The Bridgeport times and evening farmer., 1921-05-24

 ous phases of the city's debt is ex- tensiveIy considered, and the total in debtedness is classified under the various groupings
 The chapter follows:
 Debt of the City.
 A consideration of the debt of Bridgeport involves the following:
 1. What is the total debt?
 2. For what purpose was it issued :? 3. Are the purposes for which 1t was issued proper?
 4. Are the periods for which is sued correct?
 5. Is the debt too large?
 6; Serial bonds vs sinking funds. 2S, 1921, consisting of bonds and notes issued, was IS follows:
 Gross debt, s12, ,577.OO, Sinking Fund (Decernber 31, 1920) $411,257-- The purpose for which the present outstanding debt was issAed are shown on the next page.
 Analysis of total debt by purpose of issue as at February 28, 1921: Protection to Persons and Property. Fire Department Land and Build ings, s16,000, FireDepartment Motor New Building, sio,OOO; Police and Fire Department New Building, s205,000; New Police Station, $75,- 900; total, s336,OOO.
 Conservation of Health.
 Public Clinic $180,0OO, total, $780,
 Sanitation.
 Ash Collection Equipment, SS0, 900; Sewers, s2,29S,00 total, $2,37S,O00- Grade Crossings, o,ooo; New Pavements, $1.270.oOO; New Streets and n1'siGeet Streets, s22O,ooo; Yellow Mil Bridge, 5000; Stratford Avenue Bridge, s350,000; Grand Street bridge, $606,OO0; East washington Avenue S210 900. total S4356.000.
 Charities and Hospitals.
 New Almshouse, $115 900; Isolation s25,000; total, $4S5,0O0-
 New schools, s1,69O,0o0; School Equipment, s20,ooo; total, $1;71o,OOO
 Recreation.
 Park Improvements, $S51,oo0; to- tai, SS51, 1000.
 Support of State and County Govern
 mentS.
 State Tax. s24s,577; total. s24s'-
 Miscellaneous.
 Municipal Garage, $15O,ooo; un- classified tSundry Improvements)' Issued to take up floating debt 1894 s500,0O0; total, s50O,000.
 Reissue bonds, 1903. S57,0Oo; total. s57,00O;
 1889, $1O0,GO total, $100,O00-
 Refunding bonds, SLIPS, 900; total, $1.125, 900.
 Total, s12,464,577
 The theory of the issuance of bonds is that expenditures may thus be distributed over a number of years. This is true whether bonds are is sued to pay current expenses of op- eration or are issued for the con 'struction of permanent Improvements. It is a generally accepted rule of good administration that bonds shall be issued only for more or less per -manent construction and that the life of the bond issue shall approximately equal the life of the improvement which was constructed out of the pro- e-ceeds of the sale of the bonds
 The issuance of bonds to pay cur rent operating expenses is not justi- fled in government, as suchr proce- pdure merely operates temporarily to relieve the taxpayers andsto put the burden upon those who come after. By reference to the statement on the proceeding page, it appears that practically all bonds issued by the City of Bridgeport have been issued for permanent or sini-permanent frn- provements
 The exceptions to this statement Bonds Not Issued for Permanent Irn-
 proyements-
 Issued to take up floating debt of r1s94, s500,o00; reissue bonds, 1903, bonds of 1888, s1oo.oOo: Refunding bonds, s1.125,0 900; total, s1,7S2,OOO FIOdE1Hrs ucpI OI 1SSA-SOVU.UOO have no information as to the conditions existing in 1894 which made it nece2Sary to issue these bonds This issue represents the only sinking fund issue at present outstanding and there is now in the hands of the Sinking Fund Commissioners the sum of $411,257.12 in securities and cash, which, together with accumulations to January l. 1924. is to be used to repay this loan. It is probable that at the present rate of increase in the Sinking Fund it will not be large enough on January 1, 1924. to retire this issue and the deficiency will therefore have to be met through tax ation-
 Re-Issue Bonds 1sos-s57. 900.
 This issue likewise appears to I1ave been issued either to refund expiring prior issues. or to fund cur rent liabilities.
 Redemption of Corporate Bonds Of
 1S9S-S1Oo.OO0.
 Corporate bonds were issued to take up the Floating Debt on July l, 1889, to the amount of s2O0,00O- They became due July 1, 1919. and were paid off by the Sinking Fund Com 1lissfoners on that date. At the time this issue became due, the Sinking Fund Commissioners had invested all their available funds in the bonds of the City of Bridgeport.
 In order to obviate the necessity of disposing of the s2oo.00o in Bridge port bonds at a loss. the City Treas urer, in exchange for the following securities:
 Improvement Bonds, No. 1, ma tur- ing $1o.000 each year from 1929 to 1e41, both yeras inclusive, s150.000 400, both numbers inclusive, $1S0.Oou Reissue bonds maturing sS.0oo each year. Isso-1sS6. both inclusive in 1s4o; s1.000 in 1942; S5,00O in 1943-194s, both inclusive; s2.O00 in 1949. Nos. 79 so S1 S2 S3 S4 S5 S6 ST SS S9 90 a1 92 92 94 95 96 97 HOO III IT HIS 119 120 121 122 123 124 125 12e 127 12S 129 130 1S1 132 d3S 134 135 137 13S, to- Gal, S42, ,o00.