Evening journal., 1908-07-03

turity but the interest from year 70 year.
and with the tax rate and assessed vaiua-
ton approximately the same, less money
is left out Of the yearly revenues for tho |
city's current needs by reason of the
increased interest payments. The bonded
Indebtedness OF the city Is now s.. .ssl. $50, |
the bonds maturing as follows
Fiscal year ending June 80. 1909 sS2.45o;
1910. s2s4. 400; 1911. s97. $50; 1912 SSl750. a,s
SIS 75o 1914 s107 $50; 1915 sios 900: 1916. sos.
200; 1917 sis65oo; 1915 slSs 7oo 1919 sls6 $50;
1920, sl5o.s5o; 1921, ss65oo 1922 silO 40: il-l.
sioa7Oo; 1924 si25. $50: 1925 sil4s5o: 1895 sil.-
o5o 1927. N4oo 900; 1928. Si67 600. 1929 $780, lo);
1880, si65, 500; 1881. ss6.7oo. 1882. s2isoo
"Of this total Indebtedness, $4,000 rep
resents water works bonds or sinking
fund bonds issued to pay on old water
works bonds.
1T will be noted that bonds aggregatins
S2S4, 400 viii fall due in the year 1910. this
amount representing $4,000 for water
works bonds, s5osOO for sinking fund bonds
and $500 on account OF old loan No. %
mo sinking fund has been provided for
the redemption Of these bonds, and II viii
therefore, be necessary 20 pay that
amount out Of the revenues for that year
or else issue other bonds for purposes Of
redemption. The sinking fund act which
was passed In 1855. and which had some
few amendments since that time. does
not as It's title would imply. provide any
sinking fund for the redemption Of bonds.
For many years, the provisions Of the act
were sufficient to take care Of the city's
bonded indebtedness but with the increase
In population and assessed valuation and
the variation Of the ratio between the tive
together with the increased number ard
cost OF municipal necessities. it is clearly
evident that some new provision should be
made by which maturing bonds may be
paid from a sinking fund.
I'm this connection 1 would suggest
that some provision be made by legisla-
tive enactment. II necessary, 10 cover the
expense Of paving streets other than from
the proceeds OF the sale Of bonds. Bonds
issued under the existing sinking fuad
acts TO secure money for street paving do
not mature until several years after tile
paving is entirely worn out and replaced,
and thereby future generations are called
upon to pay Indebtedness for which they
have nothing whatever to show. Another
reason for your consideration Of this mat
ter is that owners Of properties on unim-
proved streets pay considerable money
by way Of taxes for maturing bonds and
bond interest without receiving any bsne'
FITS Of the improved streets other than
the same benefits received by persons who
pay no taxes whatever. This matter SEEM
to be Of particular Importance because the
borrowing Of an amount sufficient ts
properly pave all the streets would carry
the city beyond it's debt limit within q
very short period OF time.
I'm this connection would suggest that
you carefully consider the suggestions ant
recommendations made by Auditor Glea
son in his report following the examina
ton Of the city's accounts, and that 70
agree upon some plan best suited 70 loca
conditions
ASSESSment for purposes OF taxation.
"In accordance with the provisions o
the referendum ordinance passed by th
Council during the year 10, It is the dut
OF the Council 70 present 70 the Legisia
ture which will convene IN January. 1sl
a memorial advocating the enactment q
a law providing a system Of assessmen
for taxation purposes similar to that j
force in the city Of New York. While tn
letter Of the ordinance will be compile
with by presenting such memorial to tn
General Assembly. the adoption Of a
equitable basis Of assessment Of real es
: tate is Of so much importance that
would suggest that II would be wise 20
the Council to give this matter full con
sideration and frame a bill for presenta
ton to the Legislature to the end that th
full letter and spirit Of the ordinance maj
be complied with.
Collection Of Taxes.
''The laws in force for the collection .
taxes are sufficient to secure paymen
but not within a proper period Of tint
The laws should be so amended that tn
taxes Of any particular year should a
be available for city purposes within 81
year from the time they became payaol'
The laws IN force provide a discount Z
five per cent. on taxes paid during IN
month Of July; the face Of the bill
paid in August; and five per cent. penat
II paid after August There Is no II
ducement for a taxable who has failed
pay in July or August thereafter to SCI
tie his account untn forced to do so. a
only I'VE per cent. is added TO the amour
of his bill even though his taxes renal
unpaid for three or four years. and It IS
good financial proposition for him. wit
money worth six per cent. per anuum'
let his taxes remain unpaid. Addition
penalties would tend TO cause earlier pa!
ments.
'The law in force requires the collecto
to sell personal property Of the delindue
. taxable before resorting 10 the real esta
! taxed. but no provision IS made settlr
forth the method Of attaching the pc
sonal property or its sale. The law shou
} be so amended that the collectors cou
proceed to collect the taxes by sale OF q
real estate taxed and provision should
made that where the real estate failed
bring the amount OF the taxes and COS
it could be bought in by the city. az
thus taken of the tax lists Such a prov
sion is highly desirable in the case
unshapely lots. or lots that cannot
improved to a commercial advantage. 1T
interests Of the taxable could be suf
GENTLY provided for by allowing -easoi
able time for redemption Of the real esta
sold. I would therefore urge that you tai
such action as will bring this matter b
fore the next General Assembly, as ol
present delinquent taxes are in excess
500 900, and the amount is steadily gro'
/, ing by reason Of the present coilecti'
+, laws.
! Revenue From Licenses.
kn e