34 Chicago Bureau of Public Efficiency 



other estimate item which may have been found to exceed the 

 amount required. The exceeding of original allowances would 

 thus be brought to the attention of the Board and of the public. 



BONDED DEBT 



The South and West Park districts are municipal corpora- 

 tions and are empowered, when authorized by the Legislature to 

 do so, to issue bonds the aggregate amount of which, together 

 with the other indebtedness of the district shall not exceed 5 

 per cent of the assessed value of the taxable property of the 

 district. Whether in any case the question of issuing such bonds 

 shall be submitted to a referendum vote is a matter within the 

 control of the Legislature. 



The small park districts are also municipal corporations. 

 The act providing for their organization authorizes each district 

 to issue bonds to an amount which, together with the existing 

 indebtedness of the district, will not exceed 3 per cent, of the 

 value of the taxable property therein. 



The Lincoln Park Board has issued bonds through the 

 medium of the authorities of the towns in which the district is 

 located. The bonded debt of all the park districts outstanding 

 at the close of the fiscal year 1910 was $10,550,666. The bonded 

 debt of each district is set forth in Table D of the Appendix. Of 

 the West Park bonds outstanding at the close of 1910, $320,000 

 were 20 year bonds redeemable on call. Of the Lincoln Park 

 bonds outstanding at that date, $1,200,000 were 20 year bonds for 

 $1,160,000 of which sinking funds were maintained. Fernwood 

 Park district also had an issue of $13,000 of 20 year bonds out- 

 standing, for which a sinking fund was maintained. With these 

 exceptions the bonds of all the park districts were 20 year bonds 

 maturing serially each year. 



The sinking funds of the Lincoln and Fernwood Park 

 Boards are deposited in bank. Only 2 per cent, interest is re- 

 ceived thereon. It would be better economy to secure authority 

 to invest the sinking funds in 4 per cent park securities. 



An examination of the prices at which bonds of the Chi- 

 cago park districts have been sold and interviews with local 



