The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1900-06-19

section 1.-The Mayor. { the Chairman
OF the Board Of Aldermen, and the Presi-
dent Of the Common Council shall be a
committee TO be called the committee on
sinking fund and reduction Of the city
debt, and all monies and securieties In
their possession or TO their credit shall
constitute the sinking fund OF the City Of
Portland. All property, monies, or So
curities now in the sinking fund or
standing 30 the credit OF the committees
transferred to the committee hereby
created and become part of said sinking
fund
sect. s.-AlI balances OF money unap-
propriatsd remaining In the treasury at
the end OF any financial year, all exoesses
of income over the original estimated In
come, except In the case OF sewer assess
ments, fees and fines recovered for the
use OF the city, receipts on account of in
terest, rents and support OF the poor, all
balances of appropriations original or BY
remaining ON the books of the
auditors, all receipts for premiums on
city notes or bonds issued, all receipts In
money for the sale of any real estate Of
any DESCRIPTION now belonging to or
which may hereafter belong to the city,
excepting the sale of burial lots in the
c smeteriessof the city and land sold from
the poor farm, all receipts on account OF
the principal sum OF any stock, bonds, or
ter be owned by the city all receipts in
the nature of trust funds ON which the
city is liable to pay interest only, and al
so the annual tax, such sum as the city
council of each year shall fix and deter
mine, not less than one per cent of the
then existing city liabilities shall be, and
the same is hereby appropriated to be
added annually to said sinking fund.
Sect. sit shall be the duty of the
treasurer annually to transfer to the ac-
count of the sinking fund all receipts and
the proceeds from all the sources mem
toned in the preceding section, and 1t
shall be the duty of the auditor to pass to
the credit of the sinking fund all sums so
transacted and said sums shall be used
for tho purchase Of the capital of the city
debt and for no other purpose except as
hereinafter stated.
Sect At shall be the duty Of said
committee to invest the money In the
sinking fund In the outstanding bonds of
the city of Portland when the same can
be obtained at fair price and when
these are not washable 1t shall be the
duty of said committee TO invest said
money in such stocks and bonds as are
legal for savings banks Investments in
the state of Maine, and 1t shall be their
duty to keep on deposit ut interest in
such reliable national banks or trust
companies In the city of Portland as they
may by vote determine all money in the
sinking fund not invested as aforesaid,
but said sum shall at no time exceed
twenty thousand dollars, except as here
matter specified.
Sect. 5.-The city treasurer shall be ex-
officio treasurer OF said committee, shall
deposit and invest all monies and con-
form TO all orders in writing in this re-
spect which shall be made and signed by
all the members of said committee, and
he shall be responsible on his official bond
to the city for the safe keeping of the Sc
curities in the sinking fund and the faith
full compliance with all orders aforesaid.
Sect. 6.-The fetal income from the
sinking fund shall be annually paid to
the city treasurer and shall be used by
him for the payment of the interest on
the city debt and for no other purpose
until said interest is fully paid.
Sect. 7.-Whenever any issue OF the
bonds of the city of Portland shall mature
and the total indebtedness of said city IN
Guiding said issue shall exceed five per
cent of the last assessed valuation of said
city, 1t shall be the duty OF said commit
tee to convert into money, In such man
ner AS they shall by vote determine
sufficient OF the sureties in the sinking
fund to redeem such part of said matured
bonds as are "a liability of the city to an
amount above five per cent of the last AS
sessed valuation of the city. Said money
shall be paid to the city treasurer and 1t
deem said bonds and for no other pur-
pose.
Sect. S.-The city council may by order
direct said committee to convert into cash
and pay to the treasurer an amount in
excess of that provided in the preceding
section for the purpose of redeeming city
of Portland bonds that have matured, or
are about to mature but for no other pur-
pose, and money SO received by the city
treasurer shall be used for no other pur-
pose than is herein specified.
Sect. 9.-The city auditor shall b ex-
officio clerk of said committee, shall
keep a record in book kept for that pur-
pose of all the proceedings Of said COM
mittee also a record of all securities and
money in the sinking fund, and the mar
ket value rate of interest, date OF maturt-
ty, and price paid for each of said securi-
ties. said book shall at all times be open
to inspection by any member Of the city
government. Ii shall be the duty Of the
city auditor to report to the city council
the amount of money in the
sinking fund uninvested exceeds twenty
Thousand dollars.
Sect l0.-An ordinances or parts Of or
dinanees inconsistent herewith are here
by repealed.
Mr.. Woodside said that at the present
time there is an ordinance entitled
sinking fund.-" but the Sinking fund"
is not mentioned In the ordinance except
ing in the title. The result is that when
we are discussing the sinking fund some
of our best lawyers maintain that this
money is not in the sinking fund and W,
have no sinking fund. Some Of the best
lawyers in the city claim that the city
has no sinking fund, but / believe that
the city council intended to establish
sinking fund ana that 1t is legally such.
In the ordinance the committee is called
a committee en- sinking fund and ON re-
duction OF the city debt. thus determin-
ing the character of this fund. This or
dlnance in its first section does not differ
from the existing ordinance.
The second section of this ordinance pro-
vides for the transfer Of trust funds at the
of the year instead of the
end.
The third section provi des that this
money which now lies idle shall be in
vested in securities which are legal for.