The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1898-06-17
.$S,493,577.63
$1SS,9S7.41

OF the SCHOOL
district notes,
then provided
for by taxation,
which was. 49,. 1O7,OO0OO s295, 9S7. Al
Leaving the total net in
debtness of the city, on
December Ii, 1897. ......... Sc, 1877 64022
The last of the bonds now outstand
ing mature in 1889, and some of the
bonds become due every year until
1885; the largest amount maturing in
any one year being 1927, $780, in 1901
(Which are provided for in part by the
present sinking fund.-, the smallest
amount being $4,000, maturing in 1899,
and the average amount of the total
net Indebtedness maturing in each year
until 1910, being $76,134.29. Except for
the sinking fund already referred to,
!. no money has been set aside to meet
The city's debt.
sYsour committee recommend that the
city happily, each year, portion of its
current income to the payment of its
debts, and that the amount so applied
in each year shall not be less than the
prdceeds of tax of one-half of one
mill on the grand list. The new grand
list which will result from the reas-
sassment now being made will prob
ably be not less than $S0,000,000; so that
the amount raised by a tax of one-half
OF one mill would not be less than $40,-
00o, and should, for the next forty-two
wears, average much more.
Your committee recommend that so
much Of the debt as is not paid in the
81, c+o no 1-afundaH
TO give permanence to any plan for
retiring the debt, and to make it effect
i've. your committee think that action
by the legislature will be needed; and
they suggest that the city apply to the
general assembly, in 1899, for an act
providing as follows:
- That the floating Indebtedness of
the city shall be retired by an issue of
bonds.
2. That the present sinking fund be
transferred to the commission hereinaf-
ter mentioned, to be applied by it in
the manner provided when said fund
was created.
8. That the board of finance shall an
nually appropriate the proceeds of a
tax of not less than one-half of one
mill on the grand list, to be payable to
the sinking fund commission in Sep
TENDER; and that in making said APP
preparation said board shall take into
account the amount of bonds to ma
ture in the ensuing year. and shall
make said appropriation as much
greater than the proceeds of a tax of
one mill as in their judgment is con-
sistent with the welfare of the city.
4. That said commission shall apply
all available funds under it's control to
the payment of all city, town and
school district bonds, as they mature,
Investing and holding any unexpended
funds to pay bonds to mature subse-
quently.
S. The said commission, when it does
not have funds sufficient to meet bonds
maturing at given date, shall make
written request Of the controller to re-
fund such portion Of said bonds as
cannot be paid at maturity; and that
the controller shall have power after
said request has received the written
approval of the mayor, to issue new
bonds to refund those maturing as
aforesaid, on such terms as shall be
approved by the board of finance.
6. That there be new sinking fund
commission in said city, having three
members, to be appointed by the may
or and of those appointed first, one tc
serve for three years, one for six years
and one for nine years, and after the
first appointments the mayor shall ap-
point one member every three years
to serve for nine years; that all such
appointments shall be made from
no xxyf1o II hoI ~
less than ten years experience as di-
rectors, trustees or officers of national
or state banks Of savings banks in said
city; that no member Of said commits
sion shall be appointed to succeed him.
self; and that the mayor may fill va
cancies in said commission, for the un-
expired term.
In order to secure uniformity in the
city's practice in issuing bonds, to pre-
vent too large an amount of bonds
falling due in a given year, and tc
guard against the unnecessary issue OF
bonds, your committee recommend that
a form of an act authorizing the issue
of bonds by the city be prepared by
the corporation counsel, after confer
ence with the board of finance, which
form shall be followed in so far as
practicable in all subsequent acts; anG
that this form provide that all bonds
shall be issued under the direction OF
the board of finance, and that theil
proceeds shall not become available un-
til such proceeds have been regularly
appropriated by the board of finance
in the same manner as current income
Your committee also suggest that the
City would be protected against unnec'