Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1899-04-13

OIL Inh ENluhlUR II uul
Thomas Il. Young, John S. Rossell and
Harlan G. Scott, which was referred to
tho printing committee, with in
structipns to have 500 copies printed
for general distribution. Tho act
creating the commission is to be
printed with the report.
BY way of introduction, the commits
sioners. in their report which fully
covers everything within their iuris-
diction, made the following statement:I
ITO the Council: The Commissioners
Of the Sinking Fund, having learned
that for more than 10 years past no
complete report concerning the bonded
debt of the city has been made, and
believing that an account of the fund
Ing operations during that period. with
other important information relating
to the city bonds, would be- of value
to your honorable body and of interest |
to our citizens, respectfully submit the
following.''
Following the above is the state
ment, which shows that the bonded |
debt on December 3lst, 1893, consisted !
of loans numbered from 10 to 8 in
elusive, being for funding floating
debt, schools, water department,
streets, city hospital and parks which,
with Sinking Fund Loan amounting
statement is made of the manner in
which tho obligations have been met
from time TO time. The Water Depart
ment paid $40, 900 on account Of part 3
of loan 30, amounting to SIS, COO on
January LIST, 1889. Tho balance. SO, eco,
has not been provided for and will
necessitate special annual appropria-
tions by Council as the bonds fall due.
Bonds to the amount of go, GOO have
been issued in series No. IA, the last
series opened. The limit Of this series
is S6S. 500, to mature October LIST, 1926,
and if another Sinking Fund loan
should be authorized, SAT, 800 addi-
tional bonds could be issued in this
series. During the period OF 10 years,
from December 31st, 1888, to Decem-
Der 3lst, 1898, the city bonds issued
pursuant to acts Of the General Assem-
bly, and ordinances of Council, were as
follows April LIST. 1889, s72, 600; Decem-
Der 3lst, 1889, $4,000; February 2sth,
1891, $50, 600; August LIST, 1891, SAG,
and 800, 600; April LIST, 1899. 500, 600 !:
July LIST. 1892, $50, 600; December 3lst,
1892, $50, 600; July lss 1888, S15, 600 !;
1893 S75, coo; January LIST. 1894, $50, coo /:
April LIST, 1894, $50, 600; July LIST, 1894
$50, 600; June 18TH. 1895, 1925, COO
September ID, 1895, so. 900; April LIST,
1896, 1926, 200; February LIST, 1897,
$4,000; June I'd, 1897, $4,000; June
18th, 1897, S75, and $1,000; April
LIST, 1888, $40, 600; May ID, 1888, $50, 600
the total being S1,655, 800.
During the same period, 10 years, e
bonds were paid, the total amount
being S411, 800. The Water Commits
sioners, as stated above, paid $50. 600,
and Council, through the city treasurer,
paid s19l, 800, of the s2ll. 800 applied tt
separate loans. The sum Of 5000, 600
in liquidation Of Sinking Fund bonds
was paid by Council, through the Com
missioners of the Sinking Fund.
All of the Sinking Fund bonds tina
have been paid, from the opening o
the fund to December 3lst, 1898, will
one exception, have been cancelled ant
are on deposit for safe keeping in tn
Union National Bank. The exception
is bond for LOCO, in series No 73
which matured April 1st, 1891. Thi
Fountain Society and was reported t
have been lost. II was duly advertise
and all persons were warned not
negotiate it. The society executed an
delivered TO the Commissioners of tn
Sinking Fund bond OF indemnity I
the Mayor and Council for 81, COO an
deposited as collateral security anothe
Sinking Fund bond for $1,000 held b
the society, which was issued as pal
of series No. 50 and will mature Apr
LIST, 1901. The lost bond was paid an
the bond of indemnity and ACCOMPANY
ing Sinking Fund bond were depositC
with the cancelled bonds. The attel
ton of Council was specially directt
to this matter in order that the boz
may be enabled to take such action
may be deemed proper.
The bonded debt Of the city {
December 31st, 1893. consisted of g
city loans aggregating S2O3 600, and
Sinking Fund loans amounting
s1,S29 $50; the aggregate being 81. 034
450. The statements summarized a
as follows: Bonded debt December Bis
1888, 81, 48l, $50; new bonds issued
December 3lst, 1898, 81, G55, 500; toti
SO, 1876, $50: loans refunded, $3.50, 80
bonds paid, SAL, 800; total, 81, l02, 40
total bonded debt December 31st, lst
S2,034, i50. Separated as to the purpos
for which the several loans were mac
the total debt is divided as follow
Funding floating debt, 1923, 100; stree
and sewers, 81, Ola, $50; parks, 1929, 0t
water, s530,500; schools, $40, 600; G.
hospital, 1850; crematory, al3,J
The several issues OF bonds bear inter-
as follows: 100000 at 81 per Gel
4
per cent; 1924, 600 at 5 per cent; sl00,i
at 6 per cent.
In connection with the above is I
following statement in the repo
1.-THE aggregate amount Of bonded d,
as given above is the amount appear
on the books Of the city auditor and
which interest is now paid.
amount shown on the city treasure
books is 500 greater. This discrepan
we are Informed, has been standing
some years and is due to a ceri
error. We recommend that the {
treasurer be authorized by resolut
of Council to correct his books so a!
conform to those Of the city audito
The commissioners point out t
certain Sinking Fund bonds ISSUED
recent years have been erroneol
numbered as to tho different serie
which they belong and table is gi
to serve to correct the errors thus ma
Recommendation is also made that
city treasurer be directed to make s
entries upon his books as will show
series to which the several issue
bonds properly belong and notify
bondhoiders OF the changes.
The commissioners also make the
lowing explanation: I'm connec
with the funded debt Of the city
important to refer TO lien of 81, 55i
Public School No. 8. Definite infor
tion as to this lien--its origin
form could NOT he found on the q