The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-12-16
PERMANENT SCHOOL FUND


| year, aud also the amount OF aat.ur,ti,,
Ne'u NY the state in trust for that fund
van De seen In Table No g. which sin,.
rari1ed, gives the following:
tash ON hand August 81. 1898. & l7s. e3S a.,
Cash received during year end
ing August 81 1895 ...... T5q e07 40
| ~,
| Disbursements dur
ing the same time s555. 800 As
Ira rs ferred to
| available school
luhu ......... :. 100 90o AZ TtS sol IN
balance on hand August 81,
'''o '''''''.''....,,..,.s 2l6,SiS IS
Bonds on hanI August 81,
| ls'o ACKNOWLEDGEMENTS. S767glji so
Bonds purchased during year 52G .i6i %
Total .......................S IS, los. sOS 81
honds redeemed during past
| year Observation-Disclosures. $40 023 On
balance on hand August 81,
| 1871 Observation-Disclosures. $7,h76, 2Sb s.
Prior to the act of April 90, 1885 county
ponds were not required to be registered
! by the comptroller, nor we're they require 1
| 10 he examined and approved by the attnr-
| fol general except In eases where they
were submitted to the board of education
as an Investment for the permanent school
| iund, Now, however, all county bonds
! are required to he submitted to the nttor
| ney general for examination and apnroyni
and ii is only upon his approval that such
| londs can he registered by the comptroller
During the fiscal year ending Augtiat n
| lAN1. there WIS quito demand for this
class Of securities by private capital. and
me board oi education was enabled to pur-
chase only a limited amount of good cou,-
ty bonds. For the year ending AUGUST
| n, 1896. owing to the stringcncy of the
| money market good county bonds have not
| been offered sufficient to keen the fund in
| vested This in connection with the re
| demption OF bonds will leave quite a LARGE
amount to the credit of said fund I'm the
state treasury and witch viii continue 10
| Increase, on which the 50 hool fund viii he
deprived of the interest unless some other
nvenue be provided for the Investment Of
this fund In securities other than those
| now provided by law.
Ky reference to my last annual rcport
| for the fiscal year ending August -. 1871,
! il viii be observed that the school fuud
had invested in county bonds the sum Of
| w hb5' 81 %, upon which the annual intor'
est amounted TO s2g5 37ooo OF The amount
| SO invested Sd.deo' ous"@ were h per cent.
| bonds. $37 725 were per cent. bonds and
| $2Gj 400 were per cent bonds
| By reference TO Table No rs Of this re-
| rort it will be observed that for the llscnl
year ending August RI, 1896. the schoul
! fund held S3e51.3lS,62 in county bonds. OF
the amount so invested Si3e.0o0 are per
cent. bonds. S2.ai9 1882 are per cent.
bonds, $a7,125 are per cent bonds and
aud S263, 500 are per cent. bonds, upon
which the annual interest amounts To
S22o,916.36.
The same table will show that during
| the year ending August 81, 1896. sos, l6l
iii county bonds were purchased by Tho
board OF education, while during the same
| period S52oo1S IN county bonds were re-
| deemed The difference between The amount
shown to nave hee' purchaser anu lhr
amount redeemed, shows an increase in
amount invested of $500
OF the $lS9ooo per cent bonds pur-
| chased quite large amount OF them were
funding bonds rcdecmabie at the optic. o;
the county m not less 'hah hVe' ana ''n
years from date and were issued IN lieu Of
bonds bearing a higher rate OF interest ana
rodeemable at the pleasure OF the count y
and IN nearly every instance the old bonds
! were held 10y the school fund,