The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-20

The Board OF Estimate plan to pu
New York city on the pay as you r.
basis in four years. II was said yester
day, was carefully thought out and hai
the full APPROVAL Of the financial com
munity.
In working out the details Mayor
Mitchell. Comptroller Prendergast ant
President Of the Board OF Aldermen Me
Aneny conferred with the leading bank
ers OF the city. the same who financed the
recent city note issue and received their
unqualified approval. The plan. IT was
announced, will be put In operation and
will show itself In the budget for 1916.
The resolution OF the board adopted
September II explains the plan Itself
After citing the fact that the European
war had compelled extraordinary actor
to meet maturing obligations abroad II
illustrates as follows the gradual reduc-
ton OF payment by the issue OF cor
porate stock and the corresponding in.
crease OF payment from the annual tax
budget
Resolved, That the Board OF Es-
innate and Apportionment hereby de-
clares that II will pursue the follow
ing plan In financing public improve
ments.
l. The cost OF all improvements
Of the revenue producing class, such
as rapid transit, docks. railway and
water terminals and water supply.
shall be betrayed by the issue OF
Atty year corporate stock as here
tofore.
g. The cost Of all permanent i'm
provements. other than those OF the
revenue producing class. hereafter
authorized by this board. shall be
financed as follows,
n. Those authorized subsequent to
the passage OF this resolution and
during the year 1915 shall be paid
for. three-auarters by the issue OF
fifteen year corporate stock. The
corporate stock ~ issued shall ma
ture either in not more than fifteen
years. anortized as provided by law,
or in equal annual instruments. dur
Ing n period OF not more than fifteen
years. Tho remaining one-quarter OF
the cost OF such improvements shall
be paid through the medium OF
one year bond payable from the next
annual tax budget.
b. Those authorized in the year
1915 shall be paid for. one-haf by
the issue of corporate stock mn
turing as aforesaid. The remain
ing one-half OF me cost Of such i'm
provements shall be paid through
the medium of n one year bond pay
able from the next annual tax bud
get
c. Those authorized in the year 1917
shall be paid for one-quarter by tho
issue Of corporate stock rs arore-
said The remaining three-quarers
or the cost OF such improvements
shall be paid through the medium or
one year bond payable from the
next annual tax budget.
d. The foregoing statements OF pol
Icy contemplate the financing OF i'm
provements authorized during the
year 1913 and subsequent years
through the inclusion Of the entire
cost thereof in the annual bulge,
OF the city, excepting the revenue
producing Improvements hercinbefore
mentioned
3. In 70 far as corporate stock
notes Issued by the city OF New
York as a part OF the proposed loan
Of sl00.000.000 shall be retired by
issues OF corporate stock. the corpor-
ate stock 80 issued shall mature as
provided In clauses a. and
OF paragraph two OF these resolu-
tons
4. The cost OF public works al
ready authorized. whether under con-
tract or not, but IN respect Of which
new bonds are to bo issued is to
be financed IN the same manner as
above provided with the exception
OF the cost of revenue producing i'm
provements here!nbefore mentioned
Nothing herein contained shall be
deemed to affect either corporate
stock or assessment bonds issued to
replensh tho street Improvement
FUND or the fund for street and park
onaninPs