Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1902-03-13
THE SINKING FUND REPORT
Presented to the City Council
By the Commissioners.
S3O,75O Discussed LAST YEAR
New Loans Amount to Sum of
100000.


John S. Rossell, Charles c. Kurtz
and Alfred B. Moore, the Sinking
Fund Commissioners, submitted their
report for the year 1901, to City
Council at it's meeting Thursday ninht.
The report was filed. 1t was as fol
lows
The commissioners of the Sinking
Fund respectfully submit the following
report for the year ended December
:i1st, 1901
Receipts-B Balance in hand Dccem-
Der 3lst, 1900, q cents: annual ap-
preparations received from city treas
urer-April LIST, 1901, Sl5, 161. so; Oc-
tober LIST, 1901, $l5,G16; total, so,
79S. 80.
Dishursements-Se SO, due April
lst, 1901 Savings Bank of Baltimore,
50, 100; Equitable Guarantee and Trust
81, 900; M. Hagerty, 500; Mary Il.
Way, $3.50; Wilmington Fountain So
ciety, 1000; total, 9l5, $50; series 81,
due October LIST, 1901 Philadelphia
Savings Fund Society, 81, 600; John NJ
Taylor trustee, So, 900; Anna r. Lati-
ner, 81, 900; Savings Bank of Balti-
more, So, 600: Julia T.. Hyatt, 500:
Mary II. Latimer, $500: total, S15, 800
grand total, $40, $50; balance, Decem-
Der 3lst, 1901, SiS 50.
The bonded debt of the city on De
cenlber 3lst. 1901, consisted Of the fol
lowing loans: Loan 25, S3S, 900; loan
70, $4,000: loan 20. 81, 900; loan %
| part third, $50, 600; loan "a, 81, 900
Sinking Fund loans, 81, 1872, $50; total,
| 81, 919,3
The debt was increased by new loans
| to the amount Of 500, 600 and decreased
by payments of maturing bonds aggre.
eating $4S, $50, making u net increase
of 81, $50
The foregoing does not include the
loan of $l50, 00U, floating by the Boarc
of Education, which is not part of the
general city debt, but is a special loan,
payable in annual instalments of SIS,
900 out of the money that said board i;
authorized to expend yearly for new
buildings.
The Sinking Fund bonds that will
mature during the current year ar,
the following Series 80, due April
LIST. 1902, Sl6. l00 series 96, due DC
tober LIST, 1902, SIG, $50; total, 1872, $50
The General Assembly, at the SEES
sion of 1901, passed three acts pro
viding for the issuance of Sinkin.
Fund bonds. One of said acts author
ICES the borrowing of $50, 600, for tn,
benefit of the Mayor and Council o
Wilmington, to be applied and expended
by Council in the payment Of liel
against Public School No. 8, amount
ing to S1,550, and in the liquidation
of the floating indebtedness of the city
These bonds were issued pursuant t,
an ordinance of Council, approve,
April llth, 1901, and sold for pre-
MUM of So, 75l. Another of said act
of the General Assembly authorizes
loan of $50, 000 for the public parks
$50, 900 TO be applied and expended
under the charge of the Board of Parl
Commissioners for the purpose of i'm
purchase of lands as additions to tn
parks. The Board of Park Commits
sioners requested that S25, 900 be Dor
rowed for the improvement of til
parks, but by ordinance of Council
May 3D., 1901, directing the loan t
be made, this amount was reduced t.
Sl5, COZ, for which sum Sinking Fun
bonds were issued and sold at IL pre-
MUM of 81, 207 so. Another of sale
acts of the General Assembly provide
for a loan of $500 for the elimina
tion of grade crossings of railroads, fo
the Improvement of The streets and TO
the extension of sewers, to be applie
and expended in the discretion of tn
Board of Directors of the Street an
Sewer Department, not more than $50,
600 to be borrowed in any one year
Pursuant to an ordinance of Council
approved May Sd, 1901, bonds for tn
aforementioned sum were issued an
sold at u premium of 52,012, So All q
the bonds bear per cent interest
There remains to be issued of the loan
authorized by the General Assembl
S65, 900 for the public parks and s25, co
to he expended by the Street and Sewe
Department for the purposes abov
mentioned.
In selling the bonds referred to bid
ders were required to deposit with tn
city treasurer ID certified check for
per cent of the face value of the bond
for which their respective bids wer
made. This had the desired effect G
keeping out irresponsible bidders an
. in no way prevented the sale of tn
bonds at the highest market price.
The attention of the Council wa
directed, in our last rerort. to th
. bond of 81, 600, registered in the hand
OF the Wilmington Savings Fund Sc
, ciety, due April LIST, 1901, and held a
collateral security, with bond of in
demnity of the society to the Mayo
: and Council, to save the city frol
: loss on account of the payment of
, bond for like amount, owned by tn
society, due April LIST, 1891, which wa
reported lost and never surrendered
Upon the advice in writing of the cit
solicitor that the bond of indemnit,
which is retained, amply secures til
city against the payment of the mis-,
ing bond IL second time, and that Ii
r Sinking Fund bond falling due A pr
LIST, 1901, should be paid, payment
, this bond was made and, with otht
bonds paid during the year, has bee