The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-08
A CITY SINKING FUND
CONTROLLER TRUsLER'S RECON-
MENDATION IN HIS REPORT.
Municipal Debt Decreased 100000 In
Last Sixteen Months-The Delin-
quent Tax List.


quent Tax List.
| the Council last night, covering the fiscal
| year enalng last August and the fraction
| of year from Sept. l, 1894, to Dec. 81. In
the report he calls attention to the neces
| sity of providing for sinking fund for the
| payment of the citys bonded debt, and sug
| gests way in which it could be done with
| out any increase in the tax rate He be-
| lieves that il some measure should be
adopted which would compel the county
treasurer to follow up the collection of
| taxes to a greater extent than is now done.
| the money which is now lost in delinquent
taxes would be sufficient to provide at least
| large part of the money necessary for
| this purpose. AS shown by the county audi
tors settlement sheet, published in the Jour-
| nal few days ago. the delinquent tax last
| November amounted to sii5, $3.50, which is
an increase of about 121a per cent. over
| the year before. Besides this source of in
| creased revenue Mr.. Trusler's report shows
| that economical management of the city's
finances will add largely TO fund for the
| redemption of bonds. At the end of the
| fiscal year ending Aug 81, 1898, the city had
| temporary loans to the amount of 100000
| $4,000 outstanding, besides the bonded in
| debtedness of $1,SS4,5eo while now the
counts stand $4,000 temporary loans, $1,000
encampment bonds, with the other item the
same. The entire debt of the city at the
| close of the fiscal year ending Aug. l. 1893.
| was $2,019500, while at the close of 1894
| it was s1,915500, a decrease of 100000 in
sixteen months, which is simply that much
| saved to the city. The report is as fol-
lows:
II herewith submit a report of the ac-
| counts of the city for the fiscal year end
] ing Aug. 81, 1894 together with a report
for the fractional part Of the year from
revenue. receipts and expenditures, and the
sources from which the revenues and funds
tention to the fact that the amount OF
| delinquent tax is very great, and unless
some energetic measures are adopted pay
ment of taxes will soon become voluntary
matter with those who do not own real es-
| tate. The attention of the chairman Of your
| committee on Investigation was called to
| this matter last spring by me, but no action
| was taken 10y your committee so far as l
ITO a full understanding of the work of
providing for the bonded Indebtedness of
| the city during the last year beg to quote
| predecessor, as, showing the condition Of
| the city's financial affairs in part on Sept
!" on the 2sth of May last 1888 the city
controller awarded to Coffin & Stanton, of
| New York. s621, 900 of the city's Az per cent.
thirty-year ,refunding bonds at par, they
having made the highest offer for them
| of any of the5bidders. They deposited with
tn the credit of the cty for which
| the bank issued to the city her certificate
of deposit, in regular form, payable to the
was made to insure the taking OF the bonds
by Coffin & Stanton. and the amount was
to forfeit to the e, city IN ana they y, failed
| treasurer presented said certificate to the
| Merchants National Bank and demanded
| payment thereof payment was refused on
| the ground that Coffin & Stanton had mott
fed them not to pay said certificate to the
city subsequently Coffin stanton com
Court of Indiana against the city, asking
| that she be enjoned from collecting the
| cred to them. I have asked the city attor-
ney to see that this suit is prosecuted to
fnality at the earliest possible moment.
l have no doubt the city will recover this
money, with interest thereon from the date
| of demand. and that she will retain much
| of 1t as is necessary to make her whole in
on account of the failure of Coffin
funding bonds ' awarded da them he 'n last a' Nav
| which We're to be taken and paid for on
| July l last the city was unable to pay,
| at maturity, 100000 of her I-30 bonds, due
| July !, 1893. have the pleasure of inform
| ing the Council that-I have made arrange
| Company to cash and hold until July / next
| (unless the city elects to pay them sooner)
| all of these bonds which the owners did
| not choose to hold The company is to re-
| ceive $40 per cent. interets on the amount
| of her outlay Qhe same rate of interest
| the bonds have. heretofore DRAWN, and the
| city has the right TO pay them off at any
| time after the list of January next, by
| giving thirty days notice and paying one
| half of l per cent for the privilege. This
| arrangement enables the city to keep her
| refunding bonds out of the market until
next year. by which time it is believed there
| will be a demand for them at a price she
I can stand
| I'm addition to the 100000 referred to
| other bonds were to mature during the fiscal
| year as follows: Southern Park purchase,
/ 7.3 per cent, due Jan. 26 1894, $109, 500;
| Series G, 73 per cent due July l, 1894, $780,
| 600.
| Pending decision in the matter of the
certificate of sslo5o of Coffin & Stanton the
funded by exchange with the holders. n.
| w. Harris & Co., for which $109,5O0 of bonds,
issued at par The CONN stanton ssnt w sase
| having been decided adversely to the city,
| and the attempted issue of $4,000 of new
bonds declared illegal. the bonds awarded
| to Coffin & Stanton were Cancelled by ac-
| ton of your honorable body, and 100000 of
| the rate of per cent, were sold to the
Indiana Trust Company, for which
premium Of slo,ls7.5o was received. The
redemption of the bonds due in July, 1893.
| For the redemption of 100000 of bonds,
thirty-year per cent. bonds We're sold
to S. a. Fletcher & Co.. for which
| premium of $3.50 was received.
with the exception of 100000 which ma
lures July !, 1885, and must be. refunded,
all bonds of the city maturing before 1909
can be paid without Inconvenience. 1 would
respectfully suggest that your honora BILE
body take measures now to provide a sink
| ing fund for the final payment of bonds
| due after 1908. believing | do that by
| the enforcement of good business methods
and a close collection of delinquent tax
| and license fees this may be done without
| an increase of the tax levy
| THE CITY'S RECEIPTS
| Following this is long array of tables,
| showing the receipts and expenditures of
| the city, with balances. bonded debt ETC.
| The following is the report of receipts for
| the fiscal year beginning Sept. l, 1893, and
| ending Aug. 81, 1894; also for four months
| ending Dec. 81. 1894:
To Sept. To Dec
| /, 1894. 81, 1894.