Press: RareBooksClub.com (May 11, 2012)
Author Name:Census, United States Bureau of the
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1908 Excerpt: ...
In other states the maintenance of sinking funds, though not obligatory, seems to be the common practice except in those cities in which the bonded loans are confined strictly to serial issues, since 130 of the 158 cities covered by the investigation for 1906 reported such funds.
Of the 28 cities without sinking funds, the majority reported no funded debt except serial bonds, which, being redeemed in annual installments from money directly appropriated therefor, do not require sinking fund provisions.
For the greater number of cities the sinking funds are prudently and economically administered, either by city officials, who act as ex officio trustees, or by independent commissioners appointed for the purpose.
In a small number of cities, however, the cash accumulations in the funds have been diverted to current city expenses, with the result that the so-called assets of the funds are mere accounting credits, and therefore do not constitute tme offsets to the bonded debt.
At the close of 1906 the aggregate assets of the sinking funds reported in Table 21 equaled 20 per cent of the total indebtedness of the 158 cities reported in Table 22 as compared with 19.8 per cent in 1905 for the 154 cities then reported.
The percentage the sinking funds assets formed of the aggregate funded debt was 22.6 in 1906 as compared with 22.1 in 1905.
The slight increases in the percentages for 1906 over those for 1905 are attributable largely to a change in the classification of a fund in Portland, Me., where securities formerly held for investment purposes are now held for sinking fund purposes.
Since Table 21 is confined to sinking fund transactions and assets and does not include the general city cash and other assets available at the close of the year for the redem...
PDF Download And Online Read: Special reports Volume 1; Statistics of cities having a population of over 30,000 1905-1908
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