REPORT. AUDITOR'S OFFICE, SPRINGFIELD, ILL., December 31, 1873. TO HIS EXCELLENCY, JOHN L. BEVERIDGE, Governor of Illinois : SIR-Agreeably to your request, I have the honor to submit the following report of the transactions of this Department, in the execution of the law to fund and provide for paying railroad debts of counties, townships, cities and towns, in force April 16, 1869. You will find in statement No. 1 a full descriptive list of all the bonds registered, for each locality in the State, under the above act, and all information necessary to show the amount and character of the registered railroad debt, issued under the act of 1869, and now outstanding. Statement No. 2 gives the same information concerning bonds registered under the act of 1865. Bonds which were registered under act of 1865, and which have been re-registered under act of 1869, are omitted from the second table. Of bonds so re-registered An examination of these tables furnishes the following results: Bonds registered under act of 1869... -$13, 609, 951 58 $13, 501, 051 58 $5,380, 904 00 6, 603,147 58 $13,501, 051 58 $1,883, 866 14 51,082 50 $1,832, 783 64 $419,767 50 1,413, 016 14 $1,832, 783 64 The average rate per centum per annum of the total registered debt 8 596-1000. The act of April 16, 1869, as explained by the act of April 27,1871, is perfectly clear and simple in its requirements of the Auditor, in all matters relating to the levy of special taxes to provide for the interest on these bonds, and the distribution of the credits accruing under the law to the counties, townships, cities and towns that have availed themselves of its benefits. The aggregate of registered bonds outstanding, the aggregate of taxation on account of registered bonds on localities having such bonds, the aggregate of benefits enuring to said localities under the operations of the act of April 16, 1869, and the increased valuation of the taxable property of such localities over that of 1868, are exhibited for the years 1869, 1870, 1871 and 1872, by the following summaries : The levy of bond taxes for 1873, under act of April 16, 1869, has been made, and when collected will exhibit the following (estimated) result: Net amount collected on levies for interest Tax on increased valuation and property of railroads aided. -$320, 000, 000 $950,000 780,000 The amount of county and other local taxes on property of railroads aided cannot be estimated at this time for want of the necessary data. The aggregate amount needed to pay interest on registered bonds of 1869 in 1874, is nearly $1,270,000, being somewhat more than one year's interest on the entire debt. This excess is due to the fact that the levy must be large enough to provide for interest due in 1873, on certain bonds registered too late for levy of 1872. It will be seen that the items of State revenue tax on increased valuation and on property of railroads aided will amount to much more under the levy of 1873, than under that of 1872. The increase in estimated benefits of 1873 over the total of benefits of 1872, is due to the fact that the assessment of 1873 is so largely increased by the operations of the revenue law approved March 30, 1872, and although the Auditor is able to estimate very closely what the total of these benefits will be, he is not allowed to take them into account in making the levy of special bond taxes-vide section 4, act of April 16, 1869. |