Texas Almanac, 1939-1940 Page: 302
[514] p. : ill. ; 23 cm.View a full description of this book.
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302 THE TEXAS ALMANAC.--1939.
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H4 r4) G4)*As of Jan. 1, 1939, the outstanding relief
bonded indebtedness had been reduced to $12,368,-
750, with $4,109,139.94 in the sinking fund, leaving
a net debt of $8,259,610.04.State and Local Bonded Debt of
Texas.
The total outstanding bonded debt of the
State of Texas as of Aug. 31, 1938, close of
last fiscal year, was $17,641,950. Of this
amount, there was $13,539,750 of relief bonds
-the unretired remainder of the $20,000,000
issue of relief bonds, or "bread bonds" is-
sued by constitutional amendment in 1933.
There was $4,102,200 of the "old bonds," that
is, bonds antedating the provision of the State
Constitution, which practically forbids creat-
ing of new debt against the state except by
constitutional amendment.
In the relief bond sinking fund at the end of
the fiscal year, there was $2,770,843.28, leav-
ing a net relief *bonded debt of $10,768,906.72.
With respect to the "old bonds," however,
there was an accumulated sinking fund deficit
which, at the end of the fiscal year, Aug. 31,
1939, will amount to $579,892.50. The Legisla-
ture in recent years has failed to appropriate
money to meet all obligations on these bonds
because they are the property of the various
state funds; it is reasoned that since the
state owes itself these obligations no damage
is done the credit of the state by deferring
payment.
Total Local Bonded Debt.
The\total local bonded debt is not known
exactly' because local bonded units-counties,
cities, and school, road, water and other
bonded districts--do not comply with the
state laws requiring reports to the State
Comptroller of Public Accounts and to the
State Auditor. However, the State Auditor's
report of June 1, 1938, on indebtedness of
local units as of the close of the preceding
fiscal year, showed a total of $658,082,133
bonded and $26,108,817 of time warrant in-
debtedness, making a total of $684,190,950 of
bonded and time warrant indebtedness out-
standing. Against this there was a total of
$42,723,555 in interest and sinking funds.
There were current warrants at the time
amounting to $7,493,449. These figures do
not represent the entire local debt, because
there were some bonded units that did not
report, but it is estimated to represent 95
per cent or more of the total local debt.
The table in the parallel column breaks
down the bonded debt of the local units of
Texas according to character of issuing
district and purpose of issue.
Local Taxes.
The table also shows total tax collections
by local units for that fiscal year amounted
to $134,185,515, of which $86,349,831 went for
general purposes and $47,835,684 for debt
service. In making this comparison it should
be borne in mind that the state has assumed
the debt service on road bonds issued for
construction of designated highways. These
bonds are included in the figures giving local
bonded debt because, under the Constitution
they are still the obligations of the local
units, though the state, by diverting lec a
gallon of the gasoline tax, has assumed re-
sponsibility for meeting sinking fund re-
quirements.
Delinquent Taxes Due.
The table shows also that delinquent ad
valorem taxes due local units for the fiscal
year ended Aug. 31, 1937, amounted to $22,-
969,590, and that accumulated delinquent
taxes from Dec. 31, 1919, to Aug. 31, 1937,
amounted to $136,577,836._I
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Texas Almanac, 1939-1940, book, 1939; Dallas, Texas. (https://texashistory.unt.edu/ark:/67531/metapth117163/m1/304/: accessed April 19, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Texas State Historical Association.