The assessed valuation of property in the city in 1905 was $115,338,920 (about the true value), and the bonded debt $1,079,595.
The bonded debt of the state on the 31st of December 1908 amounted to $550,000, of which the state held an irredeemable bond for $380,000; the actual redeemable bonded debt of $170,000 was due to the investment of the school and university funds in the bonds of the state.
The bonded debt was incurred during the Reconstruction Period (1865-1875).
The bonded debt was thus reduced to $884,500; and on the 1st of January 1909 the debt, consisting of refunding bonds held as educational funds, amounted to $601,567.
The state had a bonded debt in 1909 of $384,000, authorized by popular vote in November 1908; by the constitution the aggregate indebtedness of the state was limited to $100,000 except in case of war, invasion or insurrection, or in case a measure authorizing a greater indebtedness should be submitted by the legislature to the electorate and should receive a majority of the votes cast.
