Mr. Gardner. I think your report is an admirable one and does you great credit.
Mr. Tawney. Will the comptroller of the city of Detroit kindly state for the record the assessed value of the property of the city and the present bonded indebtedness?
STATEMENT OF MR. GEORGE ENGEL,
COMPTROLLER OF THE CITY OF DETROIT.
Mr. Engel. I had rather have about 15 minutes for the purpose of preparing such a statement and submit it to you in writing. Our gross debt at this time is about $20,000,000 in round figures; the net debt about $12,000,000. Our limitation is 4 per cent, and the assessed valuation something over $700,000,000. So you see we have a leeway, of something over $16,000,000. Our net debt is very small, probably smaller than that of any city of its size in the United States. I will have a statement prepared for you.
Mr. Tawney. We will incorporate your statement in the record.
Mr. Powell. Do you mean the assessed value of real estate or the combined real and personal valuation?
Mr. Engel. Combined real and personal.
Mr. Tawney. And the limitation applies to the combined valuation?
Mr. Engel. Yes, sir; and that is 4 per cent.
Mr. Powell. Have you any rule that you observe in respect to valuation?