The Jersey City news., 1891-09-10

trust that hereafter the Treasurer will
comply with the resolutions of the
Board when asking for any information
about the moneys in the city treasury
and under his charge
AS to the sinking funds, this Board has
a great deal to do with them under many
acts OF the Legislature, aud cannot per-
orm their duties with regard to them
unless they know their condition. as. for
instance, when in three or four months
from now this Board will have to refund
the bonds falling due on November for
SlOO, ,OO0 aud February l. 1892. for $152, 900.
the Board of Finance cannot issue
single bond until the Sinking Fund is ex-
hausted. This Board cannot perform its
duties If the present condition of affairs
is permitted. 1t must stop"
MR.. EDWARDS VIEWS.
The Information sought by the Finan-
ciers relative to tine sinking fund deposits
Ill the banks was submitted by the City
Treasurer. There was also presented by
Corporation Counsel Edwards an opinion
to the effect that the Financiers had
right to such information. He suggested.
however, that as a matter of official
courtesy to the Sinking Fund Commits
sioners it was well TO ask them for the
same information. The City Treasurer, in
submitting the desired information, said
he did SO at the request of the Sinking
Fund Commis sioners.
Following is the substantial part of Mr..
Edwards opinion:--
''Tne Commissioners of the Sinking
Fund constitute department of the city
government, vested with certain defined
duties, over the redemption and payment
of the city debt; they are as much part
of the city government as the Board OF
Police Commissioners. For instance, the
moneys lnJrusted TO their supervision be-
long tt the municipality. although set
apart for specific purposes, to the same
extent as the appropriations set apart
annually to any Of our administrative
boards.
''The City Treasurer is entrusted with
the custody of all moneys belonging to
the city, including the cash under the
control of the Sinking Fund Commis-
sioners; (see Section 2S of the charter of
1S71) he acts as the custodian of all funds
OF the city, irrespective of the source from
whence the same may be derived or the
purpose to which they may be .appro-
priated The present Sinking Fund Com
mission in Jersey City was originally
established under the provisions OF Sec
tion 1874 Of Chapter 511 of the laws of 1870
(the act to consolidate the cities of Jersey
City, Hudson and Bergen): it then con-
sisted Of the Mayor, Treasurer; Comp
men and Chairman OF the
Finance Committee. the commission was
retained under the charter OF 1871, but by
section 1863 of that act, the personnel of
the Board was changed SO that the mem
bers of the Board of Finance and taxation
became ex-officio the Commissioners of
the Sinking Fund; this continued until
the new charter OF 1889, when by section
II of that act the Mayor was authorized
to appoint Sinking Fund Commission
Of three mem bers, and under the act OF
1891 Chapter 112) mis- Honor the Mayor
was constituted ex-officio a member of
the Commission. During all these years
and differently constituted commissions.
the City Treasurer has continued to act
(and properly SOY as The treasurer and
disbursing officer Of the fund.
"Under Section 1873 of the charter of
1871 your Board is required from time TO
time to fix the terms upon which the
funds of the city treasury may be deposit
ted in bank, including the rate of interest
to be allowed the city upon such deposits,
and the rate of interest to be paid by the
city to the banks on loans, which terms
shall be uniform for all the banks; the
section further provides that the money
in the city treasury shall be deposited ana
kept in equal proportions as nearly rs
practicable in all the city banks that
sneh sS terms. ee "nf ana the GonpS @oaay which M
said city may need to borrow from the
city banks shall be borrowed in equal pro-
portions, as nearly as practicable, from
each of them; provided that when any of
said banks shall decline to make its fair
city, the deposit with said bank shall be
diminished accordingly, and for the par
pose of carrying out tne provisions of this
section, the City Treasurer shall make his
deposits and direct his drafts under the
general supervision of said Board of FL
nance and Taxation"
This section covers the money unin-
vested in the hands of the Sinking Fund
missiouers. In order to carry out
it's provisions in spirit of fairness, it is
essential that your Board should know
the amount of all deposits in and loans
from each bank from time to time.
The Treasurer of the city
information; under Section 3S of the
supplement of March "a. 1873, it is made
the duty of each and every officer of the
city, upon the request of your Board, or
committee thereof, to furnish for
examination every record. book, file or
other paper pertaining to the business of
the city in his possession or under his
control, ''and to give all requisite ipfor-
nation in regard thereto" Under these
sections you have the right to require the
City Treasurer to report at stated periods
the cash balances to the credit of the
Sinking Fund mmiSsoners, with the
names of the banks wherein deposited
aud the amount on deposit in each
the City Treasurer should at
once comply. AS u matter OF official
courtesy it might be well to request the
Board of Sinking Fund Commissioners
for the same information. l have not
dwelt upon the duties of the City Comp
troller in these matters; they are merely
supervisory, and are found in Section OF
the Supplement of March 2i, 1874. He is
not the custodian of the fund, aud shou
not be called upon for the information
TrTOyn1