Synopsis
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1916 edition. Excerpt: ...be something different now; but the point here is that those bonds should be retired first which when interest rate and market price are taken into account will yield the city the greatest saving. The commissioners should advertise for offerings of both 32per-cent and 4-per-cent bonds, and should direct the retirement of those offered at the best values. On the basis of 1914 prices, this would save from $1200 to $1600 annually over methods followed previously. Another saving would be possible if the county treasurer were to pay bond moneys over to the state auditor on the date required by law. The law stipulates that the county treasurer shall so transfer on April 15 and July 1 all amounts collected to date. He usually paid nothing over until about September 1. There is no reason why bonds should not be bought in as soon as money is available. It is not necessary to wait for their annual interest date. If this money were paid over according to the law's requirements and bonds were immediately retired, a saving, since about $30,000 in bonds are retired annually, of from $300 to $400 a year would be possible. Si(k;estions On Bonding Procedure The annual interest alone on a bond issue of $20,000 to run 20 years at 4,'2' per cent, if set aside annually and the interest compounded at 4r2 per cent, would in 20 years amount to over $2H,ooo; and the principal of $20,000 would still remain unpaid. Because in paying them off bonds ultimately call for large amounts of money and because cities do not always plan to pay Hurd's Illinois Statutes, Sec. 8731 (Act of May 28, 1881). the principal when due, the issuing of bonds should be regarded with caution, although not necessarily with disfavor. If some other plan of raising moneys for necessary permanent...
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