The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-02-07
o. s23,4l7 20

CITY
Statement No shows the total amount OF the parma.
nest city cebt and also the hand for it, pay
ment The debt Of January $685. Was. SIS 9o0 500 90
STOCKS, bones and mortgages and cash In
Balance unpro-ided $40 sss 50
In addition to the above amount Of debt money has
been borrowed TO pay on accumulation OF liabilities
commopiy floating debt and to constru st pu Bile
buildings decks. This Is to be paid By taxation At
the rate Of fty thousand collars each YEA from ls5, TO
1876 both inclusive. The tota amount is $3.50 900.
In 1851 spp ,aticn was made TO the Lsgslatare for
laws authorizing the Common Council borrow on Skis
TO be Btued n OF 5000 Geo. to b. applied for public
bulomgs and slso ss sum- to bs applied to ths con-
strue ton Of clips Toe hall ou of dollsrs
fo dechs and slips WAS before tho commence
utnt 1863 anu shout 50 600 4 the sum app,o prstsd
e public bull ipgs vas also experdsd
atemeEt No shows the paid last year from
the proceeds OF the osns On acc unt Of building stock
(kJ % during tn year 1888 In Jane last ave Der
stock bsusd TO the amount Of s75 co., undsr chap
sio7t or this amount sT5 goo has bseu paid TO the
Gverpors Of the Amshouse for ire construction of a
vol house Black ~~llr Island.
Statement No. shows the amount OF revenue bonds
"a ued curing the year 1858 The total 81 5ss 7 or
tits amount 81 27b 800 bono at an nterest Of
tx per cent the reidue 1T vs per cent except $50 000
four. These bonds iesusd In ion OF tins
rcreJs derived from tpsatt and are made p.ysb, In
1854 There has bsen paid during the year 1853, &C.
u, 400 ea0. 0fth $500 l0 payable between the
18Th Of August and the 3ist OF December.
ASSESSMENT BONDS
In opening strses and grading and paving them
an In constructing sewers laying sidevalEs a. the
expenses incurred paid by ON the pro
perry beneAtsd Commencing thiy days after the con
hrnaon OF the sssessment the OF the propsrty
asssrsed required TO pay interest amour OF
assessnsnt At tbs rats OF per cent Previous
ly When the Street Department contracts FOR grad
street to BE- pAc by assessment was stated IN the
notice and agreed to BY the contractor that payment
should be paid ~ tho we're from hs
property hodes he contra have the interest 40
cruing ths sums Asssd The result OF this mode Of
payment was that In some cast, the contractor had TO
~sit year or two for his money In the
Of large JOBS II requires heavy OUTLAY TO carry it
through and In some measure gave the monopoly TO .
few coptactors And these contractors would OF
BIZ Eueh price ~ would be full indemnity 10 them Tor
the Delay In payment In this way the
WAS subjected to the payment OF Ia e per eenAse BE-
cpd he real cost Of the WORK. and inherent the sssess
ment thus remedy for this state OF things
application was maec Legislature for special act
jxns the Com Council 10 anticipate the revs
nues dervs Assessment By issuing sssessmest
bopss in anticipation the collection taose revenues
In the same that the revenues arising
are ANTICIPATED by the sue OF revenue bonds - has bssn
or spcs the adoption Of the Of 1880 undsr tn
Of section 10 Of that charter This section pro
hibu The Common Council from BORROWER .Any suus q
money the credit OF the corp exosp
In anticipation of the OF the rear In which aush
shai be msds, unless Authorised By special Act
the legislature" This special act for thu sus Of ss.sss
= ~. $3.50 - go, 49, sS-A.A~ss ~ s-.s