The times. [volume] (Richmond, Va.) 1890-1903, 1902-11-13

the water works, and shall be signed by
The chairman thereof
Fourth. In the year 1908 and every year
thereafter for eleven years. or until all
Of the bonds authorized by this ordinance
have matured or have been redeemed, the
Auditor shall, not later than July 1st OF
each year. out of the receipts Of the
water works place to the credit OF re-
demption twenty-six thousand, seven
hundred and ninety-eight dollars and
thirteen cents. and to the credit Of in
terest fourteen thousand. one hundred
and seventy-fve dollars. which two
amounts, aggregatins annually forty
thousand, nine hundred and seventy
three dollars and thirteen cents, shall be
for the payments of the interest on and
for the redemption at maturity OF the
bonds authorized by this ordinance: and
the said interest and redemption &C
counts shall be separate and distinct
from the interest and redemption account
of the present existing bonded debt Of
the city.
credit Of interest and redemption,
as provided in section four. shall
be deposited to the credit of the commits
sioners of the sinking fund in two sepa-
rate accounts and shall be by them dis
bursed for the payment of the interest
on bonds herein authorized to the amount
of the interest account, and for the in
vestment or redemption to the amount OF
the redemption account, but for the re-
demption of the bonds herein authorized
only. The entire redemption account shall
remain on deposit or invested, and the In
terest thereon reinyested until 1916 or
until the bonds herein authorized shall
have matured. Any securities purchased
for he redemption account herein Gre
ateG shall be held and treated and ac-
counted for separately and solely for
the redemption Of the bonds herein au-
tEorized.
Six. This ordinance shall be in force
from and after its passage.
JOINT RESOLUTION.
Be it resolved by the Council Of the city
OF Richmond, the Board of Aldermen con-
curing, That the Committee on Finance
be and is hereby instructed to include IN
the annual appropriation for the year
1865 the sum of seventy thousand dollars
for the erection of q. stand pipe in the
West End. in accordance with the plans
for the improvement Of the water works
submitted by the superintendent and fur
therance OF the provisions Of an ordinance
entitled an ordinance to authorize the
ISSUE. and provide for the redemption OF
bonds for the improvement OF the water
works.
After the clerk had read the ordinance
Mr. Gordon explained at some length the
advantages Of twelve year issue, show
ing by figures the exact amount the city
would have to provide each year to pay
interest. He strongly favored the plan.
closing his remarks by calling upon his
fellow members for their opinion.
MINORITY REPORT
Mr.. Crenshaw submitted the following
as a minority report Of the subcommittee:
The Joint Committee on Finance and
Water to whom was referred the pros
blem OF recommending plan by which
to raise $3.50, goo for the purposes OF sup
plying the city with clear water and an
additional sum to build stand pipe or
other method for supplying water In the
western part of the city, beg leave to re-.
commend the following:
That a special assessment OF 70 cents
on the 1900 Of value real and personal
property in the city be levied annually
for two years, and that the remainder
OF the amount needed be appropriated
out Of the annual revenues of the city
After this was read there was some
l;ttle debate and it appeared that the
committees were opposed to it. Mr.
Crcnshaw withdrew the report and sup-
ported the ordinance offered by Mr.
Gordon.
Mr.. Allen offered an amendment to
the Gordon ordinance making the bonds
payable In thirty-three years. He made
a lengthy argument IN favor Of the
III
President Turpin followed with short
talk IN favor OF the plan proposed by
the subcommittee, and the debate finally
resolved itself !nto9a sort OF general dis
A1essrs. Gordon and Allen taxi