The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-11-01
.BLOOM.BER R
WILL FIGHT
Bond Issue Before Council
Tomorrow Night.
BIG BATTLE is EXPECTED

General Anderson and Mr. Pollock 10
M Contend tor Mccarthy Plan-Ths
hi Schedule Of Municipal Conn
nl.tee Meetings.
Monday-Comm Council, 1880 p. NJ,
Committee on Cemeteries, 5fP. NJ: Com
rnlttee on Light, s p. NJ: committee on
Health. P. NJ. d
Tuesday-co Committee on Markets, 1880 r. d
Nj; Committee on james River Improve.
ments. 8 Pm.
The above Is the schedule for municipal
meetings at the City Hall during the
first of the coming week. The matter OF
chief public interest will be the settling
OF the bond issue fight before tho Council
Tomorrow night. Mr.. Crenshaw and
majority OF his colleagues on tho Finance
Committee will push the plan recommend
cd by tho committee and Mr. Pollock or
General Anderson will offer tho Mccarthy
plan as assubstitute. and great light is
expect led.
Mr. Sol. H. Bloomberg president of the
Council. and member of the Board OF
Sinking Fund Commissioners, who has
from the first vigorously opposed all OF
the plans proposed for the purpose OF rs-
funding the bonds due In January. 1901.
when asked by n Times- Dispatch reporter
as to his present position In tho matter,
stated that he had alawys opposed tho
Mccarthy plan, because 1t provided for
No. III Is,
the city, more money than could be spared
for the purpose. and that thereby many
desirable. rs well az necessary Improve
mcnts would OF necessity be longer de-
layed, II not prevented for years. until
the sinking fund was made whole as pro-
posed by this plan.
He had voted for tho Crenshaw plan
in committee, because 1t left n little moro
margin for improvements but 1t did not
go far enough In that direction and he
gave notice to tho committee that he re-
served tho right to oppose the same In
the Council, which he proposes to do. be-
Ing satisfied with neither the policy nor
the form OF the Crenghaw plan. which
will be reported by the committee. When
asked II he had prepared plan to DO
offered in the Council. and II he would
give tho same for publication, Mr.. Bloom
borg replied that he had prepared an or
dinance which he would ofYer as a gubsti-
tute for the pending one and as that
had been published. he had no objection
to the publication OF his proposed ordl-
nance. but would prefer It so that the
members Of ths Council would have an
opportunity OF studying It.
THE PLAN IN FULL.
The following Is a copy OF tho paper
which President Rloomberg viii offer
In the Council Monday night:
Whereas. tbs Council OF tho city Of
Rchm ond has authorized tho Issuance OF
bonds amounting In the aggregate to
M.7a5. which said bonds bear interest at
the rate OF six per centun per annum.
and mature and are redeemable on the
first day OF January. 1904; and
Whereas. the City Council, for the pur-
pose of redoemlng tho bonds OF the city.
has. during the past seven years. placed
into the sinking fund out OF its current
revenues tho sum of i74l.0sl.74. which
with accumulations will amount on Jan
uary 1at to S798. 80. OF which amount
the aum OF $3.50 Isl available. under the
opinion of the City Attorney and tho cal
cuation made In pursuance thereof by
tho special accountant for the purpose
OF redeeming bonds maturing In January.
laD4; and
Whereas Notwithstanding tho fact that
prior to tho past seven years the sinking
fund had not been properly maintained.
the bonds OF tho city are now, and have
for long time. been selling above par
md at premium, which premium, under
the law. must DO placed in the sinking
fund: and
Whereas. the requirements OF a grow
Ing city arc such us to render It unwise
to take annually out Of the current rev.
onues more money for the purpose OF re-
demption than Is lawfully and morally
tn q eno a 4
arc actually required for the purpose OF
redeeming such bonds as are maturing
over and above the sinking fund quota
for redemption; therefore, be 1t ordained
BY the Council OF the city OF Richmond:
/. That the Auditor OF said city be-
and he is hereby, INSTRUCTED to Issue rog-
istered bonds OF the city of Richmond to
the amount OF $50. 900. which said bonds
shall bear interest at tho rate OF four
per cen um pcr nnnum. and shall be re-
deemable thirty-four years from the flrst
day Of December, 1903.
IN CHARGE OF COMMITTEE.
2. That tho Committee on Finance DO
empowered to supervise the Issuance OF
said bonds, and to dispose thereof In such
manner and at such times as they may
deem best for the interests OF the city.
70 That all Of the proceeds Including
the premiums and accrued Interest result
ms from tho sale of said bonds, shall be
placed to tho credit or the slhkiHk iuHu
for the purpose OF redeeming the bonds
Of the city maturing in January. 1904, and
should there be any excess after. such
redemption, tho same shall be applied to
the redemption OF those bonds next ma
turing. f
d That the Board of Sinking Fund Com
mIssioners are hereby directed to apply
said proceeds. az well MS tho quota OF
,es, $50 on hand for the purpose of redeem
ing the aforesaid bonds maturing in jan
uary. 1904.
s That the sinking fund quota Of the
city for tho redemption OF the bonds -
sued hereunder shah commence. ana tns
frst payment thereon shall 3be made by
tho Auditor on January l. 1901, and shall
be at the rate OF one and a half per
centum per annum. payable semi nnt o.,
In advance for thirty-four years: me
amounts so paid shall be deposited 70 mo
credit OF ths Commissioners of the SINK
tn, E,npa nnd shall in n ccordanCe With