The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-07-22


The statement below exhibit: the amount Of stocks out
standing the various purposes for which they ssued
the oates when the from which the interest
az well as the principal thereof generally payable
Authority for Temporary Loans.
The authority for issuing Revenue Bonds" is contained
In the thirty third section of amended charter of 1857
which prohibits the Corporation from borrowing any
money whatever "except in anticipation Of the revenues
Of the year in which ouch loan shall be made unless
Of this section, the Common Council by q section In
the ordinance making the annual appropriations authorize
"the Comsrolier to borrow from time to time, the
credit OF the Corporation in anticipation Of its revenues
and not TO exceed in amount such revenues such
may be necessary TO meet expenditures"
Assessment Fund Bonds,' or the payment Of awards
for opening Streets authorized be issued by an
ordinance Of the Common Council passed August g. lS10
Awards for Opening Streets and Avenues in pursuance OF
act of the Legislature, passed April g. 1sl3 entitled
IAN act to reduce several laws relating particularly
TO the city OF New YORK; into one act There
are no bonds Of this character outstanding
Authority is given to issue assessment bonds' by
act passed April l6, 1884, entitled Ian act to authorize
the Mayor Aldermen and Commonalty OF the city Of New
York to Issue assessment bonds and ordinance of the
Common Council, approved by the Mayor December So
1854 entitled an ordinance to authorize the issue of bonds
upon contracts by assessments IN pursuance Of
the a Of the Legislature, passed April l6, 1882 and
October IL, 1851 The 200 Of assessment bonds
outstanding ss above stated Issued in pursuance Of
Sec ls the act chap &c. laws Of 1885, creating the
Bureau of Arears also gives to the Corporation authority
to borrow, on the credit Of the Corporation from time TO
time, such amounts may be required 70 meet the de-
ciences caused by delay in collecting Of
ments the aggregate amount borrowed not TO exceed
outstanding"
While the Common Council are authorised and required
by the charter to make appropriations for every branch
and object Of city expenditure" they have power,
under existing laws, to levy taxes; and inasmuch as
nearly the entire revenues of the corporation, except
such derived from taxes pledgei to the sinking
fund for the redemption Of the city debt and for the pay
ment Of the interest on said debt becomes necessary
every year to make application 20 the State legislature in
order to keep In motion the wheels of the city govern
mept. The Common Council appropriate or designate
amounts estimated to be required but the moneys
sary to pay such appropriations cannot be raised without
an act OF the Legislature.
The necessary estimates are under existing ordinances
required to be prepared and submitted TO the Common
Council by the Comptroller the appropriations then
made, and the Comptroller is directed to apply TO the
Legislature for the passage Of act authorizing the
raising by tex of the amount needed Upon applica
ton the Legislature authorize the Board Of Supervisors OF
and thereafter from time TO me collected and deposited
in the treasury when 1t becomes available.
The scal year begins the Ist Of January but under
the existing law moneys received from the annual
taxes before September October following;
quent the means for paying the State taxes, which be-
government are to great extent borrowed every year
upon revenue bonds and the interest accruing thereon
constitutes an Important item in the annual tax levy
ms sysem OF continually anticipating the revenues OF
the city and depending entirely upon loans for TO
pay the current expenses Of the government should be
bn the Comptroller does DO. consider sas to be necessary
or advisable, believing that the object vie better
be attained by altering the time for making and confirm
ng tue assessments valuations Of property, and collect
ing lbe taxes than In any other way This DO effected
only by legislative action. Under the present law the
commissioners Of Taxes and Assessments required 10
complete their valuation of the taxable property within the
City and county and submit the 10 the Board OF Sd
pervnors on the first Monday Of July each year. The Su
pervtors then TX the rate of necessary TO produce the
gross and the amounts be extended
Tnen they are transmitted TO the Comptroller, TO have
ne unpaid Croton water rents for the previous year in
erted opposite the ward number OF property which
ne same may be due, and also to have the words Tar
Iears or sold according the fact may be, entered
opposte the ward numbers which any due,
or which may have been sold for taxes assessments
water renfs These entries being duly made the rolls
DOCKS are nen placed In the hands Of th Receiver Of
Iaxes Ine law requires that the rolls shall be delivered
10 the kssever with the warrant Of the Supervisors for
eoectng me Axes on or before the fret day Of Sepe
Der In each year. but is seldom that this Is done until
eome time after that date. Last year " was late In the
month OF October before the books were delivered
the Receiver, whore business thus Gro wdsd into
snort space Of time ami citizns desiring 10 pay their
taxes were subjected to great and delay
account OF the OVID OF persons constantly waiting in
me RECEIVERS Office in the hurry aud confusion thus
Gagged numerous mstakee ide both by the clerks
and the owners OF property which have occasioned o
great deai OIL trouble and added largely 10 the iabors Of
this department.
is therefore recommended that measures be taken 70
procure change in the law requiring thu, the Valuations
OF property snail be completed AMI submitted 70 the
Board OF Supervisors as early the Hr Of Fehrnsy
each year. and that the tex books be duly prepared aud
delivered 10 the receiver before the rs, OF April
thereafter, ~ s0ch an arrangement. more tie w9d be