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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter II. State and local indebtedness

Collection:: Economics Books

70 THE FISCAL PROBLEM IN MISSOURI more recent years have ceased to be significant as a debt function. The funded and floating debt of the state at the end of 1928 amounted to $70.1 million, more than 93% of which was incurred for highways and soldiers’ and sailors’ relief and homes. The high percentage of state indebtedness attributable to these two functions is explained by the fact that the constitutional restrictions on indebtedness are severe, and it follows that large amounts of indebtedness could be incurred only for such purposes as were specifically mentioned in constitutional amendments. These amend- ments, as has been stated, provided for the incurring of in- debtedness only for the two functions mentioned. As the bonds issued in 1929 and 1930" have been exclusively for highway purposes, it is probable that considerably more than 709, of Missouri's present bonded and floating debt is attributable to the highway function. Locar NeT BoNDED INDEBTEDNESS The net bonded debt of the local governments is estimated as $153,041,000 for 1928, as compared with $65,278,000 for 1922. Local net bonded indebtedness, therefore, increased more than 130%, during the six-year period. Table 23 shows that the per capita local net bonded debt in 1928 was $42.70, and that the ratio of local net bonded debt to wealth was 1.36%. Because of the manner in which the data used in estimat- ing total local net bonded debt are compiled, it is not possible to present separate net bonded debt figures for counties, cities, school districts, and so on. However, accurate compilations of the indebtedness of all cities over 30,000 are made by the United States Bureau of the Census, and Table 22 shows the net bonded debt of the four cities® in Missouri that are in this class. According to this table, the net bonded indebtedness of the four cities amounted to 1 The bonds issued in these years were part of the $75 million issue approved November 6, 1928. 2 Computed from data published by the United States Bureau of the Census in Public Debt, 1922, and Financial Statistics of Cities, 1922. 3 Including school and other special districts within the cities.

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