The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1890-12-20

1OtaA 3x<oltuL0
President Edelsuein said IN explanation
OF <3o2, 200 not being included In the total
SET forth last night of bonds maturipr
during the year OF 1891, that he under
stood that three hundred and some odd
thousand dollars would be available from
the sinking fund 10 help meet the pay-
ments OF bonds falling due in 1891
TOO MUCH PROVIDED FOR
But even mere there seems TO be a ing
gle The twenty year per cent block 81
s24S, 600 does not. as the tabse shows be-
come due till December /, I5ol The fiscal
year Of leS0-el closes on November 30. SO
that the Board. in dealing with these
bonds Is making provision In the current
fiscal year for the debts il has
to provide against IN the next
fiscal year. Enquiry at the financial
headquarters OF the city brought No ex-
PLANTATION Of this odd piece Of inancier-
ing, and most OF those who were seen
agreed that the Ignorance on the part Of
the Elnanciers OF their duties had
prompted them 10 include this block m
the reIunding settlement The fact Is
that the finances of the city are SO horrj
bly, managed that even the honest experts
in the city departments dom know where
the city stands or what her condition IA
OF course II President Edelsrein,s anti
cipations of S300. 900 of arrearaQe money
be realized. and as this block OF x24s 90
need not be cared for till next wear the.
Board will have S24s.000 of Taxpayers,
cash TO play Ills favorite game OF hide-ana
seek with.
THE MATTER OF INTEREST.
The act under which the refunf1inU ia
being done does not exempt the new
bonds from taxation But CITY Hall or
ficials say that they never knew or rha
tax on city bond being collected by the
city. even where the city bond is liable 70
taxation; and the pretty plain iurlmation
was that on this issue on AZ Der oent-
bonds no taxes viii be demanded. the
tax rate is about three per cent: SO thar a
AZ per cent bond that PAYS no tax Il =
valuable as ~ per cent. bond thar pays
tax
When the Board OF Finance was conn.,
putting its tax levy for this year. IL IN
cluded the interest on the bonded debt.
City Comptroller Hough was asked this
morning whether the Interest on this re-
funded 81. 434, 000 had been computed at
the old rate OF seven per cent or the new
rate of six per cent. He replied that iE
had been computedfon neither, but on .
five per cent basis. II the city succeeds
in floating the bonds at four and half
per cent. it Will be in one-han per cent
on the s., ,400. 000-a little placer Of 81. 01o
that will help IL piecs out some of It's dis
honestly inadequate appropriations.
Fifty-six thousand dollars was ordered
transferred as loan from the general ac-
count TO water account TO meet interest
in water bonds.
In 1851 LEAKAGE in the Newark avenue
sewer at the head of Seventh street caused
the old Board of Works of that year
to overrun its appropriation for supplies
to the tune Of S. "a for repairing the
same The work had 70 be done with
any money available. An eunabling act
was Isassed hy the Legislature aaEhoriz.
ing the Board os Finance azs.: T.xskion
to provide for the payment Of claims in
question This Board did not take nd
vantage of the provisions of this law
One hundred and three dollars aud sew
enty-eight cents of this amount
was collected under q Judgment
The present Board Of Finance
in July last in making up its sppropria,
tions for the year included the remainder
$3.3i5 So in the contingent fund and
placed this amount to the credit OF Lh<
Street and Water Board TO pay said claim.
MORE BONDS
1t was decided 70 issue bonds for tl<
sum of s, 600 TO provide for payment OF
the erection of the new Fourth polic<
precinct station house. the bonds 70 Be
dated January /, 1891, with interest pay
able semi-annually on January and July
!, at the rate OF 4 per cent per annum~
vi IN principal payable January l. 1890
NJ ichae. Curley, the contractor tor the
con struction OF the Duncan avenue sewer,
qualified in the sum OF $1,000. with Al r.
Iln A. ADAMS and Joseph Regan a. surc-