The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-01-11
PAYING THE BONDED DENT.


Mayor Fly sent To the Aldermen, yesterday,
the draft of II bin prepared by Comptroller Kelly
providing for the payment OF the entire bonded
debt Of the city except the revenue bonds. and
asked the Aldermen to approve and send 1t to
the Legislature with u request that IL be made n
law. Accompanying the bill was II memorial
explaining its provisions. The bill provides
Tor the payment OF the entire funded or per-
mnncnt debt " the city by means Of the sink
ing fund. which il to he continued and applied
TO bonds and stocks payable by law from direct
taxation when due. as we'll as to the bonds and
stocks to which that fund is now pledged and
secured. and also to assessment bonds for local
improvements which may have boon confirmed
or begun before the passage Of the act pro-
vision being also made to pay the assessments
due. and collected on account OF the expense OF
the works for which such assessment
bonds may have been issued. into the
sinking fund for the payment OF these bonds.
arc outstanding at the time of the passage Of
t4n hill, the principle being established by the
hill mat there snail I've no further increase OF
any bond debt without provision being made
when the bonds are issued for their payment
nj maturity. The bill further provides Tor pay
ing the bonds OF the towns annexed from West
chester county, and for an extension Of the time
Tor the issue OF assessment bonds to ten years.
instead Of 1--WE years. To which they are now
limited. The bill prohibits the undertakings
Of any new local improvements unless the pri-
waite property to be- benefited is worth double
the amount for which II may be liable for
asscssmrnt~ and provides that the sum to be
assessed upon property belonging 10 the city,
or chargcablc by law to the city shall be- appro-
priatcd by the Board OF Apportionment. raised
by tax. ana paid into the sinking fund
The entire management OF the city debt X
placed by the bill with the Commiss toner's OF
the sinking Fund. whose authority as we'll as
that Of the Board of ApportiOnmcnt. will al
ways bc required before the bonds payable
from that fund are issued 10y the Comptroller.
In his memorial to the Legislature Comp
troller Kelly snys that the total funded debt of
thecty II s12l 4iO. 1873 10. of which 500 $50 Os9 6S
is payable from taxation and s2l .5lO.Oi3 Al
sinking fund IL t3l OsO OO7.J %. and the net
funded debt $50. 1861 He adds:
Til. funded debt tails due IN very large sums IN some
the amount due and payable from taxation Is e. 447.
49, b which will hHvc to be- added 20 the tax levy II
other provision l. made for Its payment In Sven years
immense tall duc-slO si9. 59l % IN year and
any would he very Oppressive the taxpayers
aud IL IL proposed bs the bill N rough the uIc
til" sinking fund tn provide Tor thu stock and bonds
able from taxation without taxing the city IN any one
sinking find OF nearly SioOnun. which wall with the
accommodating IN the tuni. gradually eNunrush
the city debt and thus relieve the taxpayers bv ditri
button of the taxes small sums TAR be-
sary only over a long series of wears
Alderman Keenan, moved that the hill be ap-
proved hut. on motion Of Alderman Morris. it
WIS laid over until the boards next meeting.
that it, provisions may DE examined by all Uf
the City Fathers.