The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-03
LARGE ISSUE 0
BONDS PROPOSED.
Ordinance Introduced for Sale Of
$4,000 Of Four Per Cent.
Securities.
10 MEET ANNEXATION TERMS
Money Required to Pay Portion
OF Debt and Improve Suburban
Section.

2 = r =
At the suggestion OF Mayor Mccarthy,
mn ordinance prepared under his instruc-
lions was introduced in tic Common
Council last night providing for an issue
OF $4,000 OF registered or convertible
coupon bonds, dated january 1907. and
to run thirty-four years, and bearing
interest at the rate of per ccntum.
The money to be derived from this
issue OF bonds Is to be devoted to specific
purposes set out In the ordinance. These
Include the payment for tho public
schoohouses and other county property
inquired. and for the payment OF the
portion OF the connty's debt assumed by
the city under the terms OF annexation.
OF the total amount derived from the
bond issue. the sum OF s426,3St is to be
set aside to meet expenditures for i'm
provements within the new territory.
such sum being 12 per cent Of assessed
valuation OF the ls>~,5 annexed Plus the
sum required to pay for the properly
and the proportion OF debt assumed Tho
ordinance will be pissed Mt the regular
meeting of the Council next Monday.
Session in Detail.
AS soon as the Council got down 70
work tho call for the meeting was READ.
Thereupon a communication IN the toIH'
Mayor was read, and II moment later t
was offered by Councilman Cannon and
passed without dissent.
This 1oint resolution, stripped OF Its
legal verbiagc, directs the Finance COM
niittee to note some provision Tor the re-
imbursen.cnt of the county of Henrico
OF the proportion of the debt of the county
which It Is proper for the city to assume
To provide for the payment to the
county for the school houses and other
public buildings acquired by the city
To recommend what should be the
system OF taxation and OF public improve
rnents within the annexed territory.
To ascertain and report what is <he
debt of the town Of Paramount which the
city must assume, and In what manner
this assumption shall be made.
The Ordinance Committee Is directed
to recommend whether the annexed ter
ritory should be organized into wards.
or attached to existing wards. and what
territory should be attached to existing
wards; what provision shall be made FOR
the transfer ofvoters within the annexed
territory or what new precincts II any,
should be established for their conven-
fence.
The Street Committee is instructed to
investigate and report. recommending
wat Increased force if any, is neces-
sury in the Engineers Department by
reason OF the necessity for plating the
annexed territory, and doing other work
therein: what grades should be estnb-
llshed on the streets and alleys OF the
new city territory, and what recommen-
dations. il any, they deem importantain
connection with the Improvement and de-
velopment of the new territory.
This was introduced under suspension
of the rules by Mr. Cannon and adopted,
as stated.
The Mayors Ordinance.
Mr.. Pollard, subchairman OF the FL
nance Committee, then under suspension
Of the rules. introduced a peramble and
ordinance, prepared by the Mayor, re-
Elating to an Issue of bonds, necessitated
by the terms of annexation. !seA|
The preamble recites the steps In an
nexation and the provision for setting
apart an amount equal to Il per cent of
assessed realty values OF the new terri
tory. after which the city tax rate be-
comes applicable. II states the assessed
value of realty annexed at sssio.25s. OF
which 12 per cent is sa72. Sa1. and. deduct
ing from this the debt of Paramount Of
$4,000. net amount of s426.331 remains.
To this must be added s32.s0O payment
to county for school property annexed
and 49, 1928, the proportion of the coun-
TVS debt which the city must assume,
making the total amount necessary to be
provided at once $i7S scoops.
Then follows the ordinance proper.
which instructs the Auditor to issue
$3.50, 900 OF 4 per cent, thirtyfo year
registered. or coupon convertible bonds,
the proceeds Of which are to be devoted
to paying the amounts for which the
city Is liable, and the remaining s426.331
to be set aside for the Improvement OF
the new territory. Provision Is made
for creating a sinking fund and interest
and redemption account, the same to be
devoted to meeting interest on bonds and
rcdeeming same from time to time. Tho
entire redemption account shall remain
on deposit or invested. and the interest
thereon reinvested until 1884, or5until the
bonds shall have matured lor7heen paid.
The ordinance was referred to the
Finance Committee which will consider
and report upon same at tho meeting OF
the Council next Monday night.
Mr.. Pollard also offered a Joint resolu-
ton relative to setting aside of 1886 to
be placed to the credit Of the sinking
fund for interest and redemption pur-
poses. This was referred to the Finance
Committee. The Council then adjourned. |
ANNUAL ADDRESS.
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