The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-09-28
The General Appropriation Ordinance
Also Passed After Slight
Amendments
LOAN OF $54, $50 AUTHORIZED
COMMITTEE HOLDS THAT THE DEBT
LIMIT HAS BEEN REACHED.
Opinion of City Attorney Kern Sent
to the Controller Not Consid-
cred by the Council.

At a special meeting of the Counc last
night the ordinance fixing the tax levy
for the city of indianapolis for the year
1902 at 80 cents was passed unanimously.
The committee on finance, TO which the or
dinance was referred at the last regular
meeting of the Council. recommended its
passage without amendment. and when
later il was called up for passage under
a suspension of the rules there was not
a dissenting vote recorded against its pass
age. The levy includes a 2-cent levy for
the firemen's and policemen's pension fund
and a 2-cent levy for the sinking fund.-.
At the request of Mayor Taggart and
Controller Dunn the committee on finance
amended the general appropriation ordi-
nance introduced at the last meeting by
adding to the appropriation for public
parks the amount of $3.50 for the mainte-
nance of McCarty place and $500 for the
maintenance of Highland place centers.
The amounts necessary for the mainte-
nance of these two places. were left out
of the original ordinance. The report of
the committee was adopted without dis
sent, and the ordinance was afterward
passed by the unanimous vote of the Coun-
ell. With the $50 added the appropria-
luis IOI lie ytdI lJu- dillOlll
The Council also passed the ordinance
authorizing the transfer of $500 from the
steam heating fund of the City Hospital TO
the gas fitting and electric lighting fund.
THE AMOUNT REDUCED.
The ordinance authorizing the city con-
troller to obtain temporary loans in anti
cipation of the city's revenues was amended
by the finance committee by reducing the
H. -z-- II g.. coo nao % eE4
$50. and was afterward passed under a sus-
pension of the rules by the unanimous vote
of the Council.
In recommending the amendment for a
lesser amount than had been asked for
by the city controller the committee on
finance was guided by a provision in the
city charter fixing the limit of the city's
indebtedness at 2 per cent. on the tax
able property. The city's taxable property
being $123, 753, O6O, it only has the ability to
borrow, under the 2 per cent. provision of
the charter, the amount of $2,475.O0. Ac-
cording to the figures submitted by the
committee the city now has a bonded in
debtedness of 1925, 200, to which must be
added $145 900 in the shape of temporary
loans, making the total amount borrowed
at the present time S2,420, 700. This amount
subtracted from the 81, AS 900 limited the
city's ability to borrow to the s54. $50 recon-
mended by the committee. When this sum
of money has been borrowed the city will
have reached its constitutional debt limit.
THE COMMITTEES REPORT.
The report which the committee on
finance submitted to the Council on the
temporary-loan ordinance was as follows:
Sections 80 and 81 of the city charter
read as follows: Section 80. The Common
Council shall have power TO borrow money
TO an amount not exceeding 2 per cent. of
the taxable property of such city. as the
same may appear on the tax duplicate of
such city for the year in which such loan
shall be effected: Provided, That the en-
tire money borrowed shall not at any time,
exceed 2 per cent. of the taxable property
of such city. Such loans may be made
only for the purpose of procuring money
to be used in the legitimate exercise of the
corporate powers of such city, and for the
payment of legitimate corporate debts
Section 32.-Temporary loans may be
authorized by ordinance of the Common
Council in anticipation of the revenue of
the city for the current and following year,
and payable within that period. but the ag-
gregate amount of such temporary loan in
any fiscal year shall not exceed the amount
of the city tax levy for the same year, Nc
of any current or succeeding year shall be
made until all temporary loans upon the
revenue of any preceding year shall have
been fully paid
Being guided by the above provisions
of the charter we find the limit of indebted
ness at , per cent. on taxable property
Gl23, 1853. O60) to me 81, AIS. 060. The city now
has a bonded debt of S2.275. 700; temporary
leans. $4,000; total amount borrowed, 81
420. 700: city's ability to borrow. $54, 800.
Operating under sections above quoted
$54, 800 being the limit of the city's ability
to borrow, We therefore recommend that
general order No. SO be amended by strik-
ing out the words and figures So. 900, and
inserting in lieu thereof the words and
figures S54.36O. and when so amended that
the ordinance do pass