Indianapolis Times, Indianapolis, Marion County, 18 January 1939 — Page 4

DEBT REDUCED

$14, 783, 130 Figure Is Lows! est in Decade, Survey of Records Shows.

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The Civil City's bonded debt is|

at the lowest. point now in the last decade, a survey of bond records revealed today. ~The survey also showed the debt total has been reduced $2,815,400 in the last 10 years. In 1930 the fig-

ure was $17,498,530, while today it stands at $14,783,130. The present per capita debt for * Civil City bonds, on the basis of the * 1930 Census, is $38.83, a reduction of $9.22 per capita in the 10-year period. The Civil City's bonded debt, over the geggde, reached a peak of $17,£79,830 in 1932, with a per capita debt of $49.10. Since then, the debt has been reduced by $3,096,700, and the per capita debt, by $10.27, Commenting on the Civil City’s debt reduction, James E. Deery, new City Controller, said: “The Civil City is in excellent financial condition. The figures showing its: reduction in bonded debt bear this out. Another indication: of its financial status is its high credit rating, which is equal to, if not better than that of any city of comparable size in the country. “One of the reasons we have been ‘able to keep our debt moving downward is our high credit rating which enables us to get low interest rates for our bonds.” In the last year, the Civil City bonded debt has been reduced by $543,941. U. S. Funds Help

Compared to 10 U. 8S. cities of comparable size, Indianapolis, with a per capita debt last year of $42.09,

ranked second lowest. Only Seattle, with a per capita debt of $38.10 for city improvements, was lower. According to a survey made of bonded débt last year by the Detroit Bureau of Governmental re- _ search, the per capita debt here was lower than in Jersey City, N. J, with a per capita debt of $149.62; Touisville, Ky., $98.57, and Cincinnati, O., $88.04. . Since 1932 the debt here bas declined” $200,000 to $400,000 a year. Several reasons have been advanced for the decline. Chief among . them is the large amounts of Federal money which began to flow to cities late in 1933. Because of the changes in grant designations with the development of new Federal programs and the abandonment of old ones, no records are available on the actual influence of Federal spending in reducing municipal debts. City officials, however, agree that the City’s bonded debt has been partially reduced because of the Federal money, especially since WPA and PWA have become available.

Another reason for the decline, according to City officials, is that the City has slowed down in issuing new bonds since 1933, and has _ not issued any long-term bonds since 1927. By issuing its bonds serially, they point out, the City has been able to reduce its debt year by year by paying them off in annual installments. These factors figure prominently in the consequent reduction in per capita debt. A major cause for the per capita reduction, however; is the estimated 16,556 gain in the City’s population since 1930. Here is the way the Civil City’s bonded debt has varied in the last 10 years: as Per Capita Debt Debt evnssossssess $17,498,530 $48.05 cestaasanrnses 17,604.940 48.59 vessssssnssrse 11,879,830 49.10 cssssssnnssvs 11,861,138 49.05 seersvensaniss 10.175,898 41.1% ssssrasesavess 16:797,681 46.13 esessas 16,584,761 45.54

esonsassassers 15,771,840 43.31}

cissaseressses 15,327,071 "42.09 14,783,130 . 40.59

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