The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-04-25

AT a recent meeting OF the Board OF
Aldermen, Mr.. Dahney offered the fol-
lowing joint resolution, which was
adopted:
/. That the Committee on Finance be,
and they are hereby. instructed to in
auire into the desirability of submitting
to the qualified voters of the city OF
Richmond at the next general election
the question of the issuance OF bonds by
the city OF Richmond In pursuance of
section 1896 OF the Code Of Virginia.
1904, for any one or more of the follow
ing purposes:
ID For the enlargement Of the City
Water Works and tho capacity for pump
ing water into the reservoirs of the city.
(2) For the rehabilitation. enlarge
ment and proper equipment Of the City
Gas Works.
(3) For the establishment. constitute
tion and equipment OF n city electric
light plant on the site OF the old City
Water Works.
q That the said Committee on Finance
Is hereby directed and required to pro-
coed with such inquiry and investigation
as speedily as possible. and to report the
result OF their investigation and conclu-
sions In the premises to either branch OF
the Council and IL their conclusions be
favorable TO the issuance of bonds for
any one or more of the said purposes. to
accompany said report with an ordinance
or ordinances carrying out their recon-
mendations.
Section lO3sG OF the Code restricts the
bond issue OF cities and towns to IS per
cent. of the assessed valuation OF their
taxable real estate, with this proviso.
that in determining the limitation Of the
power Of city or town to incur indebt-
edne.s. there shall not be included the
following: Bonds authorized by an or
dinsnce enacted in accordance with sec
ton I.s OF the Constitution and approved
by the affirmative vote OF the majority
OF the qualified voters o. the city or town
yotnE upon tts question 0. thsir issc-
s-ce (. TIE general elsc-Ior 1sIt So
es.=dsar .-s a1sct-nat Q. tt4e o-aasoss,
CT =. q sye1zst .sa-1soa hest so- III. ssr--
.crss. Or u7saE = wax. " stt-e-
s-se-a1e 2z-s1s---zAs-ss .-t,- v-zzch ne city
81 zav1 Ear ae-sFs I -ers-sus- ~. .r--r
z--s1 st-.- ,s-sys II ~ determined ~
u. s-.,.1siZ, str a1o.s1sur Ere rear,
.-z-- --a .sso - sp-- s,is-et4r-l, waensye-
l-gs t.r ri rig II snr. a--os--skinE falls
= 1rssssr. r4t.s-ss-s -.rsu-e % psy tot
.-ss .ze- r -1-@-z-r- znd ad1yinEsr- s-i0r
e5--@a1-s-z l-re-@si -. o4-l3z .st72ea tne-e-
.sr. .re =. ....rs. Q. s-sa-aaoe against
soss ~ l-s-v = ,e-ss=.. % pro1@rtyJ..
ar q $3.50 z-rs-u- u se coTe-et
i--o fs1aog .-s6 r1Hs-teat u pa. al
or a=so-s maturity. al be-ds Issued On
account 0, SAD za4ertaaaz. al s1ch
bo.ds o2tstzas3ng snail II Insludsd IN
determining the Limitation o. ,hs pos'er
70 incur indebtedness. nn,sss ths p-trl-
cipa and interest b. made payable ex-
clusively from the receipts q the under
taking
1t is under this clause that the above
issue OF Richmond bonds Is proposed
The meaning of the provision as We un
derstand It, is that II the city should
issue bonds for the purposes named, II
would have five years within which to
demonstrate that the several undertake
inss were able to produce sufficient rev
snue to pay cost of operation. insurance,
interest on the bonds, and provide for a
sinking fund. II that could be shown
within the period named, these bonds
would not be included In the is per cent.
bond limit. II not, they would be sc
Included. In either event. however, the
issue would be debt upon the city, anG
the city would be responsible for tbs
interest.
Mayor Mccarthy said in his annua
message that under this provision III.
city had the right to issue bonds prac
Ideally without limit for the establishment
Of water works. gas works. electric ligh
plants, or any other productive works
Within the restrictions of the statut
the Mayors statement Is true. Purchas
0rs OF bonds are apt to take note OF i,
and IL II should be followed almost i'm
mediately by three issues OF bonds, a.
proposed. there can be no doubt tina
the credit of the city would be injured
u would be serious blunder, In on
opinion, for the city TO exceed the IS pc
cent. bond limit under any condition
Once begun, where will It end?
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Objection No