Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1907-02-27

$5.77o interest and 1850 cost. total OF
$14,72a. (See City Report 1873. page rs;
1879, page IL, and 1902 page 76.) The City
Council then instituted suit in the Corpora-
ton Court Of Norfolk, Virginia, against the
holders Of 5000 Of these bonds. They we're
surrendered to our representatives and, By
decree Of the same court, entered May, 1870,
interest amounting TO $o96.54 was paid Dy
the holder into our City Treasury. All or
the foregoing Is to show q condition Of our
1872 debt In July, 1902, and for future easy
reference as 10 the wo one-thc1ssnd-dol-
lar bonds not surrendered.
II will be remembered that just prior to
the maturity Of the 1872 bonds the City
Council authorized the Commissioners Of the
Sinking Fund and the Finance Committee 70
present to Council plan that would
promptly pay the bonds on July, 1902. and
not 10 leave them in the hands OF the owners
70 draw interest," and If possible in their re-
demption TO avoid any del,y in our street
and sewer.work and the rebuilding Of the
Gas Works. These bonds were a charge to
be psid out Of the Gener Fund, but to draw
$4,000 from our taxable resources at that
time was not deemed advisable and to refund
them was not tp be considered. Two plans
we're submitted for their payment, and the
one agreed upou, and that unanim usly, was
reported TO Counc aud adopted, and is fully
explained on psges 70, 79, 80, report OF 02
This plan briefly stated was as follows: The
outstanfi bonds amounted to $35,50U (of
this $50 0w 4 hell by the Commissioners Of
the Sinking Fund, leaving $4,000 To pay
this SO 900 IL was agreed TO sell Sc, 00 Of the
bonds, the issue of 1879, held by the Sinking
Fnnd from which S., $40 was ralized). the
sinking Fund TO draw interest on the whole
So, 800 until they we're gradually paid on,
and to use the note of the City Couacil when
neces ary--in fact place the whole matter in
the hands of the Comm ssi1ners. :,
The amount paid out Of the General Fund
| for the gradual retirement Of the dent was
5000 interest from July |, 1872, to Jsuu.ry
| /. 1907, and $2,0g0c rr'td in the appropris.
| ton bill fiscal year i906-'07. IL was expected
that even at the exceedingly low rate Of inter
| est 10 be- paid on the notes as they were due.
| IS O would be necessary, apportionef ss fol.
lows 1900 first year, S225 second 81 0third and
| SO fourth. II is gratifying to know that
,nly S 90 has been paid 10 float the notes, and
| that SUN in the first year. We usd our own
money to care for these notes. and during this
whole time no temporary loans were niece ssary
| il the conduct If our fiscal affairs. The plan
also estimated the receipts from the market
rents, 1afler paying all expenses, salau's,
water rent, in urADce, &C., would average
about 81 ,972.15 each year. or about SIC 81
per month The amount from rents is slight
| ly less, or 57.65 per month. This seven
dollars less IS Of no more importance as q
| f.rtor in the payment Of rhe bonds than II II
W re seven dollars more per month, aud
is only mentioned TO evidence how nicely
the pl,n worked, and had one Of the cook
shops been rented as much Of late years as IT
mad been prior to 1902 the amount from the
market receipts would have been just about
the estimates made by the Commissioners, or
about 81 $50 per annum
In conclusion the Commissioners report tn It
the S 4, 800 IN bonds were delivered to the
| Finance committee, who DIES rOyed them by
! fire, and thus passed from our debt burden.
That every d-bt made by or in the name Of
our municipality during the period 1879 1907
has been met, and PROMPTLY, should be not
oaly a source of pride IND qualification TO
those who outlined the plans but should also
| hs a matter of satisfaction and congr tulatiou
upon the part Of the representatives. OF the
people who authorized and gave it approval.
1In connection with the above it
should be stated that Auditor Price, ex-
officio secretary Of the Sinking Fund
Commissioners, rendered valuable aid
both in the conception and carrying out
of the plans detailed above, by means Of
which the per cent. bonds aggregating
$35 500 have been eliminated from
Alexandria's liabilities without the mat.
ter being known to the great majority Of
the people.
Mr.. Strauss iocularly urged vote
of thanks to Mr.. Marshall for gas lamp
on the stairs of The council corridor and
| it wss agreed to with reclamation.