Albuquerque weekly citizen. (Albuquerque, N.M.) 1891-19??, 1896-04-11
CITY ATTORNEY llNlCAL.
Found Time 10 Answer charges Made by
the organ OF Corporations.


Found Time 10 Answer charges Made by
the organ Of Corporations.
Editors Ciuscn
i"ntl"inen; My attention having been
called I" twu or three afilrlrs IN the
Morning Democrat u trccul late, | de-.
sire In this public manuct to cali atten.
ton I" the funding bond- II the city aud
III" manner In which the redemption t..
provided for by funds -uppo-rd Ia hc
raised by special tax lew 'or that pur.
pose. This II not done un account ~ the
personal attacks made upon me during
the ter"n, campaign. bat rather on a..
count " the obligation Am under tn the
pc"pl" and the tax payers IT tht. city. To-
whom am accountable 'ot my official
acts during the past two years
The statutes u New Mexico. ~ section
Ills of the Compiled Laws II ISL, pro.
widest Tor the funding " II, drht- hy T..
suing bonds aud In section l72u. pro, Id,,l
fot the interest a. br paid on the huilds
and their redemption, l., the following
Language. They lcity council ~ town
trustees shall caI-r H. h. lrNied annual,
a sufficient tax tO fully discharge such
interest, aud tor the ultimate redemption
II such lInd~ they shall cause H. II, lr,
i"d annually after four Years from H.,
date ~ such issuance such tax upon all
la lila tl..iV
shall create yearly fund equal IL ten I,.r
cent ~ the whole amount ~ such bond.
iSsucd." This statute was amended IN
1874, b! providing that the sinking fund
for the purp'~- NJ r,slr-ming funding
bonds neci not be provided Tor until
twenty years after the issuing ~ IA,
bonds, nj the option II the city,
The town u Albuquerque. under IL,
act ~ 1881. issued tli,WO.OO In FUNDING
bonds In ISIS aud tii.SDu IN iSnl
while under the amended act rrfrrrrd {,
the cit! ~ Albuquerque issued tl2,"o"
In 1891. lnirr III" strict terms ~ Ia,
act II will hr S'"n that there should nov
b- In the city treasury the sun " 81,
II
5000 Tor the redemption ~ the lrs
issue Of bonds. and t3,UsU IA for the r.
drmptinn u the second AMI there shout,
have been Ia the treasury tive years ago
At the time | became city attorney. near
ly S2,Nnn while ~ matter II fac
there was 0nly t73jGJ
| While there has been an annual TAI
levy made Tor the redemption ~ thes,
bonds, the money thus raised, instead u
being kept In the treasury where II woul,
draw no interest and de- 10 QUE any guaI
except p1sslhly some bank. has been dis
tri6uted AMONG the other funds, aud u-,S
IA pa, the debts ~ the city, past due. In
stead Of being laid aside to meet deb
which will not need 10 be paid until In
bonds become due. aud can probably h
extended then u the city Is not Ia hnan
cial condition ~ meet II at that tim,
This II the same policy adopted by on
county, under practically similar stat
ute, and ~ far ~ known ~ every nthe
municipality Ia the territory. Aud asid
from being the universal custom. II Ger
talnlN do"- not require n tinancirr 10 ="
that II saves none, Ia the city 10y payinl
II ont a. II comes IN, and thus saving Ia
six per cent interest We would otherwis
have a. pay on the same amount. instea
~ boarding II in the bank a. meet ohlig,
tl"nS which will not be- due for years 4
come. II i not In strict conformity 4
the statute, and that IL about all the NJ
suhIrnt that can hc used against II, NJ |
operates ~ u saving 10 every Taxpayer u
the city,
some people might object Ia the styl
II criticism used by our morning daily IL
regard ~ this matter, hut do not. r.
aiizing ~ de- that the official acts ~ an
office are open, aud proper subjects a.
comment. and other people are responsi
BILE for the tone aud language used IN In
dulging In IL. And yet 4, would seen
that II a city attorney were ~ densrl
ignorant aud grossly incompetent a
stated b" our morning neighbor, one q
our last two mayors or some member u
the last two city councils would have dis
covered II ere this.
Very respectfully,
], A. FINiCAL, city Attorney.
i