The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-09-11
CITYACCEPTS
$1OO,OOO,0OO
L0ANTERMS
Bankers Modify Plan to
Meet Views of Mr..
Mitchell.
GRADUATED PLAN
TO TIGHTEN BURDEN
Payment Through Taxes to
Be Spread Over Three
Years.

o.. ,ayrnent of tho city maturities Of
s,o 600 900 abroad has been agreed upon
by the bankers and the Board Of Estimate
a, a modified form. The agreement was
cached late yesterday afternoon. but tho
anal form OF the Board Of Estimate reso-
,,,o, adopting the plan was not finished
,,,il after midnight.
,,,,o- Mitchell COMPTROLLER Prender-
,,...,,, ,,d o,h.- r,or,hor.
gas' M ,'..,.
OF the boafu "orneu VII ''0 'e''''''o''
until that hour In conference AT the
Y,y club. The board will formally
-. ,pa MAN Of financing at It's meeting
..,o-,t,,
tn's 'no'"'"s' $780,. n,
Il looked durhs 'ne aI.ernooh Ms u
sarlou. objections thar might haIt the ne
.so-,,ies were being made by Mayor
in,chel
Payment From Taxes.
,,o,.,- doy,a,dad modification In
=. :, A.. 80. ~, ,h
eenaH VI ''e wy w
original contract uhuer "h'ch al per
nanent improvements other than revenue
hearing should he paid for out OF taxes.
=. ,ho anal agreement thess terms were
90 90 ,radua,o tho paymcnt for
cns"seu ~ =
these improvements over three year
period
A. agreed upon. tho plan provides that
49, ,,,,r,,.o,,sr,s authorized nv the CITY
INV '"F -, - a.,
eurihg l'lo are W 10 '''N va
proportion OF ohe-luarter OUT Oh ''Na
ton being included In the budget for the
ensuing year and three quarters by the
o.
1916 suca improvements are to be paid
for ono-half by t1xation and one-half
b. the issue OF fifteen year corporate
stock III 1917 threeduarters are to be
paid for out of taxation and the remain
der IN corporate stock.
In 1918 II Is contemplated that all such
.mproNeIheh.s sn"HI pe pau 10 ou' VI
inc ouuse' io' tue e"eu'"e
-
'"'
Tho reasons given by the Mayor for
the modified provision graduating the
burden of the Increased taxation over the
three wear period, were the desire OF the
administration 10 Tighten the weigh. OF
Tho now method of financing upon the
ta,payers and the fact that the pian OF
,hs administration for this change In
the method OF financing improvements.
which has been part OF its policy. called
sd, ,har,o
I o,i o,bo- .sso,,t,, -,s,e.,. .ba
.,,r,,,no,,, ,i,n ,ha La,Lars ren,,ins m
o',,,,.5 .s o-,s,in,ri,, dra,.,,
va.,..,.,. ,,,ar,inr a aa,aaa,to,, ., ran,
..,a,o r,', c,iiod On ,bn Mayor ,n MO.
tss, ae,tns, tho nrovislop an tho orig.
,ai .,,-,',,,,. r., ,,,,. ~ ,.hoia hrrao,
=, ,sv,rer, foy imnroyerer,s unon taxa
,I,, nov, ,.oa-
Tho urged u,or tho Navor that the
,,,,a,so In tho t,x rata thereby narss.I.
,.,ed ,nIid -o hard n,I,h thon, ,rhs
Mayor ,oId r,er, Ia had already dra wn
nm a r,o,,or,-dur, 20 ha ,r.sented ~ tha
b1rlars soel,irg nodincatinn az ,his
,rovisIo,
villa Human a., s,...,
IN wall street II was reported IN the
morning mat the Mayor was formulating
protest against the pan that would KICK
over aIl me negotiations u was under
5000 mat the Mayor wanted the city re-
""en rom the restraint upon It's aunt!
enter upon new Improvement WORK
ncrauS' OF the erect this might nave IN
,'m"he th- amount OF WORK available to
hrep men employed IN the war period