Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-06-20

July 1, 1928. No provisions had been
made in the past for the payment of
these bonds by the creation of a sink
ing fund until last year, the interest
On the bonds having been paid from
funds derived from the 10 Mill levy
for general administrative purposes.
Your attention is called to the neces-
sity of financing them this year. The
yearly interest requirements on city
bonds is $22,977. The outstanding
water bonds amount to $613,OOO;
$4,000 of this amount will mature
July 1. 1922, for which funds are
available for their redemption. The
yearly interest requirements is $29,o62.
Condition Of Funds
"In the year 1915 the city council
authorized the creation of sinking funds
as is provided by law for the redemp-
ton Of their outstanding bonds, and
from tax levies and transfers from
revenue accounts, the sum of 1886, 944
is now in the various sinking funds,
either in cash or in securities. The
city treasurer having been authorized
to invest these funds in city warrants
that are r~edeemable from taxation.
The condition of the funds are as fol-
lows:
Cash on hand at beginning of year,
$37,727; par value of securities, $685.
35S; total $176,OS6.
Cash on hand at close of year. SAT-
622; par value of securities, $239,322;
total, S2S6,944.
Increase in cash on hand, 1884;
increase in par value of securities,
500. 1858: total increase. $110.S5S.
Attention is called to the earnings
from the investments of the funds
securities redeemed amounting to $751;
b20. The water sinking funds amount
to $237,062 and the city sinking funds
S49,SS2.
Increase in Warrant Indebtedness
THE outstanding warrant indebted
ness at the close of the year is $780,
676 with the accrued interest thereon
to add. The amount fer the same Pc
Rod last year was $685.. 771y6S; an in
crease of S43, 904.70 OF the amount
Of the outstanding warrants S239.322.05
is in the sinking funds of the city and
S70.354.33 is held by the banks and
others. The increase of floating in
d~ebtedness is accounted for by reason
of expenditures for permanent i'm
provements and equipment Capital
accounts, and the deficiencies in the
fire, police. and other departments of
the city. The 10 mill levy for general
municipal and administrative purposes
not being sufficient with the present
assessed valuation of the city. to take
care of the general government and
redeem warrants issued for our larger
capital accounts. without increasing the
warrant indebtedness materially.
"The true assessed valuation of the
city for 1921 as shown by the books
of the county is $50, 592, 563. The
valuation for taxation purposes is S15.-
496. 500 and as collected on by the
county treasurer less delin1uencies is
S13,660.S29. In the year 1918 the
assessed valuation as collected upon.
was $16,9S0,9 65, a decrease of $500
1873. If the assessment of the city had
remained the same as it was in 1915
the revenues from the 10 mill levy for
general municipal and administrative
purposes would have been S33.201 more
than they were for the year 1921. This
occasioned an increase in the tax levy
The tax levy for the year 1918 for all
city purposes, was 14A mills. For
1920 and 1921 the tax levy was %
mills, distributed as follows: 10 mills
for general municipal and administra-