St. Paul daily globe., 1894-01-03
CREDIT NOT DUE TO THE REFORM
ADMINISTRATION.
M,CARDY,s LITTLE REPORT,

mislead the public, that the bonded and
floating indebtedness which has been
paid during the nineteen months the
comptroller has been in the office would
have been reduced the same amount
even had the reform administration not
been elected in the spring of 1892.
The bonds and certificates were issued
by authority of the legislature some
years ago and when due were paid just
as other obligations of the city are.
The following is the full text of the
comptroller's report:
Of the bonded and floating interest
bearing debt which existed June l. 1892.
there has been paid off S73l. .675.5S.
which, together with S50.S54.07 interest
thereon, makes total of 1882, ,530.65 re-
duction of city Indebtedness in nineteen
Q9 months. The annual interest
stopped thereby is S44,S55.S0.
During this period no bonds have been
issued and but $4,000 of floating debt
was created, which has during the
present year been cancelled. The rate
of taxation has remained at the same
for the past two years, viz: twenty (20)
mills.
There is now outstanding of old float
ing debt in certificates Ut Indebtedness
s543. 900, of which S309.000 will be paid
i'll the year 1894, and the balance, 1924,
900, will be due in 1895, after which the
bonded debt only will remain.
CITY DEBT.
Briefly stated, the interest-bearing
debt is rs follows:
l. Bonded debt. .... SS, 442. 100
2. Certificates of Indebtedness $4,000
3. Tax levy certificates of in
l.
Total. l................. $40, 361, 100
The third (3) item will be paid out of
the taxes collected during the year
1894.
TAX LEVY CERTIFICATES OF INDEBT-
EDNESS.
The taxes levied each year are not
due until the fir st Monday i'll January
OF the year following. and may then be
paid at any time prior to the month of
June following. without penalty. To
provide funds for the expenses of the
city, the law permits the city to antici-
pate the collection Of taxes by issuing
certificates of Indebtedness" bearing
interest at rate not exceeding per
cent per annum. payable seml-annually.
These certificates are not all issued at
/. once. They are issued when funds are
needed for the departments. and are
made payable at dates after the taxes
are due. and are paid out of the first
taxes which come in. The whole
amount of the tax levy cannot thus be
anticipated. The law permits not eX-
ceeding so per cent of the taxes to be
issued in such certificates. The remain
ing 20 per cent, to make the full 100 per
cent, will come in in due course of COL
lection of delinquent taxes of prior
years.
The best financial papers in the East
strongly commend the policy of selling
these certificates to our own people.
Of the issue OF the year 1898 our own
citizens hold 1851, ,500.C0. The Issue of
1892 has been paid.
WATER BOARD FUNDS.
There is now in the board of water
commissioners sinking fund STE, ST.. so.
There will be no water bonds due until
March l. 1869, when S500,000 become
payable. The board received this year
from water frontage, consumers, etc.,
S3lS, ,539.76, and out of this amount. since
Sept. l, they have placed in their sink
ing fund $4,000. The income of the
board will, under present laws. increase,
and it is reasonable to expect that S50,-
900 per annum may be placed in its
sinking fund. This fund is invested in
certificates OF Indebtedness. and by
annually placing the sum stated in this
sinking fund, and invested at interest,
there will be sufficient funds to meet ali
water bonds as they mature.
The assessor gives the following as
the assessed valuation CT the city:
Real estate. .......... .S109. 710. .S96
Personal. Observation-Disclosures. 16904, ,29S
Total :. -. .......... .S126, 615, ,394
The city directory for 1893 contains
s4,461 names. use your own multiple
in fixing the population.
The woIkhouse has kept within the
limits of the appropriation for its main
tenance (S30,000), and has turned into
the treasury S6.S44.50. from sale of man.
also done large amount Of work in
Como park.
POLICE PENSION FUND.
Under the law 10 per cent Of all
moneys paid into the municipal court of
the city as fine: collected from crmi-
nal cases" shall be credited to the police
pension fund; also .'all fines imposed
by the mayor on members of the police
force" Retired police officers draw
from this fund monthly sum equal to
one-half the salary received when on
active duty; provided, however. that no
pension shall exceed $1,000 per annum.
The police pension board passes upon
all applications to participate in the
benefits of this fund. Should there lat
any time) not be sufficient money to pay
all claims in full, then there shall be
paid an equal percentage upon said
claims to the extent of the funds on
hand, which shall be accepted as pay
ment in full by the claimants.
REAL ESTATE.
The real estate owned by the CITY is as
follows:
Fire department property. S271. ITO OF
Tool house property. ..... 10000 OC
Police department property 10000 OC
Health dept, pest house.. $500 0C
Health department, hospital 10000 0C
Public school property. 2,241. 800 0C
Park property. rty......... 100000 OC
| Market house property. -. 125.000 0(
| City hall, city'S one-half -. 100000 0C
| City water works. s............ 4, 123,945 OC
In this statement the purchase price
only is given. The present value is very
much larger.
The experience Of tie past year has
more than ever emphasized the wise
! council and forethought Of having ell
acted the provisions of the Bell charter
GENERAL FUND RECEIPTS 1898.
The miscellaneous income during the