37

rate of $1.75 enabled the city council to make the following remarka-
ble showing in permanent improvements during the four years that this
administration has held office: to-wit:-

Viaduct across the Texas and pacific tracks	$100,364
Waterworks improvements (supply)	82,500
Cash in waterworks fund	39,000
Permanent extensions	34,352
Electric light improvements	18,663
Paid on meters installed	41,031
Not due but carried forward as due	32,578
Paid off obligations	86.313
Refunded bonds annual saving	15.640
Main street paving, city paid	12.700
Houston street paving cash to pay	15.000
Storm sewers built	7,466
School biuildings	12,000
Total improvements paid for, or which
resources to pay		$497.607

The foregoing total shows permanent improvements aggregating a
half million dollars in four years without issuance of a bond, and
leaving the city in better financial shape than it was when this
administration took hold of the reins of government.

Bonded Debt.
The outstanding bonded debt of the city on the 10' day of April
1900 amounted to $1,919,000. bearing interest at the rates of 5,6,&
7 per centum, amounting to the sum of $110.300. annually. At this
time there are outstanding $1,832.000. of which $513.000. bears inter-
est at the rate of 4 per centum per annum, and the annual interest
charges amounts to the sum of $966,690.00 $96.690.00.

The 2nd Series of Bonds issued September 1st 1884, for Sewerage and
and Street Improvement, bearing 7 % interest, of which there are
$73.000 outstanding will be due September 1st of this year, and the
1st Series Redemption Bonds issued May 1st 1893 for the purpose of
retiring the 1st Series bonds, bearing 6% interest of which there are
$109.000. outstanding, are subject to call at any interest period.
I therefore recommend that steps be taken to dispose of the same
amount of 1st Series Refunding Bonds now held by the Comptroller of
Public Accounts of this State, the proceeds of which to be used in
retiring the aforesaid bonds. This will save the city in interest
charges of the sum of $4,370.00 annually.