Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1902-04-15
COMMON COUNCIL

| At an adjourned meeting OF the Common
Council of the city Of AlexandTis, Va, helC
April IA, 1902, there were present:
f. J. Paff, esq., President, and Messrs
Trimyer, Burke, Snowden. Fisher, Normoyle
Baader, Bryan, johnson, McLuen, Lead
beaten, and Spinks.
The Finance Committee submitted the fol
lowing opinion OF the Corporation Attorney
Alexandria. Va, April 10, 1902.
Albert Bryan. Esq, Chsirman OF Finance
Committee, Alexandria, Va:
Ny Desr sir.-Some question having beer
raised at the last meeting Of the City Council
In reference to the bill which recently passed
the General Assembly OF this State to author.
lie the City Council of Alexandris to issue
"Public Improvement Bonds" to the amount
OF S50,0O0 for the purpose Of making street
and FEWER Improvements, Ia this city, and for
the purpose of improving the CITY gas works,
beg leave to submit the following:
Section 1899 OF the Code Of Virginia Of
1897, provides thatli shall not be lawful for
any city or town to create, at any time, an
Indebtedness In excess of seventeen per cent.
Of the asa essed value, under the State Assess
ment laws, of its real and fifteen per cent OF
its personal property; provided, that this
section shall not apply to any city or town
whose charter already determines the limit Of
aggregate indebtedness allowed to be created
by It, excep. tie town OF Dsnville.
As the CHARTER Of his city does not deter
mine the limit Of aggregate Indebtedness al.
lowed to be created By il, that portion OF this
section contained in tho proviso does not, in
any way, affect the city OF Alexandra.
as to the first portion Of this section en-
close herewith full itemized statement of
the assessed value under the State assess.
ment laws Of the real and personal propertV
in this city. This statement shows that the
total assessment of the real property amounts
to 3,943,6 dollars, and the total sssess-
ment of personal property amounts TO 81 $685.
693. 80, making total assessment OF both
kinds Of property. amounting to $780,
253.89.
Taking seventeen per cent. of the assessed
value OF the real property and fifteen per
cent. of the assessed vslue Of the personsl
property, 1t will be shown that the total
amount Of bonded indebtedness. which this
city, by this sec 100 81 the code, is allowed to
create, is S949, 2O929. The total bonded
indebtedness Of the city at the present time
is $79S, 300, which would leave margin OF
S150,9O9.2S, as the smount Of Indebtedness
which the city may lawfully create.
The question has also been suggested as to
the right OF the city OF Alexandra TO Issue
these bonds on account Of ga alleged agree.
ment with the holde. OF the bonds Of the
issue of 1879.
The only restriction ss to the Issue of bonds
By the City Council OF Alexandris lie con.
tanned in the Acts of Assembly which su-
thorize the city Of Alexandria to com promise
its debt, and TO Issue bonds, etc (Aets OF
1889, page 1881, and in this act it is pro.
yided, at section Z, that the City Council Of
Alexandra should have no power to increase
its debt beyond the amount Of debt existing
at that time. At that time the debt OF tnis
city amounted to II OBJ 900.
1t will be seen from the figures given that
since the year Of 1879 the indebtedness OF
the city has been decreased to tho extent of
s222, 700.
Ny attention hiss also been called to the
fact that there is a typographical error in line
3 of Section of the bill recently passed By
the stare Legislature to provide for the issu-
znce Of these bonds.
This section provides Shat the funds de-
rived from the sale of said bonds shall be de.
posted in the City Treasury as separate and
J oecisl fund, which shall be known and STYLED
IS the "Poblic Investment Fund" and which
fand snail be used only for street and se yer
improvements, sud for improving the city gas
works."