The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-27

except as herein otherwise provided. Nc
county or city whose present Indebtedness,
exceeds ten per centum OF the assessed
valuation of Its real estate subject to tax
alton, shall be allowed to become indebted
IN any further amount until such indebten'
ness shall be reduced within such limit
This section shall not he construed to pre-.
vent the issuing OF certificates OF indebted
ness or revenue bonds issued in anticipation
or the collection of taxes for amounts &C.
tually contained. or TO he contained in the
taxes for the year when such certificates
or revenue bonds are Issued and payable
out OF such taxes: nor to prevent the city
OF New York from issuing bonds to be re-
deemed out of the tax levy for the year
n nrny suecseding the year OF their issue
which may DC issued in any one year In
excess OF the limitations herein contained
snail not exceed one-tenth Of one per
centum of the assessed valuation OF the
real estate OF tsaidl such city subject TO
taxation Nor shall this section be con
strued to prevent the issue OF bonds to
provide for the supply Of water. [; hut
me term OF the bonds Issued TO provide
for the supply OF water. In excess of the
limitation OF indebtedness fixed herein.
snail not exceed twenty years. and a sink
ing fund shall be created on the issuing
raising annually a sum which will produce
an amount equal to the sum of the prin
cipal and interest OF said bonds at their
maturttyl All certificates of Indebtedness
or revenue bonds Issued In anticipation of
the collection OF taxes, which are not 70.
tired within I'VE years after their date of
Issue. and bonds issued to provide for the
supply OF water, and any debt hereafter in.
tbsred by any portion or part Of a city. II
GUIDED IN ascertaining the power OF the
Guy to become otherwise indebted; except
tnat debt, incurred by 1.-The city OF New
hrst day OF January. tnineteenl one thou.
sand nine hundred and four. and dee In
CURED by any city of the second class
AFTER tho FIRST 1AN nf InntaFN Intnafaan1
one thousand nine hundred and eight. and
ueots Incurred by any city OF the third
class after the first day OF January, fnine-
teenl one thousand nine hundred and ten.
10 provide for the supply of water. shall
not be so included; and except further that
any debt hereafter incurred by the city of
New York for a public Improvement owned
or 20 be owned by the city, which yields
TO the city current net revenue. after MAX
ms. any necessary allowance for repairs
and maintenance for which the city 70
liable. In excess OF the Interest on tsaidl
such debt and OF the annual instalments
necessary for Its amortization may be ex-
cluded In ascertaining the power Of Tsaid1
such city TO become otherwise Indebted.
PROVIDED that a sinking fund for Its amor
~tizatlon shall have been established and
maintained and that the indebtedness shall
not be so excluded during any period OF
time when the revenue aforesaid shall not
be sufficient TO equal 1.-THE saidl such in
terest and amortization instruments, and
except further that any Indebtedness here
tofote incurred by the city Of New York
for any rapid transit or dock Investment
may be 40 excluded proportionately TO the
extent 70 which the current net revenue
received by tsaidl such city therefrom
shall meet the interest and amortization
instaiments. thereof, provided that any In
city of New York which shall result from
ne exclusion OF debts heretofore incurred
or construction OF properties to be used for
rapid transit or dock purposes The legis-
lature shall prescribe the method by which
ana the terms and conditions under which
the amount of any debt to he so excluded
shall be determined. and no such debt
shat he excluded except In accordance
WITH the determination so prescribed. The
legislature may in Its discretion confer APP
propriate Jurisdiction on the appellate Ill
judicial department for the purpose o, de-
iermining the amount OF any debt TO be SO
excluded. No Indebtedness OF a city valid
at the time OF It's inception shall thereafter
become invalid 10y reason Of the operation
OF any OF the provisions OF this section.
Whenever the boundaries OF any city are
the same as those OF a county. or when
any city shall include within its boundaries
more than one. county. the power Of any
county wholly included within such city to
become Indebted shall cease, hut the debt
OF the county. heretofore existing. shall
not; for. the purposes OF this section. be
reckoned as a part OF the city debt. The
amount hereafter 10 be raised by tax for
county or city purposes. In any county con-
tanning a city OF over one hundred thou
sand Inhabitants, or any such city OF this
state. In addition 20 providing FOR the prin-
cipal and interest 81 existing debt. shall
v vo Two nar attensa'e eN.erd IN any one
ton of the real and personal estate OF such
county or City To be ascertained as pre-
or city debt.
Abstraci-Thi. section va. formerly
part OF section ten OF presen, arti,l. eight
The essential amendment thereto con-
sists in making the existing provisions.
relating to the debts that are 10 be ,x-
cluded In ascertainlnE the power OF a city
to become indebted. applicable TO the cities
OF BuNAlO and RDrhRsfRr These two
cities are the only cities In the state which
have not now the privilege OF excluding
water bonds In ascertalning their debt limit.
Section Ie. TIL. legislature shall pro-
,.I,.h ~ "s."o" s"u nnhI'atloh, uhner
st.i.. .o"''ar,eu w thc
othss civil di"I. .o"ns 'nisses and
mi ,ha," ~ Tut state 70 inc
In !" u.o.s snan De pAyabie
nan r.I Az ia rs. "n..h
yc.r. sf.r s,ch d.h, ppn.it I'm" NY
cnn,-..,s - uni ns peen
n. contn.c,sd Co. w" nso, sna,
~. nrnhh. ~ p.''vu ,"hhe' 'han
a.. yhich a.. .l.., -. ooy'''
"a. 80 'o"'''''u,
Ahstract-Thls new section requires the
legislature 20 provide hat hereafter the
tues anu othet eva! DIVISIONS OF the state
snah lssus eetlaI bonus only ana that
iochl uepts may. not be contracted for "A
longer period IMAM tho probable life OF
the WORK or object Tor which the debt
~ created ny ms section the financial
polSN or CITIES anu olhet ClNll DIVISIONS
~ MADE 10 conform TO mat or the state
as provided In article nine.
Section IiIl Is. The legislature sh.ll
proyid, for "a sat. bnnr I'd -
which rhail yIsi, and tnspect ali 49,
tutions. whether state. county. municipal,
incorporated or not incorporated. which
are OF "A charitable. eleemosynary. correc-
tionaI or reformatory character. excepting
only such institutions as are hereby made
subject TO the visitation and inspection
OF either or the commissions, hereinafter