fund until the early part of 1883, ow-
ing TO several of the cities and towns IN the
county being in arrears for taxes Tor those
particular years.
stIn January, 1888, the sum of SIS, 900 was
transferred to the commissioners and since
that time the transfers Of $4,000 has been
promptly made each year including the
amount for 1892.
Last July, when the Freeholders were
MAKING up Gle1f oSIlI1iSUeS lOI bu0 bzhA AcFJ
of 1898, the Sinking Fund Commissioners in
formed the board that an appropriation or
$4,000 would, With the sureties held by the
fund and its interest earnings be surtic1enb
to meet the obligaraons Of the fund.
SIT will be observed that by the able mans
agement of this fund by investing the appro-
priations made 1t and also the earnings the
taxpayers of the county are relieved from
contributing SAC, 900 towards the payment or
these bonds, as the act provided that the
sum of S25. 900 should also be placed.in the
levy for 1894.
County Collector Dugan by virtue Of his
Office is a member of the County Sinking
Fund Commission, and to his care and atten-
tion to details is due much of the success ID
the management of the several funds"
OTHER BUSINESS TRANSACTED.
The board decided to receive proposals
from contractors to build the three-span
iron bridge over the Pennsylvania Railroad
cut, on June IA. The Committee on Ceurt
House and Jail was empowered to expend
500 for wire screens for the jail windows.
The board ordered that a warrant for 81
75O be drawn in favor of John A. Mcesrath,
counsel for the board, to enable him to ten
der in money that amount to Barbara
Schlund, because of a Judgment she obtains
ed agairt the county on a Boulevard ap~
peal case.