The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-10-20
'ANNEXAT|ON'BOND
ISSUE PROPOSED.
Gilman Ordinance Provides for
Issue of $534,43O in Thirty
Four Year Securities.
CARES FOR new TERRITORY
City Auditor Crenshaw Submits
Statement of Debt and As Il
sessed Valuation.

At the request of City Auditor Cren-
shaw, Alderman Gilman, nf Lee Ward
last might. introduced in the Board Of
Aldermen, an ordinance providing for
n bond issue. of $534,43012 to be ex-
Gended wholly for improvements in the
new territory which will become part
of the city of Richmond on November
5. The measure. was referred to the
Finance Committee.
Under the general annexation act,
passed by the General Assembly on
March 10, 1904,sth councils of cities
to set aside sum equalto ~ per, cent
of the assessed value of the new terri
tory at the time of annexution. to be
expended entirely within the bounds of
the territory SO ;tHneNed.
With such a sum set aside for the
purpose named, the general annexation
act provides. the land annexed shall at
once become subject to the city lax
rate and all proceeds shall be paid into
the City Treasury for general municipal
purposes. The alternative plan offered
BY the annexation act requires the an
neXing city to expend in the new ter
ritory the taxes received from IL for five
years following annexation.
VALUE OF NEW TERRITOY
ASSESSED At SS,02O. 25 1
a statement submitted with the bond
issue ordinance sets forth that the as
sosscd value of the land that will he
annexed In Henirco County, including
Highland Park, Gintcr Park, North
Richmond and Barton Heights, is &c.
979,S9S. The assessed value of the land
that will be taken from Chesterfield
County is S1,640.353. The two valua-
tions total sS,620.25l.
The aggregate amount OF the debts
of the four towns which will be an
.neXed is 100000. This will be as
sumcd by the city. and liz In conformity
with the provisions of the general an
neNation act. deducted from the sum
of sl,034,430.l2 which would be 2 per
cent of $S.620,251, the total assessed
value of the new territory. The diff
ference Is s53i,430.l2, which II is pro-
posed to raise by an issue of registered
coupon convertible bonds dated jan
uary /, 1915. and maturing In thirty
four years
NO PART TO BE SPENT IN
TOWNSHIPS ALREADY IN DEBT
The ordinance provides that OF this
amount s337,5s7.76 shall be expended
in Hcnrlco County ana sl96.S42.3G in
Chesterfield County. No part of the
proceeds, 1t is provided, shall be spent
within the former corporate limits of
any one of the four towns named
where tho amount OF the debt OF such
WV thdt 10 dSSuiiicN Wy the Is
equal to or greater than IL per cent
of the assessed value of its property
at the time IF annexation.
Where the total debt of the town as
sumcd by tic city is less than IL per
cent of the assessed value Of the prop
crty, only SC much of the proceeds OF
the bond issue shall be expended with
in It's former limits, us shall equal the
difference between these two items.
In adopting the 12 per cent settle
ment alternative provided by the gem
eral annexation act the city, 1t is be-
lieved Will effect n material saving
and 1T the same time simplify the finnn-
cial aspect Of annexation. The tax re-
turns from the annexed territory for
the next five years. 1t is stated, Will be
considerably in excess OF the amount
of the bond issue.