The times. [volume] (Richmond, Va.) 1890-1903, 1897-10-15

inbefore provided for the present exist
ing debt OF the city. .,,,oa end
The funds hereinbefore mentioneu or. nno
required to be set apart snali conSt. ~,
| and be known as the sinking luhu. ne
amounts necessary for interest," snah ~
applied to the payment OF lntsIS,s'' AZ,
the two reserves Of per centum iIl dui'1
tlon. as above required. shall be apphen
only 10 the payment OF that portion OF
the principal OF the debt Tor wniSh u y
respectively reserved no, Eng fr,,n The
issue thereafter OF bonds OF enc yeSi
be applied TO the redemption 81 ponus
issued In any other year, ana az az
counts sh8ll be so kept as 10 sho" sue"
HOW DRAWN.
~ The amounts required IN the pieceu-
ing section TO be appropriated iVd =, ~ nc
] credit Of the sinking fund, as lViiowS,,
/ During the month of DeceinneI a St,o ,r
year the board shall instruct tne [roi's 90
/ 10 draw his warrant on the treasurer III
/ the amount Of semi-1nnudl interest oue
January LIST next and one-haiI on psi
centum of the total OF the oonleo o., ue nc
/ and the Treasurer shall cheek on thc
| general fund for such amounts anu u,
( post them to the credit OF the slnninh
fund of the city OF Richmond. ana sn ia.y
! create two accounts. one representing t I
interest fund and another the quota 10.
, redemption and the funds OF one account
/ shall not be applied TO the uses OF tne
! other. During the month OF june OF s"tIl
made for the deposit and payment Oh t t
semi-annual interest on July lst, ana LOT
| the deposit OF the other one-half oI Per
| centum for redemption purposes
Warrants on the sinking fund TOT III,
terest shall be drawn by the Auditor ana
| countersigned by the president OF me
| board and the Treasurer shall check Oh
the fund In accordance with the said war
! rants.
Warrants for the redemption or pur-
chase Of the debt and for investments
/ bof l.o Ixs ba Auditor and COflfl-
! tersigned by the president OF the boaru;
on the order Of the Board Of Finance, and
! pc.'H - Tr"eslirer',S, check :. a. ors-
! tOdian Of the investment securities or
the sinking fund heretofore or hereafter
required. which shall stand IN the name
/ OF the Finance Board or Richmond IN
| trust for the sinking fund. and shall coll
/ lect and deposit the interest thereon, ana
/ shall sell exchange. transfer or other
/ wise dispose Of the said securities as ne
/ may be authorized and Instructed by the
\ Board Of Finance. either for redemption
| or renvestment purposes and shall rem
I der 10 the board monthly statements or
I every transaction made under this author
| ity. together with an inventory Of all the
| securities In his hands. or funds 10 the
/ credit OF the sinking fund
The Auditor and the Treasurer shall
continue to keep such accounts ana 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 regulations concerning
such other accounts as they may deem
/ necessary or desirable.
| make other rules and regulations for the
management Of the money appropriated
! for Interest and redemption. and Tor the
management of the city debt and sinking
fund. the rules and regulations set out
I'm chapters II and IS and 10 OF the city
Ordinances Of 1855. and any subsequent
amendments thereto, except as herein
otherwise provided may be enforced by
said Board of Finance.
PRESENT INDEBTEDNESS.
II. Any temporary Indebtedness con-
tracted by the board shall be paid out
of the current revenues of the year IN
which ID is created. and IL 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 kddi-
tor shall render such assistance as the
said board may require. The present
temporary indebtedness Of the city shall
be paid as soon as practicable. and, II IT
be not fully and finally paid within two
years after the passage OF this act II
shall become, and be evidenced as, a part
Of the bonded debt of the city. unless at
that time the city shall have reached the
limit of its bonded debt
10. Whenever hereafter the city shall
desire to acquire any land for a park,
street, alley or for any public improve
ment, the city shall not be liable TO pay
any sum of sums which may be ascer-
the said board shall approve of the pay
ment of such sums and shall appropriate
money for such payment. Nothing in this
act is intended to restrict the City COun-
Gil i'm the power given TO II by the charter
to subscribe TO the stock or TO appropriate
money or loans for the benefit Of any
company incorporated for a work Of in
ternal Improvement or other purposes.
No claim made against the city for any
act of negligence by any city official or
employe, for any improper condition OF
any part of the city's property, nor for
any breach OF contract. shall be paid
without the approval Of said Board OF
Finance
is So much Of any statute as requires
the City Council to annually appropriate
to the Fire Department not less than
certain sum is hereby repealed.
The said board is hereby empowered 10
make from time to time by or with the
assistance of the secretary of the board,
such examinations into the books. papers.
contracts and accounts of the Fire, Police
and School Boards OF the city as II may
deem proper. The members of said
boards. as well as their respective clerks
or employees, are hereby required 10 fur
nsh 10 such accountant any information
he may desire for said Board Of Finance.
and respectively to submit TO II any pa
pers. books contracts or accounts per-
tanning or belonging to said Fire Police
or School Boards. respectively Any
member Of said Fire. Police and School
Boards who shall either by vote or act or
any emplOye of any one of said boards,
who shall by act. interfere with or i'm
pede any such examination. may be re-
moved by the Mayor. A member OF any
one OF said boards so removed shall not
be eligible for reelection for two years
and any emDlOye so removed shall hold no
appointment under any one Of said boards
for two years.
II. All acts or parts Of acts. far as
they conflict with the provisions Of this
act, are hereby repeaied.
MIR. MEREDITH EXPLAINS.
After Mr.. Meredith had completed the
reading of his paper he briefly gave an
outline Of IT, In drafting ihe act the
idea was that IL was desirable to sepa-
rate the power Of appropriating money
from the power Of spending money. II
would not be advisable 10 take members
Of the City Council and place them on the
Finance Board thereby making the du-
ties Of the other members so much
heavier The whole object was to keep
the expenses of the city within its re-
sources and place the necessary response
blities for the proper expenditure OF the
money In the Council.
At present the several committees al
ways hoped to receive an additional APP
preparation Of $4,000 or $4,000 in NOvem-
Der or December Of each year and there
fore did not restrict their expenses as
Z much as they would If they knew that
no additional money could be had. There
was only one other way in regulating the
expenses according 10 the resources. and
that was by taking from the Council the
power of spending money. and that