The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-12-17


| think il is safe to rely upon the re-
,,,ipts estimated and that there will be
no deficiency in the apportionment Tor
the ensuing year.
PERMANENT SCHOOL FUND.
The receipts and disbursements Of the
permanent school fund during the past
wear and also the amount OF securiues
held by the state in trust for that funo,
gives the following:
Cash on hand Aug. 81, '95. .$173,93S Oo
Cash received during year ~
ending August 81, 1890. I59,2OI ~
Total. 1890 $500. E. 1888, 145 As
Disbursements and transfer M
rtd 10 available school fund T16,301 80
Bal. on hand Aug. 81, 90. S216,S43 55
Bonds on hand Aug. 81. '95. S7,579,144 80
Bonds purchased during
wear. 80. -. =. -. 528, 164 90
Total. ..... ..... SIS, 1O5,30S 80
Bonds redeemed during
past year. 800. oZ9,oZo w
Bal. on hand Aug. 81, '96. $7,576,235 50
Prior 10 the act of April 90 1898, coun-
~ bonds were not required to be regis
tered by the comptroller, nor were they
reOuirtd 10 he examined and approved
by the attorney general, except in cases
where they were submitted to the board
Of education as an investment for the
permanent school fund. Now, however,
all county bonds are required to be sub
nlitied 10 the attorney general for eX-
animation and approval, and it is only
upon his approval that such bonds can
be registered by the comptroller.
During the fiscal year ending August
81. 1884. there was quite demand for
This class OF securities by private capt.
tal and the board of education was en-
abled 10 purchase only limited amount
Of good county bonds. For the year end
ing August 81, 1896, owing to the strin-
renCy NJ the money market, good county
bonds have not been offered sufficient
10 keep the fund invested. This. in con-
nection with the redemption of bonds,
will leave quite large amount to the
credit Of said fund in the state treasury
and which will continue to increase, on
which the school fund will be deprived
Of the interest unless some other avenue
he provided for the investment of this
fund in securities other than those now
provided by law.
BY reference 10 my last annual report
for the fiscal year ending August 81, 1895.
il will he observed that the school fund
had invested in county bonds the sum
Of S36;S. Do 80, upon which the annual
interest amounted 10 $225.370.90. OF
the amount so invested, 1880, 50252
were 6 per cent bonds, $37,725 were I
per cent bonds and S265,OOO were 8 per
cent bonds
By reference to tables of this report
il viii be observed that for the fiscal year
ending August 81. 1896 the school fund
held S3.65931S.52 in county bonds. OF
the amount so invested, S439, 900 are 5
per cent bonds, S2,919, 093.52 are 6 per
cent bonds. $751; are Z per cent bonds
and S263,5OO are s per cent bonds, upon
which the annual interest amounts TO
S220,gI6.36.
During the year ending August 81,
1875, SOD l64 in county bonds were pur-
chased by the board of education, while
during the same period $500. 073 in county
bonds were redeemed. The difference
between the amount shown to have been
purchased and the amount redeemed
shows a decrease in amount invested of
$1,000.
OF the $439OOO per cent bonds pur-
chased quite large amount of them
were funding bonds redeemablc at the
option of the county in not less than FIVE
and ten years from date, and were issued
in lieu of bonds bearing higher rate of
interest and redeemable at the pleasure
of the county, and in nearly every in
stance the old bonds were held by the
school fund.
County bonds registered during the
10 &
In NV last annual report the following
Counties were shown to be in default
in payment of their annual int to-wit:
Brewster, Buchel Foley, jeff Davis,
King, Mitchell and Runnels. Suit was
instituted against the counties of King,
Mitchell and Runnels and judgments OBJ
tanned in the district court of Travis
county. Since obtaining said judgments,
King county has paid all interest due.
The Mitchell county bonds bear 7 per
cent interest-aggregate $70OO-and were
purchased in 1893. Interest for 1894,
1895 and 1896 unpaid.
The Runnels county bonds bear 6 per
cent interest aggregate S12,50O, and
were purchased February 10, 1889. No
payment OF interest since April TO- 1892.
chel, Foley and Jeff Davis county bonds:
The records of this office show that on
March 6, 1856, court house bonds of Pre-
ssidlo county to the amount of $4,000,
issued under the act of February II,
1881, were purchased as an investment
for the permanent school fund. During
the year 1887 the counties of Brewster,
Buchel, Foley and Jeff Davis were crea-
ted from portion of the territory en-
braced within the boundaries of Pre-
sIdlo county. The act creating these
counties provides that each should bear
it's pro rata share Of the Indebtedness of
Preside county, legally incurred prior to
their creation.
Hon. Jno. d. Mccall, then comptroller,
apportioned these twenty-nine bonds to
the counties of Presidio Brewster Blu
chel. Foley and Jeff Davis, on the basis
provided by law, section 2, chapter 112,
Laws Of 1889, as follows
To Preside county. -. .S9,O26 60
10 brewster county. ....... 6,396 10
10 Buchel county. ..... -. 4,763 "A
To Foley county. . . 2.961 OF
To jeff Davis county. ..... 1852 81
The county of Preside has paid the
interest due each year on the amount ap-
portioned to it. The counties of Brew
stcr and Jeff Davis are organized and
have never paid any interest on their
pro rata share. Buchel and Foley are
unorganized, and under the law it is
made the duty Of the comptroller to as
sess and collect the taxes, both state and
county, on the property in those two
Inv