New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-11
LOCAL MISCELLANY.
PAYING THE CITY BONDS.
A NEW PLAN APPROVED By TIE MAYOR AND CON
TROLLFR.

IRoLLff'
The Aldermen, yesterday, received ionE
communication from Controller Kelly tnrouSH Wv
Mayor with bill which it Is proposed TO send TO the
,s,a,,,ro regarding the bonded Indebtedness OF the
ci.v I'm his letter to Mayor Fly Controller Kelly says
The object OF the act 10 provide for the payment ~
maturity of the entire existing DOhi nfp' "a i e., ~
elusive Of the revenue bonds SsueC III =
Tho collectIou of taxes IL has heen very taIeluly
drawn with reference to auhofy dOr as much
bonded debt. aud to restrict me power t s .,r her
os ossibe under existing laws, and to prevent us u
augmentation, and to provide fully ior Tue P hIIet
outstanding stocks and bonds at maturity; II rs ry
that these objects VIII be accomplished D lo hc
ions of this bill in manner tne tc; not ,I MAINTAIN
taxpayers aud the basis OF security tal ~
fine credit of the city, as at present, as me i"5"0
standard or investment in It's stocks ana ne orcroyal
Mayor Ely states that the bill meets WIN ~
as tending to simplify the financial al''lrS Vi 'no
The act is entitled IAN Act relating 10 INC oo"uo"
Indebtedness of the City of New-forK ana 10 proi'
for the pavment of the same" ana contains "o.,o
sections Its object is TO PROV for the payment OF the
t funded or permanent debt of the city by means OF
,ba SINKING und which is to be continued ana appheu
In bonds and stocks payable by law from direct taxation
when due as well as to the bonds and STOCKS 10 "ci
that fund is pledged and secured anu
also 10 assessment bonds for local improvements WIN
NAV have been confirmed begun before the passage OF
the act provision being also made TO pay 'he ass 81
ments due and collected account OF the expense Vi INC
orbs for which such assessment bonds may have been
,ssued into the sinking fund for meeting and paying
those bonds.
In the memorial accompanying the BILL the amount OF
tho funded debt payable from taxation and from inc
sinking fund is given as follows: -.
Amount PAYABLE from taxation !3o o,,9 90 90
Amount pay able from sinking inud..-.. NolOoiS 80
Total funded $12l 4iodS2 y
Deduct amount in sinking fund 3loo0oo' o.
,o ,,nde, ,an, .................... s9oS6o 1875 81
The funded debt falls due in verylarge sums III some
wears and less in others Next wear ps79) for example
the amount due and payable from taxation is Si4i7,-
no haA IN
other provision made for its payment IN some years
immense sums fall due-S1O, 1851 IN one year, and
S16A76O 600 in another. To raise these large amounts III
any one wear, the memorial SAYS, wo9Id DdNcIH, ~,
prtsslye TO The taxpayers, ana IL Is :pIoposeu =!
The bill, through the operation o1. lne SIN, sui
Ing fund. 10 provide for the STOCKS anu anu IN an
one year than II CoOQ o. ihele Us a suI is ~"
nucleua viii. with the accumuatng revenues IN ire
fund gradually eXtinguish the city de ana llus iecS
the TAXPAYER by distribution edrs OF 'he '"AVS III
The bill provides only for the payment from le sA
time of the passage of the bill and not for bonds Issued
afterwards under existing or future statutes Tor When
nrov,sion is made by snnual taxes he levied annually,
rom the time Of their issue, sufficient in amount to pay
tl~n at maturity. This amount Is 10 be PAD lnlo tIe
sinking fund for that special purpose; The principle
increase of the funded debt or any bona 9pt ""u i
ample provision henS made when the Dolas are ISsuc''
for Its liquidation at maturity. ..,,o, ri,b
The entire management OF the city debt pacc1 Win
the Commissioners OF TIE Sinkllg lhu WIS % -
az well as that of the Board of A.por0nIgeht WI a"
WAYS be required. before the bonds paGAhc from iI"t
f1nd are issue by the Controlled. The bill also provides
for an extension Of tne tine for the issue OF asssSIn
bonds TO ten years instead OF FIVE TO which they ar now
limited. ga. ,, 100
Provision is also made by the bill for paying and can
ceiling the bonds Oi the towns annexed from West
chester County for which the city was made laHe hy
the Act anueX;sion. amounting 70 over TloOy'OyO'
The bin prohibits the undertaking OF any new local M
movements unless the private properly bcnthied -
worth double the amount for which u H(y "c Habe
for assessments, aud the amount 20 be assessed upon
property belonging 10 the city o. c"dIGca,"c ~
aupropriated hy the Board OF Apporionu:cht, TO- he
raised by and paid INTO the s1f rg iund Ire hh,u
passage OF the b except revenue bonds Issued III an
iicpation OF the collection OF taxes, is fully OFd'o Ior
nv INA financial measure aud one general system IS cs
tabisled. applicable all The bonds alike. under me
direct control OF the Commissioners OF the SINKING u
prOposad bin am requesting the Mayor 10 forward II
immediately to the l. glsi8urc. Alderman 'l"Is suS-
pestad that the matter should lie until the next
meeting to allow all an opportunity Of examining the
plan, and IL 50 ordered.