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9 DISBURSEMENTS Paving and Grading Streets $7,189 61 Interest on bonds 1,939 96 $ 9,129 57 Balance on hand 25,496 77 Total $34,626 34 ASSESSMENT FUND FOR THE REDEMPTION OF PAVING BONDS. Receipts $5,144 13 Interest on assessment fund 268 38 $5412 51 Last year's balance 4,231 38 $9,643 89 Balance on hand $9,643 89 $9,643 89 BONDED DEBT OF THE CITY. First Series - $82,800 6 per cent. coupon bonds, interest payable January and July, redeemable July 1st, 1888. Second Series - $141,400 7 3-10 per cent. coupon bonds, interest payable January and July, redeemable July 1st, 1897. Third Series - $90,500 6 per cent. coupon paving bonds, interest payable June and December, redeemable in years from issue. Fourth Series - $100,000 6 per cent. coupon paving bonds, interest payable May and November, redeemable in ten years from issue. Total bond debt $414,700. The first series of bonds were issued under Act of Assembly, February 26, 1858, (see Acts 1857-'58, page 176,) "To retire scrip past due and payable on demand." The second series of bonds were issued under Act of Assembly, January 21st, 1867, (see Acts 1866-'67, page 545,) "To redeem scrip and meet interest due and unprovided for by reason of the late war, and to erect public buildings and procure fire apparatus." The third and fourth series of bonds were issued under Act of Assembly, March 4th, 1884. (see Acts, page 368,) "To pave and grade the streets of the City." They were issued as the requirements of paving demanded from 1879 to 1886, and as above state are redeemable ten years from date of issue. I have the honor to be, very respectfully, Your ob't servant, J. M. Binford, Treasurer of the City of Portsmouth.