New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-03-29
NETWORK FINANCES.


IMPORTANT. AMENDMENT TO The BILL REoRGANH-
ING THE CITY OBSERVATION-DISCLOSURES TO BIZ
MADE BY FoUR-FIPTHs VOTE OF TIE COMMON
CoUSCIL-Tug SINKING FUND.
lBY TELEGRAPH To THE TRIBUsE.I
ALBANY, March 2S.-The important bill in
Produced weeks since by Senator woodn. reorgan
ling the financial system Of New-lork introducing
many changes In the system OF contracts In
the sinking funds and in tho mode of pay
ments from the Treasury, was reported tonight
from the Senate Committee on Cities with
important amendments. varou, changes are wrought
in the powers OF the Common Council. Appro-
priaOns and all expenditures to be made by four
fths OF the Common Council, and vetoes can be
Overridden only by the vote. The Controller must
testify to the fact that appropriation exists before any
ordinance be passed which provides for an assess
ment and majority OF the OF feet front OF the
property affected aud onoourth OF the owners IN value
must first petition for the ordinance.
The provision In tho original bill. which made gen
eral grant Of all powers not otherwise granted to the
Common Council. is stricken out. An extension OF the
powers OF the Controller in meeting assessment bonds
by consolidated bonds is made to all varieties
Of these obligations. The Controller is to have
entire discretion as to the issue OF c0nsOl
dated bonds, which to run ten years
at six per cent. An important change Is made In the
mode of letting work by contract which leaves exclu
sivey the Controller the right of rejecting the lowest
important change is made except that the clause
winch limited the extension OF the money
consideration OF the contract was stricken out
Upon the present Board of Revision and
Correction OF Assessments Is conferred the which
the bill originally proposed TO confer upon new board
The Jurisdiction Of the Board Of Street Opening and I'm
provement Is extended include the entire city. Pro
vision is made for the appointment of three commits
sioners OF and estimate who shall serve In oil
future proceedings and receive salary not to exceed
g, 900 each.
number OF provisions 10 reduce the burdensome eX-
penses Of assessment proceedings have been inserted
The expenses Of the Board Of Street Opening and I'm
proyement are limited to 900. ald their Office rent
to $1,000 All advertising OF the Commissioners
OF Estimate and Assessment Il limited TO he
Cuy Record, and all its clerical work Is to be
performed by the clerks Of the Board just
mentioned in whose Office all 1t. meetings TO be held
There is no material change the provisions of the bill
introduced with reference TO tho sinking funds. The
license fees however. will not be applied to this
object, as contemplated by tho original bill, nor
to private charities, is tho present prac-
tice but will be diverted TO tho Department
Of Charities ard Correction. Tho Commissioners OF
the Sinking Fund allowed discretionary power as to
transferring the existing sinking fund to the payment OF
city debts An important amendment strikes ont all the
provisions with respect to the Boards OF Revision
and Correction Of Assessments and Street opening ana
Improvement Senator Woodin seems to feel confident
OF the passage OF the bill in substantially ts present
shape.