Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-10-20

finance shall specify how much OF each
Jump sum shall be spent In each quarter
VI me hscal year. No committee. Depart
ment or officer slssil spend more IN any
one quarter than shall be specihed IN
such budget without having first obtained
the consent Of the said board.
MAY DIVIDE THE ACCOUNTS.
8. After any such annual budget shall
have been completed and presented as
above provided. IL shall be the duty or
the Council TO specify TO what purposes,
within the use OF each department. the
lump appropriation 10 the department
shall be applied. and may subdivide the
several appropriations 10 the departments
into two or more accounts, such as pay
roll account, expense account, construc-
ton account, or such other accounts as
the Council may deem Necessary or wise,
and such sums. as well as all appropria-
lions for special purposes. shall be crawn
out OF the Treasury as they are now
drawn. or as the Council shall hereafter
determine.
Each department shall confne its ex-
penditures on any account 20 the amount
fixed by the Council and these amounts
shall not be transferred or consolidated
without the consent OF the Board or RI
nance. After the Sist day OF December OF
each year all unexpended appropriations
shall stand cancelled, except as 10 the
bills which the Auditor Is shove autho-
rized TO pay. and all payments made du-
ring the succeeding year on uncompleted
contracts shall be from appropriations
made for that year.
TO- The salaries or any other compehsa-
tiOn paid TO any officer OF employee elect
ed or appointed for any specifed term
10 any clerk in any department OF the ciiy'
TO The memoers OF che Police and fire de-
partments. shall not De increased except
by the approval Of both the Board OF r.
nance and the two branches OF the cry
Council; but they may be diminished only
by the vote Of said two branches OF lle
Council except that the pay TO members
Of the Fire Department shall not DC
diminished except by the Board of FIRE
Commissioners. The wages or coinpehSd-
ton paid all mechanics. workmen. or
laborers I'm the different departments shail
be determined from time 10 time by the
City Council.
PROVIDE AN INTEREST FUND.
II. The Board Of Finance shall set apart
and appropriate annually from the ac-
crung revenues of the city a sum suIl
oient TO pay the interest for the current
year on the city debt existing at the com
mencement of this act. and. annually III
addition thereto a sum not less than !
per centum per annum OF the present Guy
debt. The sums thus set apart shaii pe
applied TO the payment OF the ln'eIesI az
and the payment or purchase of the prlh-
cipal Of the existing debt, ana wnen no
part of the debt is redeemable the RESIDUE
OF the fund shall be invested IN the pohuS
OF the city Of Richmond, or OF the Stats
of virginia or Of the United states, anu
applied 10 the payment OF the present
debt of the city as it shall become oue
and redeemabe.
Whenever hereafter there shall be con-
tracted by the city any debt, not payable
within the next twelve months after us
contraction, there shall be Sc apart an
nually for thirty-four years, or uhtll tile
debt is paid. a sum sufficient 10 pay lhe
interest thereon for the year, ana an
40 G. m
than / per centum OF the aggregate Oh
all the debts so created. which sums shall
be applied or invested towards the pay
ment of the principal and interest oI
such debt or debts in the same manner
as hereinbefore provided for the present
existing debt of the city. The funds
hereinbefore mentioned and required TO
be set apart shall constitute and De
known as the sinking fund. The amounts
necessary for interest shall be applied
TO the payment of interest, and the two
reverses Of / per centum In addition, as
above required. shall be applied only
TO the payment of that portion or the
principal of the debt for which II Is
per centum additional resulting from the
issue thereafter of bonds of one year be
applied TO the redemption OF BONDS is
sued in any other year. and all accounts
shall be so kept as to show such applica-
ton. ,e.
THE SINKING-FUND ACCOUNTS
- The amounts required in the pre-
ceding section TO be appropriated LOT All,
terest and redemption shall De deposlteu
TO the credit of the sinking tund, as
follows: During the month OF Deceih .'sl
of each year the board shall instrucI the
Auditor to draw his warrant on the lrea-
sllrer for the amount of seml-annual III
terest due January LIST next, ana on nan
Of ! per centum of the total OF the p Dbl e,,
ed debt. and tlfe Treasurer shall check on
the general fund for such amounts, ana
deposit them TO the credit OF the slhk
Ing fund of the city OF Richmoho, anu
shall create two accounts, one IePLeA
senting the interest fund ana ahotnsf
the quota for redemption; and the lunus
of one account shall not be applied 10 tne
uses of the other. During the month
Of June of each year provision sii'i III IN
like manner be made for the deposit ana
payment of the semi-annual interest on
'b1iy 1st and for the deposit OF the other
one half Of l per centum Tor redemption
purposes Warrants on the sinking fund
for interest shall be drawn by the Audl-
tor and countersigned by the President
OF the board, and the Treasurer shall
check on the fund in accordance with the
said warrants. Warrants for the redemp-
tion or purchase of the debt and for in
yestments shall be drawn by the Auditor,
and countersigned by the president OF
the board on the order Of the Board of
Finance, and paid by Treasurer's check.
DUTIES OF THE AUDITOR.
10. The City Auditor shall be the Gus
todian Of the investment securities OF the
sinking fund heretofore or hereafter re-
qured which shall stand in the name OF
the Finance Board of Richmond in trust
for the sinking fund, and shall collect
and deposit the interest thereon, ana
shall sell exchange, transfer. or other
wise dispose of the said securities, as
he may be authorized and instructed by
the Board of Finance, either for redemp-
ton or reinyestment purposes, ana shall
render TO The board monthly statements
of every transaction made under this
authority, together with an inventory or
all the securities in his hands, or
funds TO the credit OF the sinking fund.
The Auditor and the Treasurer shall con-
tinue TO keep such accounts and make
such reports as are now required. or may
hereafter be required by the ordinances
OF the city, and the Board of Finance
may require and make such regulations
such other accounts as they
may deem necessary or desirable. Until
the said Board of Finance shall make
other rules and regulations for the man
aRernent OF the money appropriated for
interest and redemption, and tor the man
asement Of the city debt and sinking
fund. the rules and regulations set out
i'm chapters IL and is and 10 of the CITY
Ordinances of 1885. ana any subsequent
amendments thereto. except as herein
otherwise provided, may be enforced py
said Beard of Finance.
a. Any Temporary Indebtedness con-
tracted by the board shall be paid out
of the current revenues of the year IL
which II is created, and II not so PAID,
shall be bonded. and paid as the other
bonded debt of the city. In the contract
ing OF any temporary debt the City Audi
TOR shall render such assistance as the
said board may require. The present
temporary Indebtedness of the city shall