New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-05-02
A NEW FUNDING BILL.
GOVERNOR ROBrNsON's VIEWS INCORPORATED II
BILL by MR.. DAILY, AND PRESENTED TO TIFF


| GOVERNOR ROBrNsONs VIEWS INCORPORATED II
BILL BY MR.. DAILY, AND PRESENTED TO TIFF
| ASSEMBLY.
ALBANY, May 1.-Mr. DAILY to-day introduced
in the Assembly the following act to provide for the
payment and cancellation OF certain bonds ana stocks
the City NewYork and for the issue OF bonds for thai
purpose which is intended TO cover the points enuner
ated by Governor Robinson at the close OF his recent
message vctoing the Funding Bill recommended by Con
troer Kelly:
An act to provide for rho payment and canrcatlot
Of cc tain bonds aud stocks OF the City Of NcwYork
and for the issue Of bonds for That purpose. ,o, os
SECTION, There shall be Included IN tie annual cSt
| matt for each year hereafter made ny t,e ~,
o. Efmn" and 6T S II the tue pa S
Of the principal of bonds ana SOCKS than an
T @G cry bonds MATURING during tie Calendar
which said estimate IA made. The excess OF sliu r.I
any over the amount o saln bonds any s,Ic n sc NO.
due in said calendar year snail br applied 7" I'c an
ment Of the bonds and stocks payaaDe , rUn
The calendar year for which I'D estimate s MADE, ana
the excess Of said sum f any over the amount OF S
he applied TO the lay mcnt OF the Doids aiu ~
payab;c from taxation other thru rcvcnCo DOnds tha'
ncNf h. como due when they mature; - ,,, an,
stock, Of the CITY OF Ncw-YorA PAYABLE from IaXat"n'
100000 sna fall dne, the comptroller oi nuI" C
may. on bein. authorized thereto by lic ,oh,.
miss of the Sinking Fnnd OF sail rllY Ssc p0hls
Of sad city, FOR tie SAID excess over S-Voy;'O'
sid last mrnt OHcd bonds shall bear interest az rae
not exceeding per cent per hhHuI' am o S,a
bc piVahp rot exceeding twenty years from inc wv, =,
thereof and the derived from the SAFE on s,lG
bonds shall be applied TO the payment %. a. equa,
amount of bonds and stocks falling due, which Iast
mentioned bonds or stocks, nj on De'hs pad' Sian ~
can "li"d.
Src D. FIR the rayment of all bonds and stocks of the
said els hereafter issued pursuant Ia the PROVISIONS
81 am statute authorizing the same anu WnSn
by the provision OF such statute are paFanlc
from taxation. other than revenue bonds,
issucd IN anticipation Of the coctoI "f taxes hrrc
shall Included IN annual estimate c"ch year. to De
riiSCi hy tax on the ts;a"s, real ana pef',noo,,'
In said city subject to Taxation, n sum sutii-
thereon 70 and discharge the amOrnLo ";d bonds
AID stocks 10y the time the sHnc STA b" PAYABLE ~ sr
ApP0riOnmrnt by The Controller G.d wncn su;l. rs
raised by tax, shall annually, on TIC lstdy" NoFoEo'f
d. piih ~ the Commissioner o. TIE bmSIhE Fdhi 10 DC
held spccia fund Tor the redemption ~ >dld
huuls or SiOrk> maturity and snail DC Invested Nv
them in thc manurr the revenues rIcdted To
the sinking uni for the redemption OF the cliv dent
SIC T. Whenever the Comptroller st al hctrdit' rssEc
said bonds. bonds OF STOCK q! I"c tly a ScM
YORK, Ec sha:! invite PROPOSALS therrI'F ny FHbng
a"vcr;,cm'nt for P'n,d Of net , less man ~
the nghcst bidder therefor; rroy.d,d that
no proposal sha'l u" accepted G'hrr than me par
value OF said sock Proposals tn purchase OF ons
and ,tnrS Aforesaid shall b. public opened ny ne
Comptroller ~ The rrr-rgcc 4 tic Commissioners ~ The
uLIus Fund or sl,ch a: lem shall a.cLO ad ut tie
time aud place specified Ia the GGyrltlscaent tlcrc"i
ana n tucl pUIpu>dl or bid shall hr "p itd
before the Tine F,oc fed thrlcOr. ihc Commissioners
OF IL, uxug FIud a MAJORITY OF icri flail dc e.:
nine which ara what portion OF t"c '''u Pr
p.ais slall be accepted, md uVCn payment 1" the
Chamberlain of The respective Amounts ~ ne PEI
s'- WHOSE bids ptcd proper certificates S"@ &c
issurd llc Tor iovlc that III" tJWptiO !rr may, with
the consent uf the "Umuss.oHrl, oi tic SEkug fbnd
OF I jur,ty II them, .t 'c any o. al al Hu" il"sd'
rasc any such bid, shall uc rG'r'd, SGch sleek o.
b ns snail It their issue is required b" IcadNrrtlstd
air IIOIn-as invited JnG awards made III TIC r&iErr
above spec hgd.
st, ; rms nc, shall take effect Immediately.