The New York herald., 1878-01-11
A NEW FINANCE BILL.

COMPTROLLER KELLY's SUGGESTIONS TO THE
LEGIsLATuRE--THE BOARD OF ALDERMEN
ASKED TO INDogsE THE MEASURE
At the meeting OF the Board OF Aldermen yesterday
Mayor Ely sent in a communication with a finance
bill prepared by Comptroller Kelly, which will be pre-
sented TO the Legislature. The Mayor gives his APP
proval 10 this measure, and a resolution Of ndorse-
ment introduced by Alderman Herman laid over
for future consideration.
The bill provides tor the payment of the entire
funded perma debt OF the city by OF the
sinking fund, which IS to be continued and applied to
bonds and stocks payable by law from direct taxation
when due, we'll as to the bonds ana stocks to which
that fund is pledged and secured, and also
sessmcnt bonds for local improvements which may
have been confirmed begun before the passage OF
the ac provision being also made to pay the
mcnts due and collected on account of the expense of
the works for which such assessment bonds may
been issued into the sinking fund for meeting
iying these bonds. The memorial accompanying the
OH forth that the amount OF the funded debt pay
able from taxation 500 o30 $50 6S, and the amount
payable the sinking fund is $2l5l0, 043 AZ,
ing total funded debt Sl2l, ,440 133 To- Deductng
the In thesnkiug fund, $3l, 007 81, leaves
funded debt 500 800, l25 61 The funded debt
The due and I'd
payable from taxation is 81, AT, 1885, which will havo
TO b" added to the tax levy If no other provision is
made for its payment
STOCK AND PAYABLE TAXATION.
In Some years immense sums aii due-$lO 949 sol in
one year and $lo,4o,O0O IN another. To raise these
large amounts IN any one year would be very op-
prcssvo upon tho taxpayers and II Is proposed by tho
bilI, through the operation OF the sinking fund, to
provdeAor tue stocks and bonds payable from taxa.
ton without taxing tho city in any year moro
than 81, 600, 000 There is surplus in the sink
Ing fund OF nearly $40, 900, 900 which, O nucleus
Will. with the accumuating revenues in the fund,
gradually extngush the city debt, and thus
relieve the taxpayers by distribution OF the taxes IN
light amvnnts lar may bo necessary, over long
series OF years The bill provides only for the pay
ment from tho sinking fund Of the bonds and stocks
outstanding at the time OF the passage OF the bi and
for bonds issued aftcrwnrd under existing or fu
ture statutes, for which provision is made by annual
taxes, to be levied annually IRON the time of their
sue, sufficient in amount TO pay them at maturity,
which amount s to be paid into tho siuklpg fund for
that SPECIAL purpose. The principle is established by
the bill that there shall be further increase of tho
funded debt or any bond debt without ample provs-
lou being made wnen the bonds Issued tor its
liquidation at maturity. The entire management OF
the city debt is placed with tho Commissioners OF tho
Sinking Fund, whose authority, well as that OF the
Board OF Apportionmen VIII always be required be-
fore the bonds payable from that fund issued by
the Comptroller The bill also provides for cxten-
OF the time for tho issue OF assessment bonds TO
years instead Olive 10 which they are now limited.
BONDS ANNEXED DISTRICT.
Provision iurther made by tho bill for paying and
canccng tho bonds OF the towns annexed from West
chester county, for wnicn the city made Liable by
the act OF annexation, amounting TO over $l,o00OOO.
This will be under authority OF the Conmssoner5
OF the sinking Fund.- in their discretion. Tho bill pro-
hibits the undertaking OF any local improvements
for which may be liable tor assessments,
and the amount TO be assessed upon property belong
ing tho city chargeabe by law TO the Mayor AL
dermcp and Commonalty shall be appropriated by tho
into the sinking fund.
The final payment OF all the bond debt OF tho city OK
listing the passage OF the BILL except revenue bonds
issued anticipation OF tho collection of taxes Is fully
provided by this financial measure, and gem
cral system is established applicable to them ALL wnile
under the direct control Of tho Commissioners OF the
Sinking Fund