The fiscal problem in Missouri

Bibliographic data

Monograph

Identifikator:: 1833271335

URN:: urn:nbn:de:zbw-retromon-230042

Document type:: Monograph

Title:: The fiscal problem in Missouri

Place of publication:: New York

Publisher:: National Industrial Conference Board, Inc.

Year of publication:: 1930

Scope:: xvi, 359 S.

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter IX. Financing the capital requirements of the State

Collection:: Economics Books

FINANCING THE CAPITAL REQUIREMENTS 273 TaBLe 84: ANNUAL AMOUNT oF Taxes REQUIRED FoR Dest Service oN $40 MirLLion oF TWENTY-YEAR 4149, Serial Bonps, IsSUED so THAT THE ANNUAL ReqQuireMENTS FoR DEBT SERVICE WILL RE- main UntrorM THROUGHOUT THE PERIOD Computed by National Industrial Conference Board ‘ear Bonds Out- standing at Beginning of Year $40,000,000 38,724,954 37,392,530 36,000,149 34,545,111 33,024,596 31,435,658 29,775,216 18,040,054 26,226,810 24,331,970 12,351,862 20,282,651 18,120,325 15,860,695 13,499,380 11,031,806 8.453,192 5.758,539 1942 627 Bonds Redeem- able at End of Year $1,275,046 332,424 1392.,381 "455,038 520,515 '588,938 660,442 735,162 813,244 894.840 1,980,108 1.069.211 1.162.326 1,259,630 2,361,315 1.467.574 1,578,614 2,694,653 2,815,912 1.942.627 Annual Equal Amount of Taxes Set Aside for Debt Service $3,075,046 3,075,046 3,075,046 1,075,046 075,046 075,046 075,046 ~075,046 1075,046 075,046 075,046 075,046 075,046 073,046 075,046 075,046 3,075.046 3,075,046 3,075,046 3.075.046 Bond Interest Due at End of Year $1,800,000 742,623 1,682,664 620,007 554,530 486,107 1,414,605 1,339,885 1.261.802 1,180,206 094,939 7005,834 912,719 815.415 713.731 507,472 196,431 380,394 259,134 132.418 Amount Avail- able for Re~ demption of Bonds $1,275,046 1,332,423 1,392,382 1,455,039 1,520,516 £588,939 660,441 735.161 813.244 1894,840 980,107 1,069,212 2,162,327 2,259,631 1,361,315 2,467,574 1578,615 2,694,652 2.815.912 2942628 assumption that the number of years indicated will represent the extremes. In compiling these tables, no account has been taken of normal growth in the ability of the state to meet the expenditures required for debt service. A 44% interest rate has been assumed, although on the basis of recent experience the average rate at which such bonds can be sold would probably be nearer 434%. To the extent that the average rate would be less than 4149, the annual amounts required for interest would be reduced to some extent. On the other hand, if they are issued so that on the average they bear a coupon rate of 415%, the bonds would doubtless sell at a premium, thus making a larger amount available at the outset. Refinements of this sort need not be considered in detail, but it should also be noted that Tables 84 and 85 are based on the assumption that the entire amount

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