New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-02-07

WVShuS
n. or,irspces Of the Common Council have established
..,sr,ts sinking frndsone for the payment OF interest
- ,iS, ,r ,hc reimbursement Of the principal OF the
(Sty Seh, All the real estate belonging to the C anu
the rvenues derived from nearly al sources ne Pnt
e or the other these funds This leaves he cen
sprrs expenses Of the City Government 10 oe surprise
s;,, Nv direct taxation TIE sums received ana
an secount of the Sinking Fund for the year ohao on '
slsi December, ls;s have been as follows:
Reserved tie fnd for the redempon eas ~
Rsls, CO IL bsrk sI''
rot.i.............
Y.s frSrs zane funds - -
credit Of Ii. Fund !, 1854 S+is'7s 20
Received of the fund.- for the payment OF o5s 7.
sshsse n n, naIy Jan le'S.....'.'..... Saoe1 20
f r. D,,;: on Ii. City debt Invested &c. Sa is
r,yee In Treasury Jan 1885, s44s% -
Statement No gives the several items OF receipts ana
srs;tnIes on account of Sinking Fund for the pay
Of the principal of the City debt and No give. the
items Of receipts and expenditures on account OF .ne u
Co. The nsymept of interest the debt The balance sno
iecs TO he dra the Commissioners of the Sinking Fund
on the LIST OF January inst s9o4535 49, Tota opera
fous OF the Treasury in 1853 including the feceps ana
symsn ON account of the Sinking Fund are as follows
Received into City Treasury shown by State =,
m,h mic Il. City Tie..uy on Sinking
FrIe payment Of Irneips 10 S1'''
Heeeiyse City TressHy for payment ofinef o e. -
Total sum received in sioe''l's o.
Expenditure q shown in Statement ~, ,.aoo
I,psss,.i:; on ,cccsni Of sinking Fana
Cor payment ofdsbt a. shown IN no 'oi'"-' -
fs,ei .sa expended in 1855 ...... - scse1,c 70
Balance s<''hh' /"
DEBTS.
Statement No shows the total amount OF the perma-
nent City debt and also the means on hand for Its pay
nent. -
ssss. ssr nort,ss. and C..h il
the Con Dssionsrs ''O''iO -
1000, a,
In addition to the above amount Of debt, money has
been borrowed to pay off accumulation OF liabilities,
commonly called floating debt and to construct pub
&c buildings and piers and docks This is to be paid by
"A, aton AZ the rate $4,000 each year from 1854 to
1876 both inclusive. The total amount is $4,000 In
ls5i application made TO the Legislature for laws
auhcrizipg the Common Council to borrow stocks to
he Issued the sum OF s50OOo0 to be applied for public
buildings, and also Ike sum TO be applied to the con
seOn Of does and the ee OF
aud about 100000 Of the sum appropriated 70 pubic
buildings was also expended
Statement No shows the sums paid last year from the
procee DE- Of the loans account Of building stock No
during the year 1853. In June last FIVE per cent stock
ssued TO the amount of e73ooo under chapter 9l OF
The laws Of 1881 the proceeds Of which s6.550 OF
this smoun has been paid to the Governors Of
The Aims House. for the construction OF Work House on
Statement No shows the amount Of Revenue Bonds
issued during the year 1883 The total is s53s72l or
this amount borrowed at an interest of six
Der cent the residue at FIVE per cent except $4,000 at
four These bonds issued in anticipation OF the
moneys derived from taxation and made payable in
There has been paid during year on account
of Revenue Bonds suedi in 1882 the of 81 $1,000 Of
fh 1893 payable between the 18th of August and
the slst Of December.
ASSESSMENT BONDS
In opening new streets and in grading and paving them
and In contracting sewers laying sidewalks &C. the OK
pepses incurred paid by assessment on the property
benefited. Commencing thirty days after the conarma
ton of the the Of the property assessed
are required pay interest the amount of the assess
the rate OF per cent Previously when the Street
do ha
by assessment it stated in the notice and agreed to
by the contractor that payment should be made as the
assessments collected from the property holders the
contractor TO have the interest accruing the sam,
assessed. The result Of this mode of payment was,
that in the contractor had to wait year
or tao for his money, and in tho management Of
large Jobs il require. heavy outlay to carry it
through and in some measure gave monopoly to few
contractors And these contractors would Of course fix
delay in payment In this way the property holder
subjected the payment of large per cenage beyond the
increased As remedy for ths state of things application
made to the Legislature for special act authorizing
the Common Council to anticipate the revenues derivabe
from assessments by issuing Assessment Bonds in antici
patton of the collection Of those revenues in the same
that the arising from entici
paed by the issue Of Revenue Bonds has been done
snce the adoption OF the Charter of 1890 under the author
ity Of 10 of that Charter. This section prohibits the
Common Council from borrowing ANY sums Of money
whatever the credit of the Corporation except in
anticipation Of the of the year which such lon
shall be made unless authorized by special act Of the
Legislature This special act for the issue Of Assess
meut Bonds was passed in 1852, and an ordinance to
carry Ii out passed Oct 49, 1882 As the ordinance
adopted the close of the year 1882, only the
of Of Assessment Bonds issued prior to 1883
There have been issued in the year 1883 to tho amount of
<2e4,ooo. 1t will require great aud wsohfalness to
protect the City against abuses by the too free of As
sessment Bonds The ordinance of Oct 49, 1851 makes
the duty of the Controller pay per cent of the
tract on its completion and issue bonds to procare the
means retaining Is per cent until the assessment il
frmed by the Common Council As the oct of the Legs
lsturo requires that the bonds shall be based on Che
assessment prudent not absolutely necessary that
the assessments should be made and presented the Ca
troer before Re Is called pay or issue bonds on an
assessment which has no existence the tins Of the issue
In the first ordinance presented TO the Common Counc
for the issue Of Assessment Bonds provision was nered
that loan should be made for the payment of a,y
contract until the for the has been con
frmed BY the Common Council" This was struck ont
and the provision 10 retsin Is per cent substituted
bonds to issued have the basis which the law con.em
pates the sum retained until the confirmation Of the as
easement is sufficient The necessity Of having the
me nj actually made before debt is based it, is sirk
iney Illustrated in the transactions connected With grading
section Of the Secondsv In this case Iae expense in
Cured was s26l i0l CO. and the whole assessed
iis adjoining property only s395si On this state of
facts the Common Council passed re- outon directing
the Street Commissioner TO draw the Controller Tor
1ceoooo under an ordinance of Dec 20, 1sol reguat-
rg the making Of contracts for work done to be paid by
assessments This not paid for reasons given
n report 10 the Board Of Assistants Aug. !, 1883.
ASSESSMENT OF REAL AND Personal EsrtrE.
State uent No shows the assessed valGe OF Real and
Estate in the several Wards Of the City in the
1859 and 1883 and the of tax levied in July
isks The total results are rs follows
.s ass&, 81 ls Ss;i,s 5 .ssis..:
PsrssnsI ca ue...... as,,Hs ns'S+iS s%'S4eS
ro..l.,.....ts5I TsiS tasssSas, e5I s,als1