The Jersey City news., 1891-09-19
BOARD on FINANCE.
Special Meeting, Wednesday,. September
o. IS0I
GoFFICIAL PRoCEEDINGs.l
(toa1fia1IofY

GOuDScl WttS TGCOlNtQ, OE-
| dered spread in full upon the mnu ties
and filed, and the Clerk directed to for
ward copy to the City Treasurer
| Honorable Board of Finance of Jersey
| City:
SIRs-My opinion has been requested
as TO whether your Board can require the
| City Treasurer TO report at stated periods
the balances of cash to the credit of the
Sinking Fund Commissioners with the
names of the banks wherein deposited
and the amount on deposit in each bank.
The Commissioners of the Sinking
Fund constitute department of the
city government, vested with certain de-
| fined 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 entrusted TO their
supervision belong to the municipality.
although set apart for specific purposes,
to the same extent as the appropriations
set apart annually to any OF our Admins
trative Boards.
The City Treasurer Is entrusted with the
custody OF all moneys belonging to the
city, including the cash under the con :
troll of the Sinking Fund Commissioners
(see Section % of the Charter of 1S7D;
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
Commission in Jersey City was originally
established under the provisions of Sec
tioD 1874 of Chapter 511 of the Laws of
1870 (the act to consolidate the cities of
Jersey City, Hudson and Bergen); it then
consisted of the Mayor, Treasurer, Comp
troller, President of the Board OF Alder
men and Chairman of the Finance Com
mittee. The Commission was retained
uEsler the charter of 1871, but by section
160 of that act, the personnel of the Board
was changed SO that the members of the
Board of Finance and Taxation became
eX-officio the Commissioners of the Sink
ing Fund. This continued until the new
Charter of 1889, when by Section II of
that act the Mayor was authorized to ap-
point Sinking Fund Commission OF
three mem Ders, and under the Act of
1891 (Chapter 1l2) his 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 so) as to 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
funas of the City Treasury may be de-
posted in bank, including the rate OF in-
terest to be allowed the city upon such
deposits, and the rate of interest to be
paid by the city to the bank on loans,
which terms shall be uniform for all the
banks; the section further provides that
"the moneys in the City Treasury shall
be deposited and kept in equal proper
tions as nearly as practicable in all the
city banks that may be willing to comply
with such terms, and the money which
said city may need to borrow from the
city banks shall be borrowed in equal
proportions, as nearly as practicable. from
each of them, provided that when any OF
hop 1-c ubo1 6anlinn IN ma ito fair
proportion of the loans required by said
city. the deposits with said banks shall
be diminished accordingly, and for the
purpose of carrying out the provisions of
this section, the City Treasurer shall
make his deposits and direcJ his. drafts
under the general supervision OF said
Board of Finance and Taxation"
This section covers the moneys unin-
vested in the hands of the Sinking Fund
Commissioners. In order to carry out its
provisions in spirit OF fairness it is
essential that your Board should know
the amount of all deposits in aud loans
from each bank from time to time. The
Treasurer of the city alone officially pos
sesses this Information. Under Section
38 OF the supplement OF March "a 1873, 1t
is made the duty of each and every officer
of the city, upon the request of your
board or u 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, land to give all requisite infor-
nation in regard thereIo." 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 Commissioners. with the
names of the banks wherein deposited,
and the amount on deposit in each bank,
with which request the City Treasurer
should at once comply. AS matter OF
official courtesy it might be we'll TO re
quest the Board OF Sinking Fund Conn
missioners for the same information. |
have not dwelt upon the duties of the
City Comptroller in these matters; they
are merely supervisory. and are found IN
Section of the Supplement- of March 2l:
1874: He is not the Custodian of the fund,
and should not be called upon for the
information.
Respectfully submitted,
WILLIAM D. EDWARDS, G. G.
The following communication from the
City Treasurer was received aud ordered
filed and spread in full upon the minutes:
JERSEY CITY, Sept. 8. 1891.
To the Board of Finance:-
GENTLEMEN:--En Enclosed please find sheet
of bank balances of the several accounts
over which you have control. Also, by
consent of members of the Board of Sink
lug Fund Commissioners of bank bal
ances OF the several accounts over which
they nave CONTROL
Respectfully yours, etc., 4
J. b. CLEVELAND, Treasurer.
Daily bank balances September 8. 1891:
General account, Second Ma
tional Bank. $29, 599 20
General account, Third Ma
tional Bank. k.................. 9o4 So
General account. Hudson
County National Bank...... 1914 OF
Water account, Second
National Bank. 40,S06 50
Water account, Hudson Coun-
ty National Band. ........... 66.51S 81
Assessment account, Second
National Bank. Sc, 122 IS
Special school account, Second
National Bank .............. s4,5oS o4
Special street account, Third
National Bank. ............. 20. .44e 26
Special street account, Hudson
County National Bank...... 5O,O49 So
al Bank. nk...................... 1e,6as 70
Surplus account, Hudson
County National Bank. ...... II, 845 46
Daily bank balances, sinking fund, Sep
tember 9. 1S9l:-
Tax arrearage fund ........ S41. 232 04
Tax arrearge fund, lSSS.. 14,S73 95
Tax arrearage fund, 1889. .... II, ,664 80
Sinking fund, 1873 . 61;374 IS
Sinking fund, lSS2-No / ... 600 %
Sinking fund, 1SS2-No. 2...... 1868 81
Sinking fund, 1883. ........ 43t AZ
Sinking fund, 1SS9-No. 1... 513 OF
Sinking tund, 1SS9-No 2..... 764 80
Water arrearage fund .... 1859 66
Water arrearage fund, 1916. 1900 90
& n lul