The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-01-14

would have the authority to issue bonds TO IN W
As above mentioned, the Baker bonds Of T.
tain nothing in the ordinance authorizing ,is1is'a y
that would prevent the city of Houston from d;ar SO
i basrd on the present taxable val', I'm uiminhhs
lew made sufficient to pay the Interest rsVYlds
sinking fund sufficient to redeem them at ms. a ppn
Smith bonds were issued by virtue Of an o,d;unN
on June q 1888, but at the time of the passa as IL
nance there general State law which psyo ats \
Houston the power to diminish tax leves so ss ~. "A
same the taxable values of the property of Inv od4
law was passed in 1887 and was in force al N ~
ordinance OF June 1888, authorizing the t.. ass
Sf,oo3o 600 passed and the ordinance then lsae
would be subject TO the general law giving ~ ~
power to diminish the levy to adjust t6e q
present taxable valuation meh
The State law relating to the power TO dinir;s,
will be found in Saylcs Statutes, Art. OH ,vbI Ne
lows The bonds as herein authorized to be s9
exchanged sold from time to time and Ia s,tu "a
as can be procured of the old bonds by prrc5 a any
change Whenever any bonds shall be issued ~
commissioners court or council Of such CITY nr ny
levy upon the last assessment OF the properly for @
or town, as the may be tax sufficient h ~
terest and sinking fund OF not less than ne, 1 Y
such bonds The levied shall remain a. ,l w
that purposc until new levy may be made s "e IN
pose provided, that such commissioners co,rt .pa
NAV from time TO time increase or dinine ~, VI "a
TO adjust the TO the taxable values of the ~. ~
the county city town, and the amount Ia H. Sqq
provided. further, that the amount shall not al srsa
reduced that it will not raise amount sif5c;gp
the annual interest and sinking fund on all the br
or exchanged undcr the provisions hereof" a
Considering thar there IS no present sinking mn
hand 10 be applied to the Smith and Baker bonds WI
one would have to be provided of such an arn6
laid aside each year sufficient to redeem them for h,
which they 6aye yer 70 run ana also to pay the aln
would have 90 provide for a sum amounting ~ ~ ~
each year to meet these requirements aud TO d. 81
on our present iaIae valuation OF S27534,a7i, Il u
require an annual levy or 72-loo OF per cent ns NJ
! entire / per cent levy that is made This w@Ss
out OF the per cent leFy 20 100 OF per cent that
be used Tor the purpose OF ISSUING more bonds which
enable the city to issue bonds, based orr prescn, l.
valuation 10 {9e amount o.. 100000. SO that we ke
the city should TAN Tor any reason M retundng ii, u
! a ~
the power 10 issue Dohas auicieht TO meet all the m
demands
as 20 'nf qUeS ass y,a G, I al nolston sine
ordinance Oh JGnf - 900 we ma nothing IN the lN
the language OF inc 5eVy IN each ordinance authorizing
issuance OF ilc uoIlus' tNa' would prevent the city n
lesSemIg 'nc -eVy aGeo.Gs 10 VIC increase N tae Sa
OF taNa6'e property IN inc CITY or Ii0uSloH We have a
set orth the state Ia" giving 'ne Guy the power
AS the law was passed in 1887 and the first bond \
since sad ordinance was not unu 1904 you will SCI I
me III" was il tngol ulus an ll' uiHe INC bonds we'd
existence ana Wouii govern. 'heiIl. anyhow, in the a
nances authorizing the issuance OF the bonds We find \
llE may YOU'D ne I"c cly up 10 H;ahc fHed leYy BY
providing sinking fund sufficient to redeem them "a
tlIiy' Is a9lN3'leI 10 ''ahe " le'y q" certain pei
these purposes The ordinances providing for the lss
all the bonds ISSUED since June T. 1853 are eondna
about the same language TO the eucGt above noticed
CITY council tHc" IN reference 70 lne oonds ISSUED 4
June 1850 mas the IlkuI 70 HIun'an le speca!
PROVIDED Tor IN lncse 9oha ordinances ana DaSe az
upon inc present laMdOe ySualoh OF me cty' NaKi
.
ID masking ms CALCULATION we nave dceInea II Adv
/ 10 make INC amount suhSleit 10 reueem the qonN
. tHrV begn WIN me hFst OF January i9oz' f% nsrj
take inc SSHool pul'"lS "otiuS u5leu Nay ! 1875
mature n ihry years from ileir dale instead Of al
tor sinking iuua ual %ould nave redeemed tae Hla
lIP Years we nave laut our calCu!''on on smklls
sHeict 20 Ieueeih 'hC bonus III t"SIly-two Yeas n
years Oh the PERIOD III me Donus WIN nave 70 nun ~
on lN l'NN ny 'IIS netlou oi td'09ldtIon us y
"nu "oCIa on course oc SIcdtS ana INC eNy woua y
greater thah II would II we had PROVIDED smKns
oaSeu on lhc "rlE'u6 PGrlou loI winch lc poIs w
run NiIer Naleiu CdICud'ioh VIC nave indue h' y
1 ing changes ~ ihe ieNlGs' lo-"lt,
H'noo' bNalnS oohua $tooo"o. udl'a May iosh III
levy Oh per cent ulinl'9ieu 70 ~ VI pst IA
oTdge bonds $4,000 dated May D. 1890, speesl w
i-z5 zol per Itht diminished - 90 OF lP9 el
heIuhahs bonds Sio9'ooo dalco January ], iea VI
levy OF ~ OF PeT cent ulinllsneu 10 ~ "
Fayng ana sewerage bonds $4,000 aate9 J uyh
SPECIAL levy OF l-l2 OF per cent diminished 10 ny
per cent
/ huldlng bonds, $4,000, datcd december Z loN ~
IeVy OF i-59 OF per cent dmnlshG' 70 10 Oh ~
NeinnulNE Ponds 9oo'oP2 9ate4 January = 10y. w.,
levy o. Ilo OF per cent dlmlnshed 10 40 ~ III
FaNInG and sewerage bonds SIooooo ui i l w!
special levy OF 100 OF per cent aimihlsNeu " ~
per cent - 1,,-
'aNHs ald sewerage pohus' 9Io"ooo, uetfe M
1900 spe"" levy OIL $50 OF per cent ulHllsn'u y"
/ per cent t3s
AS to the balance OF the bonds we ma mar NJ
apoul as Sm' as tney can be maze anu "a ord
""n" INC spTcla lcNes PROVIDED ior n iHe q, oV j, N
"C-oIl@IHS tIeII issuance 10 stand az va, w b.nSs
as oihlnIshGo above ana those WhIch arc NV tii x n
aHacu to&Cihcr and the result taken rom Ces
cent "Gch Is the unit that the city mas lell y "a