In 1876 the old bonds of the city were funded, by mutual agreement of the Council and the bond holders, at sixty-six and two-third cents on the dollar, the new bonds to bear seven per cent. interest and run thirty years. This was a wise arrangement of the Council, notwithstanding there was considerable opposition to it, the opponents of the measure claiming that the rate of interest of the new bonds should not exceed six per cent., although money was then bringing from ten to twelve per cent., and sometimes more than twelve. The amount of bonds issued under this funding act amounted to $125,000. By this arrangement of funding one-third of the principal of the bonds was eliminated, the threatened suits for past-due interest were averted, and it put the Council in a position to provide for the interest as it should fall due, take care of the floating debt, and at the same time reduce the rate of taxation, which the tax-payer hailed with delight. Thus the delinquencies of the former years were met and provided for, the rate of taxation was not oppressive, and the town, being under the control of its own citizens, untrammelled by military authority, rapidly moved forward, public confidence in its ability to meet its obligations was restored and thus municipal affairs were placed in a satisfactory condition. The credit of the city is as good at present as any city of the State, and no bonds have been funded or sold in the last twelve years at a greater rate of interest than four per cent., or at any figure below their face value. PRESENT INDEBTEDNESS, INCLUDING ANTE AND POST BELLUM BONDS. The bonded indebtedness of the city, and the improvements for which said bonds were issued is a matter that concerns every citizen, and for their information are here given as of 1908: Five per cent. water bonds, issued July 1, 1895, due January 1, 1909, coupons payable January and July 1st $ 30,000 Four per cent. gas bonds, issued January 2, 1900, coupons due July and January 2nd, bonds due January 2, 1920 25,000 Four per cent. bridge bonds, issued July 2, 1900, coupons due January and July 2nd, bonds due July 2, 1920 25,000 Four per cent. electric light bonds, issued January 1, 1901, coupons due July and January 1st, bonds due January 1, 1931 12,000 Four per cent. sewer bonds, issued April 1, 1901, coupons due October and April 1st, bonds due April 1, 1931 18,000 Four per cent. street improvement bonds, issued April 1, 1901, coupons due October and April 1st, bonds due April 1, 1931 20,000 Four per cent. water and gas bonds, issued April 1, 1905, coupons due October and April 1st, bonds due April 1, 1931 20,000