The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1895-03-04
LOS ANGELES HERALD. MONDAY MORNING, MARCH 4, 1895

sale would not be as advantageous as 4 per
cents at par. 1t is unanimously conceded
though. that bonds OF Los Angeles at AZ per
cent interest to run forty years ought to bring
agood premium with so much money lying
AS there has been so mich agitation in re-
gard to the refundng OF the debt OF Los Ange-
les city. 1t Will not be out of place to give
detailed statement OF the different bonds to be
refunded:
FUNDED DEBT BONDS OF 1870.
The original issue was $87 $50 These bonds
were issued for the purpose of paying debts
and outstanding scrip, and wee to be dated
August ], 1870. They were issued under
special act OF the Legis AZURE passed April =,
1870. The denominations of the bonds were
TO be 500, 800, 500, $500 and $1,000. inter-
est to be seven per cent.
70 cents on each 300 OF the assessed valua.
ton shall be annually levied and co lice ed
ana s applied to the payment OF interest, ana
the remainder to be applied exclusively TO
the liquidation OF the principal. Accordingly,
the first three years a levy of 70 cents on each
ssS9. Four Tines Sc" only Vale levy has been made
according to the special act OF the Legislature.
May.7, 1878, the City Treasurer advertised
for bids for the redemption OF $o5OO end re-
ceived bids OF $3.50, which were accepted.
In April, 1879, the Treasurer had $92lS 70
in the Interest and sinkinR fund, ana adver,
tised for bids and received bid OF $3ooo
bonds at 93 74-1OO cents, which was &C
The original issue was ... Ss7,o5O
Paid in 1879. .$i250
Total paid 1850
Leaving balance still out aus 900
Funding bonds OF issl--total issue. $63.o 900.
These bonds were issued under date OF July
1. 1851, payable on or before July l, 1901,
with interest at z per cent, and were for the
purpose of refunding any bonds outstanding
the Legislature approved February j, 1868,
auth orizing the subscription to the capital
stock Of the Los Angeles and San Pedro Rail
road Company and also for any outstanding
school bonds
June 25th, 1881, the City Treasurer reported
the exchange OF bonds as fol flows:
In exchange r. X. iSonds. 1863 .... $50 900
In exchange School Bonds, i872.... 5000
Unsold ,........ ............. 5000
Total. .... .... go, 1000
December 81, 1851. the first 10 bonds
we're ordered burned ........... 5000
Outstanding. ..$5s, 900
MAIN SEWER BONDS, 1877
These bonds were issued under special act
of the Legislature, approved March %, 1876,
authorizing an amount not to exceed $50. 600.
to run twenty-five years after July !. 1875.
With interest at per cent. The act also
authorized to be levied tax not exceeding
one-fourth OF one per cent
September z, 1876, bid was received for the
whole issue OF $4,000 at 81 5-lOO cents in
gold coin, but rejected. November 70, 1876,
the same parties bid 81 1900 cents in gold
coin, and this also was rejected. Finally.
February 8, 1877, the city made contract
with NJ. Farrell to construct sewer; Farrell to
accept these bonds at SO x cents.
May 10, 1877, the Clerk received from the
City Treasurer $500, bonds not issued, and
after selling one $500 bond, July 5, 1877 1t is
presumed the remaining $1,000 were cancelled.
The total issue was ........ $50, 600
SuhCcAcu TSOUO
rdlu III looO... 4OOO
fdiu III 1904. ..................... lOOO- lo,OOO
Outstanding ....... $1,000
GENERAL IMPROVEMENT BONDS.
The total issue of these bonds was $245, 600,
drawing interest at per cent per annum, to
run 20 years. The agitation in regard to is
suing these bonds was started in 1855, and
November "a. 1885. the Finance Committee
recommended an ordinance to issue $245, O0U
general improvement bonds. The bonds were
issued in three series.
First Series, July l, 1886 49,. $3.50, 900
Second Series, July 1, 1887. ... 10000
Third Series, July /, 1883. .......... $4,000
In addition to the 1885, 1000 six and seven
at four and half per cent there are outstand-
ing $58, 600 funded debt five per cent bonds
of May l, 1891. which could be refunded under
the law. il refunded at four and half per
cent the saving to the city in the sixteen years
they have to run would be $4640. But the
Council did not see fit to include these in the
list of those which it is proposed to refund
The following statement shows the assessed
valuation from 1880 to the present time: