Sinking fund sentence example
The annual expenses of the board include £35,000 for cable repairs and reserve and a fixed payment to the National Debt Commissioners of £77,544 as sinking fund to amortise capital expenditure in fifty years.
In 1909 the taxable real estate and personal property was valued at $108,663,716, and the city had no floating debt; on the 1st of February 1910, there were 810,706,318 worth of bonds outstanding, and the sinking fund was 82,011,857.
A municipal civil service commission of three members (holding office for three years) is chosen by the president of the board of education, the president of the city council, and the president of the board of sinking fund commissioners; the pay (if any) of these commissioners is set by each city.
A special tax is levied for the benefit of the sinking fund - one-tenth of a mill in 1909.
By the provisions of the " Annex Decree," also described below, three-quarters of the additional revenue is assigned to the Turkish government, and one-quarter to the Public Debt Administration to swell the sinking-fund.Advertisement
The interest on bonds amortized was to be added to the funds available for sinking fund.
Any surplus of revenue beyond that necessary to provide 4% interest and I% sinking fund was to be handed over to the government.
In this manner an annuity of £T159,500 was set free, of which £Ti i,000 per annum was allotted as " extraordinary sinking fund " to series A and £T49,500 per annum each to series B, C and D; the lottery bonds were originally excluded from this arrangement, and special compensation was granted to these later.
Series B, C and D (series A having already been completely redeemed by the action of the sinking fund) were replaced by the creation of new 4% bonds to a nominal amount of £T32,738,772, with a sinking fund of 0.45% per annum, bearing identical rights and privileges, and ranking immediately after, the priority bonds.
Interest on amortized bonds goes to swell the sinking fund.Advertisement
The above 25% is to be employed as additional sinking fund for the unified debt and lottery bonds, in the proportion of 60% and 40% respectively.
During the year 1827 the public debt was consolidated, and a department was created for the application of a sinking fund.
To cover the special risks of mining, capital should earn a higher interest than in ordinary business, and if we assume that the sinking-fund be safely invested, we must compute the amortization on a lower basis than 5%.
The interest on the annual contribution to the sinking-fund or its equivalent should be reckoned at a low rate of interest, for such funds are assumed to be invested in perfectly safe securities.
There is a public debt of about £340,000, borrowed for public works, which is being paid off by a sinking fund.Advertisement
A sinking fund commission was established in 1875, and the entire sum was extinguished by the 1st of August 1894.
There was at the same time a sinking fund of $654,999.
The chief expenditure was on the interest and sinking fund of the national debt.
Some of the original proposals, which were much criticized, were subsequently dropped, including the permanent diversion of the Old Sinking Fund to a National Development Fund (created by a separate bill), and a tax on "ungotten minerals," for which was substituted a tax on mineral rights.
The sinking fund commission is composed of the governor, attorney-general, secretary of state, auditor and treasurer.Advertisement
This pamphlet excited considerable controversy, and is supposed to have influenced Pitt in re-establishing the sinking fund for the extinction of the national debt, which had been created by Walpole in 1716 and abolished in 1733.
Under authority .of a constitutional amendment of 1857 a sinking fund commission was established in 1858.
The sinking fund at the same date amounted to $2,652,035, leaving a net surplus in the sinking fund of $8118.
The sinking fund was formerly divided among certain favoured banks in such manner as would best advance the political interests of the organization which controlled the state; but just after the reform victory in the election of 1905 the sinking fund commission instituted the policy of buying bonds at the market price, and the debt is now being reduced by that method.
The total debt in English money may be put at 126 millions sterling, which requires for interest, sinking fund and service about 5-1 millions sterling annually.Advertisement
In 1895 an arrangement was made for a reduction of the rate of interest, for the funding of the arrears, and for the creation of a sinking fund.
For the service of this loanknown as the Guaranteed loanan annuity of 315,000 was provided in the Egyptian budget for interest and sinking fund.
At that period the charge for interest and sinking fund was 4,127,000.
The charge on account of interest and sinking fund was 3,709,000.
The sinking fund consists of damages recovered against defaulting revenue collectors, railway stock and appropriations from time to time by the legislature.Advertisement
Each year $ 100,000 is set aside for the sinking fund for the payment of outstanding bonds as fast as they become due.
The money may be repaid by equal instalments of principal, or of principal and interest, or by means of a sinking fund.
The mayor holds office for three years, has the powers and jurisdiction of a justice of the peace, appoints the heads of departments (public safety, public works, collector of delinquent taxes, assessors, city treasurer, law, charities and correction, and sinking fund commission), and may remove any of the officers he has appointed, by a written order, showing cause, to the select council.
He undoubtedly exercised a check on extravagance, and he did real service by helping to abolish the sinking fund.
Among the various state administrative boards are the board of equalization of five members, the board of health of nine members, a board of control of state institutions with four members (bipartisan), and the railroad commission, the prison commission, the state election commission and the sinking fund commission of three members each.Advertisement