Evening journal., 1899-04-07
REPORT OF CITY DEBT
Ssatt ment Made BY Sinking
Fund Commissioner.
PRESENTED TO CITY COUNCIL

FINANCE COMMITTEE OF CITY
COUNCIL WENT OVER THE
BONDS AND FAFERS OH THE
CITY WITH 1HE COMMISSION
hrs YlEsTERp,AY-OUILTNE or
llRlE DEBT
1'A,mas E Young, john S. Rossell
ana Harlan G. Scott, Sinking Fund
commissioners, met with Councils FL
naL1 COMMITTEES yesterday afternoon
and prepared a statement of the debt
cf the city.
The bonded debt cn December 81,
1898, consisted Of loans, amounting to
SL4Sl,35O
The report states that the balance of
loan 2S, amounting to $4,000 will fam
due on September /, 1899. Under anu
lthorlty Of an act OF the General AS
semlbly passed january 20, 1897 this
sum will be refunded through the sink
ling fund as part OF series 1lS due Octo-
/ ber Il. 1913, which series remains open
! for THAT purpose. The relundinlg Of
loan 2S being accomplished, no fur
thtr Issue Of sinking fund bonds Will
be required for refumding, the schedule
Will be completed to the extent author
lied by the Legislature and the sew
eral series, to and incudlng No. l43,
Will ne full
Bonds to the amount OF S20.6O0 have
lteen issued lin series IA. the last series
lcpened. The limit OF this series Is $6S,-
5O0 to mature October /, 1926, and IN
another sinking 1und loan should be
lamthWiked. $47 800 additional bonds
lccugd be issued I'm this series.
During the period of ten years, from
December 81. 1888. to December 81.
1898. the city bonds issued pursuant 20
lacts OF the General Assembly. and crdi-
Il nences Of Council. amounted 10 ST.
S55. 800.
During the same period OF ten years
bonds amounting no $4l1.90O were paid.
The waiter commissioners. as stated
paid $40. 600, and the Council. THROUGH
the city treasurer, paid s191.5O0, OF this
s2li 500 applied to the separate loans
The sum of $500 400 in liquidation ol
silnlO.ng fund bonds was paid by Ccuucl
!, Through the commissioners CT the aink
: ing lund.
AIT slnldng fund bonds that have
bean paid from the opening az sh'
y fund to December 81. 1898. with on.
y exception, have BEEN ccanceiled amt
y are on deposit for safe keeping in TIN
e lUnion National an'k. The exception
a bend cf 81 900 in series 49, whi,l
X lmatured April /, 1891. This bond wa
e held by the Wilmington Fountain So
2 lciety, and was reported TO have bee
= lost. II was duly advertised, ard a
e. persons warmed NOT 10 negotiate a..
7. The bonded debt Cf the city on DJ
cemncr 81, 1898. consisted OF loan
I'd Amounting to S2,034, ,450.
Ne The algrogalte amount OF bonded del
W as given IS the amount appearing o
the books CT the city auditor and o
as which Interest," Is now paid. Tn
,e amount shown on the city treasurer
q. books Is 500 greater This discraI
ancy has been standing for scme year
70 and Is due to clerical error. lt wa
M recommended that the city treasurer /
:. authorized by resolution OF Council
80 correct his books, so as 20 conform
these on the city auditor.
Certain sinking fund bonds issued
recent years have been erroneousl
numbered as 10 the different series I
which they belong.
y I'm connektion with the funded del
ID of the city IL is important to refer to
lien OF 81 $50 on public school No 9
I'd says the report Definite informat!c
"a as to this lien, its origin and for
4. could not be found ON the auditor
"a land treasurer's books. II has. how
ever. been standing for many year
h, and is lia.billty chargeable TO the CT
- and should be so entered m the hook
- Interest on this Hen. at he rate of
per cent. per annum is paid to MI
!, Elizabeth s. Taylor, and for sen
H. years past the principal sum has bes
included in the treasurer's annM
as statement OF the city debt"
us There has net been a complete r
iis port CT the debt made for ten years, an
ir- thlouah there no law to compel d
on the commissioners to make cne. tn
I'D considered that the public was entitl
B. TO the Information In addition
lr- making cut the report the comm.
ce, sinners went over an the bonds al
el other papers IN their possession.