Daily capital journal. (Salem, Or.) 1896-1899, 1899-03-01
sALEM's NEW CHARTER.

I Its Provisions Touching Indebtedness ana
nds-Amendments by Legislature.
/ As there Is much interest taken 10
the provisions OF the new charter,
touching the financial affairs OF the
city, THE JOURNAL gives below the
sections bearing on the tax levy and
the Issuing Of bonds.
/ ln section 9, subdivision 3, IL Is
proved that:
"On or before December 81 OF each
year the council shall make an esti-
mate % the expense for the ensuing
year the council shall, by ordinance,
estimate and declare the necessary
amount Of money to be raised by gen
eral taxes and shall levy the necessary
amount thereof, or which levy shall
not In any case exceed the sun Of ten
mills The council may at
Us discretion, levy, nos 10 exceed a
| i've mill tax on the dollar, for the
purpose OF paying the present city in.
debt e1ness, at the same time that the
annual levy Is made. which levy shall
be certified TO by the city recorder, TO
the city clerk of Marion county,
and the same shall be collected by the
OH Ger who collects the county tax,
and said city treasurer shall
keep said money Ia a separate fund
Tor the payment Of Indebtedness
against the city OF Salem at the time
OF the passage Of this act, the same 20
be paid out upon said Indebtedness.
aud for 40 other purpose, at the order
Of the city council"
10 may be said that Mayor Bishop
expressed himself as inclined 10 give
the city the benefit Of the aboye pre-
vision, so far as possible, In dealing
with the debt problem.
Section %, bearing on new Indebted
n,ss and the manner Of dealing with
the old, and Including the bonding
provision, Is as follows:
section %. The common council
shall not In any manner create any
de0t or liability provided, at the end
ot each year an estimate shall be
made OF the actual revenues To be de.
rived from all sources From the to
tai Of that estimate the total of hxed
charges shall be deducted and the
disbursements Of the city council
shall be restricted 10 the balance. No
debt shalt he contracted In excess "
the estimated revenue, except that Ia
acase Of an emergency or Unforeseen
calamity the council may call an elec-
tion 10 determine whether the city
shall incur an Indebtedness To meet
such an emergency ur calamity, and .
upon two-thitds of the qualified B
voters voting az such election being |
Ia favor OF authorizing the council 20 /
incur the proposed Indebtedness, they 7
may then contract the same; but said /.
Indebtedness shall not exceed the .
sum ot $4,000 II the coun /
cil shali vote 10 incur Indebtedness In /
excess ot the amount estimated or .
authorized by the election aforesaid. /
any member voting for II shall upon
lflal' aud conYicuon, therefor be
deemed guilty ufa miSdemtannr and
shall he punished by hne OF uot less
than slO0 or more than $500, shall for
teit MS oillce as councilman; provided.
that the council may aud is hereby
authorized 10 fund at any time the
present hoat,ug debt at lower rate
ot Interest 10 parties seektug, such in.
NeslmeoL by taking up the present
outstanding warrants now drawing
; per cent Interest aud issuing ia lieu
thefcot warrants not tl exceed i've
aud a halt per cent interest or bonds
payable on oF before 10 years and a.
rate ot Interest no, exceeding four
aud a bali pc, cen, ora part OF each
As the council mal deem best.
Provided, however that the com.
mon council shall aot have power 10
issue ANY bond or honds, as In This
section provided, untn atan election
called 10y said couOcil tor that our.
pose the majority OF the taxpayers.
paylug Tax upon property Ia said ci.y,
voting al said election, vote la favor
'f Ooodlng. said council shall give
~ least 10 days notice of said election
such notice shall be given by publisl.
ug the same Ia some newspaper AZ
general circulation 10 The ely al N. |
em, aud oy Pos,iug said notice IN
.eree public plaos Ia said city
M ssAnuass s.., "a sss S.s,,, 49,.