The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1901-01-07
SINKING FUNDS.
81, ,254,95O.ol Is Now In
the Several County
Funds.
REPORT OF THE COMMISSIONERS
Board of Freeholders Receives
the, Account OF the
Finances.
REPORT OF THE COMMISSIONERS

To meet the county's total Indebtedness
of $4,4S4,500, $1,254, ,950.01 in cash and
negotiable securities is now in the sew
eral county sinking funds. This is the
summary of the report of the Commis-
sioners of the sinking fund for the
past year recently issued
Although nominally under the control
of the Board of Freeholders the county s
sinking funds, are to a certain extent en-
tirely independent of that body. The
commission in charge of them consists
of the Director of the Board of Free
holders, the chairman of the Finance
Committee of that body and the County
Collector. The county governing body as
a whole has nothing to do with the dis
bursement of moneys in the several funds,
although reports of the disbursement are
regularly made to them by the commits
sioners.
The first of the present series of sinking
funds was started eleven years ago and
$4,000 placed in the tax levy of that year
was the nucleus of the more than a ia
lion and a quarter now in the funds be-
sides what has already been disbursed
for the redemption of maturing bonds.
To County Collector Hugh Dugan is due
the credit for the inception of the idea
that has made possible 50 many public
improvements and at the same time placed
the county's credit on better basis than
it was ever before.
Fund No. had it's growth from receipts
of taxes for the years prior to 1884. 1t
was started to provide for the redemption
of $31S,O00 five per cent. arrears of taxes
bonds, due May 10, 1901; s31, 900 five per
cent. Passaic River Bridge bonds, due
Nov. l, 1901, and $25o,0oo six per cent ar
rears of taxes bonds, due January 1, 1905.
This fund contains 1868, ,974.97 in securities
and $l06 54.9S in cash, total of $776, 729. 95.
The securities bear interest varying from
3to per cent. the lowest being the
bonds issued to pay for the new asylum
at Snake Hill and the highest rate of in
terest being on the Jersey City water
bonds.
Fund No. 2 originated by depositing in
it the amounts of premium $(s47, ,040S0) re-
ceived from the sale of the war renewal
bonds, which it was created to redeem.
These bonds amount to 1854, ,O00 bear s
per cent interest and are due September
l, 1905 To met these the funds now con-
tains s76,507 e2-s2,0 900 in securities and $4,-
36I62 in cash. The interest paid to the
county on the securities in this fund
ranges from 8 to per cent.
Fund No. was created for the re-
demption of the s1.950,5OO bonds issued to
pay for the main Boulevard $4,000 of
this amount must be paid next year
sSS,000 in 1903, $SSOOo in 1904, 100000 in 1922,
i,,1 nno
in 1925. The bonds for the first three
years mentioned bear interest at per
cent, but the longer term bonds are at
AZ per cent. To meet these the fund now
contains $2S70O0 in securities and s2,s23. 80
in cash, total of $2Ss, ,s23.eO. None of the
securities in this fund bear less than 31s
per cent. interest and. $4,000 worth of
them bears Z per cent. interest
Fund No. was started for the payment
of the $4,000 four and one-half per cent.
bonds issued to pay for the portion of
Snake Hill purchased about ten years
ago. These bonds are not due until 1911,
but the fund now contains $22,5OO in Sc
curities and s521.95 in cash, total of
$23,021.95. With the exception Of a Jersey
City $1,000 water bond all the securities
are the countys own bonds.
Fund No. is for the redemption of the
100000 Hackensack river bridge four and
one-half per cent gold bonds, due in 1918.
There is now in this fund $15S79.33 with
which to meet this far off obligation. The
securities are nearly all the county's own
and with the exception of $1,000, which
bears 6 per cent interest, all the other
securities pay the fund four per cent.
Fund No. is for the redemption of
the bonds issued to pay for the sidewalks
of the main Boulevard. The total amount
of these bonds still unpaid is s179,5oO, of
which $55, 900 is due this year; $127, 900 next
year and $2,5OO in 1904. The interest is
four per cent. There is now in the fund
to meet these bonds $41, ,7S5.42. OF this
amount $7,0S767 is cash. OF the securities
$4,000 bears four per cent interest and
theb alance 31a per cent. All are county
bonds.
Fund No. 9 is for the redemption of the
100000 4 per cent new Passaic River
bridge bonds. due January 2, 1917. There
Us $S,4SO in this fund.- mainly in county
terest.
Fund No. 10 is to meet the bonds is
sued for the branch Boulevard. The total
amount of these securities is $571, 800, and
there is at present only $4,000 in the fund,
but the first $4,000 does not become due
until. 1925, the last of these bonds matur-
some four and one-half per cent bonds
Fund No. II to meet the $51, 500 branch
road sidewalk bonds. contained $4,000.
$4S, 900 is due in 1903 and the balance two
years later. The former is at and the
latter at 31a per cent.
All in all the report shows a very sat
isfactory coneition of the county S
TEMPORARY LOAN BONDS WIPED OUT