New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-11-13
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Az IMPORTANT QUESTION ABotf wntcu fas
MAYOR ,oNEtita tiiH ,UhrphAtioN torNstt
Mayor Edison yesterday sent tho following, "a
Corporation Counsel iaeoBhe ~ regard "a lha eject :,
tho constitutional amendment which has jns, te.a
adai ied on The Issue NJ cii bonds
on The 9TH instant briefly called your attention Ia N.
banded Indebtedness oI ths city IN connection aim IN,
proceedings 10 acquire title 10 lands eF new parks aud
tito pohauls effect OF tho new constitutional amendnsu,
thereon. have since given more careful eonsieraion
to the amendment, with a view 10 aseeTtalans wbas
effect, II any IL Ia likely Ia have upon the
OF the affairs Of this city IA the result Of such con-
sideration | am convinced that tho passage Of mi.
amendment has brought the city face TO face vita CON-
plcstons which may prove seriously embarrassing II
Is true that these complications will not arise until after
January l. 1885 ION which date the amendment will %
into egecD bat II is.in my opinion. the esstLa
duty OF those who meanwhile charged with tho ado
nnistraOn OF city affairs TO abate nothing In vigilance
and caution but TO strive to forecast the full measure
and extent of such complications, end 90 endeayor 10
make such provisions may be necessary to to
The city the full benefit OF the amendment without ex-
posing the municipal administrative system to any sh ok
or embarrassment which can be avoided No better
work can be done by the city authorities between
ana the 3ls OF December than TO 50 adjust lis present
system TO the Changed conditions which must be
countered with the opening OF the year. that such
changes rs may he found necessary shall have bcea
made without disturbing public interests or impans
private rights.
The amendment referred to provides that city Of
over 100000 inhabitants shall be allowed TO become
indebted tor any purpose in any TO an amount
which, including existing ndebtedess shall exceed ten
per cent the assessed valuation Of the real estate OF
such city subject to taxation. no sueh CITY whose
present indebtedness exceed. such ten per cent shall
be allowed to become indebted in any further amount
until such Indebtedness shall be reduced within suel
limit" 1t provided that this section Is not to be con-
the revenue bOnus IN
ton OF the collection OF taxes Tor ainonhs act1aiy con-
tanned In the budget for the year when such bonds are
s,ued and payable out OF such taxes; nor shall the
ton construed 10 prevent tie issue OF bonds to pro-
vide for the supply Of water"
The last assessed valuation of real estate subject to
aNatisn in tins Ely % 6e ioS bonded s de az
the city. exclusive Of revenue bonds Will on the Isl q
January. 1851 be S25,s10,J79 49, OF which sum bonds
cowmssiSneps of the Sinking Fund Thus you Will per-
ceye that the bonds held by the o. the
Sinking Fund to be considered Indebtedness OF the
city within the meaning of the amendment the limit has
been exceeded and the city will not be allowed TO become
indebted in any further amount unl tne eAisung "eot
shall have been reduced within the limit. ] am NOV
sufficiently informed as to the law to determine
securities held By sinking Fund should or should not
be included but assume mat where mere s any
Of public officers to refrain from Issuing tIeh. Insre
many classes OF expenditure 10 prOVuo ncans ios
which the city has recourse wholly or Ia part 10 Tue
issue Of bonds If after the lst OF next January these
bonds cannot be Issued there Will exist no provision lor
the payment OF tue expenditures. unless action DC taken
before that date to meet the difficulty
familiarity with the present system vi Vis I'M
proyemcns will enable you TO appreciate now serious
viii he tie complication likely to arise in such cireum-
stances All the adminstr live expenses OF the DOCK
Department the moneys necessary to carry out ther
contracts to acquire property OF private owners anu "
settle outstanding claims for damages already done %
such property, provided for solely by te issue Q.
dock bonds" Local Improvement OF all KINDS, strees
openings regulating. grading. curbpg nogging sna
sewerng; the acquisition OF land for parks ana pDc
places and the improvements thereof wneh aemtsa W..
yolvng expenditures hch are now provided LOT ny ,ne
isse Of assessment bonds the awards OF the Assess.
ment Coun ssion, the cost Of new school sites ana OF
erecting buildings thereon and many other exl en- ires
which viii you-and which therefore neeu NOT pe
enumerated hereare under the present system 70 NC
provided for solely by the issue OF bonds HOW arc lucy
10 he provided for hereaiterf =. IN.
I bave requested the Controller TO communicate Win
the heads OF those departments which are depehuws
for their resources in whole or IN part on tue ssneo
bonds in order obtain from them careful anu ON
pletc estimates Of their immediate needs. Wheh ,im-
Gent Information on the subject IA received sail ~
quest your ouiuion on the following points: -
First VIII tue city authorities DO precuded Dy ,ho new
con sttutona amendment from issuing any bonds othcs
than for the supply OF water. after January lsso =,
second II they will be thus 'precuded. what stopsn
any may no lawfully taken by the city authorities pc-
fore that date to provide mean for avoiding any cons
aucnt emil arrassDcnt In the administration OF the et
.n.twa