New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-10-26
VI

pevenue bonds issued in excess of the
,i,,i, permitted under the provisions of
the city charter 10 the extent of $780,
S52 SO we're outstanding and unpaid at
she end Of 1908 The money obtained
from the sale of these bonds was not
-eo,,ired 10 meet the cost of city govern
rert in that year. portion of the
rrrn was used TO cover up a shortage Of
SO 90 lST in the balance of cash that
shouId have come over from the pre-
,-ious wear. Another amount of S9,S31.-
~ was used 10 redeem old revenue
bonds from the sale of which the pre-
,-tous years money was obtained to pay
budget appropriations in excess of the
,sxes Of those years collected to redeem
them. Tpon practically all of this huge
overissue Of revenue honds the taxpay-
ers are paying interest at the rate of q
rer cent per annum. These startling
facts are revealed from an analysis Of
the Controllers own official records.
The amount paid out upon budget ap-
rropriations in 1903 to meet the cost Of
citv government IN that year was S13S.-
or. .ISs. The receipts from the years
taxes and other revenues available for
that purpose were S119. So, ,S13. This
left dehcit as between the amount re-
ceived and the amount actually paid
out Of S1S,199,324, which had to be sup
Piled by money obtained from the sale
OF revenue bonds issued against the
Uncollected taxes for the twelve months.
The total Of uncollected taxes of the 1908
levy at the end OF that year is given in
the Controllers charter report as $30.-
45l,I63. There remained unexpended of
the years budget appropriations, how
ever, So, 9,Tee3, S91. so that the limit to
whioh revenue bonds could legally be
issued in anticipation of the collection
or the years taxes was $50. 727, 81.
CURRENT YEARS OVERISSUE.
There were outstanding at the end of
1905. according to the charter report.
1921 900 Of these bonds. But the
same report also shows that there were
unpaid at the end of 1908 warrants
drawn in that year for the redemption
Of revenue bonds issued in anticipation
of The years taxes amounting to S.
+ra These warrants were paid in
1919 out Of the cash balance that came
over from 1903 to the credit OF budget
accounts. Deducting the amount of
these warrants from the total OF the
years revenue bonds shown 10 have
been unredeemed at the end of the
twelve months by the charter report
snd there were outstanding S40,964 200
o. 1908 revenue bonds at the end OF that
year But the limit to which these
bonds should have been outstanding and
unpaid was $50. 72T.s71. so that there
we're issued and sold of the years rev.
enue bonds alone $40, ,236, ,329 in excess
q the limit prescribed in the charter.
Budget accounts Of former years
showed in 1903 surplus of s11.o43,4s3
Is between the amount received from
arrears of taxes of former years levies
ana other revenues available and the
amount actually paid out upon budget
appropriations of years prior to 1908.
mere were redeemed s2o,ss1, OBS more
s'enue bonds issued against arrears of
ee@es q former years than there was re-
i'eo rom the sale Of the same kind
ponds. For these overredemptions
'4.e surplus of $11.043.4s3 was available,
'H'le the balance of S9,s37,553 was di-
'eo from the proceeds received from
me sale Of revenue bonds issued in an
"e'pation of the collection of the years
'sRek The uncollected taxes Of years
iIlor n 1903. after deducting those that
iSa been declared uncoIlectible and that
-Su oeen previously provided for by an
aV'norlzation of corporate stock md by
epproprlstions in the budget, We're s29,
SzA"'e. There remained unexpended of
Dooget appropriations of years prior TO
SUE however. s7,s93Is1. so that the
"inH to which revenue bonds could le-
tsHF re issued in anticipation Of the col
'ion ~ arrears Of the tax levies Of
years prior to 19os in that year was.
therefore. s22.o27. .8Os.
PRIOR YEARS ovERIssUE.
There were &32.Se5.ooO of these bonds
outstanding At the end of 1908. But
lhere were also unpaid warrants drawn
N 1908 for the redemption Of revenue
ponds issued in anticipation of the col
iection of arrears Of tax levies prior 10
SUB amounting 1920, 600 These war
rants were paid in 1909 out Of the cash
balance that came over from 1908 TO the
credit 0f budget accounts. Deducting
me amount Of these >-srrsnts from the
iotsl Of the former years revenue bonds.
SHOWN by the charter report TO have been
uhnedeemed at the end Of the twelve
months, and there were outstanding $32.-
tz5qo0 Of revenue bonds of former years
~ the end of 1908. But the limit 10
which these bonds should have been out
standing and unpaid was s22o27. .sos, so
that there were issued and sold in 1908
slosl7.1sl Of revenue bonds against tax
leVies Of prior years in excess OF the limit
prescribed in the city charter
II has already been shown that the
oYerissue Of the years revenue bonds in
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