The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1916-03-13
TIL TNApNN fR'S II IN TO
THINK.

'lS Nl'nIn INC Guy MINUS 'l
Albuquerque VIII vote upon the al.
thorizatiou of $500. 000U ct t5-yeat
bonds. which may he used for pun
chase 81 the municipal water plant
or construction Of such Il plant ~ the
wisdom of a city council. whose per.
sonnet W. do not Know aud cannr,
know until after IA. election. ma,
dictate.
authorization Of this BOND issue IS
wholly within the docision oi tn.
taxpayers. otherwise qualified voter,
who do not pay - property tax ma,
not vote. II II therefore OF the Ere''
est importance To tn. taxpayer MN
self that he know all the facts IN cor.
ncction with the proposed bond issue
az those facts viii affect him pea
sonaily should the bonds be author
izcd aud used
Section ~ OF Article q of the con
st.tution OF Sew McNi"o places cof'iI,
controls over the ISSUANCE of bonds Jed
follows
section T. ~ ,ty. town OF
village shall contract any debt
except by an ordinance which
shall be irrcpealahlc until the IA.
dcbredness therein provided ior
shall hsy. been fully p,id or dis.
charged. and winch shall sp-rift
the purposes To when the funds
to b. raised shall be applied and
which shall provide Tor the lc,y
of a tax. not exceeding twelve
mills on the dollar upon all tax
able property within such oity.
town OF Village sufficient to pay
tn. interest on nd to sNt!u-
gui-h the principal oi ,a,h debt
within INV wears The proceeds
- - sum NS snail De-api,ied only
10 the payment of such intcres'
ana principal so such d.nt
shall %" created unless the qu,s-
ton OF mourning the same shall
at a regular election tor council
mon. aldermen or other officer
ct such civ. town OF village have
been submitted 10 = vote OF suor
qualified electors thereof as haN"
pad q property tax therein dur
luE the preceding NoJr and %
majority ur those voting on the
question py ballot deposited in "a
separate ballot oox. shalt have
voted IN favor 90 creating such
debt.
II has been said that the quest
pas of interest and sinkIu
iIud obligations on this pond issu
eat Of a possible surplus from earn
mss 49, q m~uni,ipallN owned vHt'
pl,ut is one open 10 construction +.
he courts hny constitutional pro
Vision n open to construction by IN
courts. But no responsible lawyc
who has this ono app.a
iu hold airy doubt that any coui
viii hold u necessary 10 levy tas'
Ypon the property of this city. firs
to pay the interest ana second. ait,
nvc years. tu provide the sinking fun
which shall vipo out TINS indcot Il
ness within fur'r-nv" scar
This vii mean then that az @ y,
cent interest upon 500. ooo t""r
must ice levied sufnp.cu, property =,
~ addition ln that now levied I
raise t2".noU crI
Aitcr five wears ~ means NAT ~.
an additional TEX -gfr',n' 600 roall
sl0,o GOO a year must loco &c. rr to pr,
,Id. Cor the sIraIup f.ud
Since every dollar or mono, aor
$50. ....N A.. .
poses Is h, ng u-ci '.r th, bare main
t.nancc of nrce-~.Iy .iE department.
al machinery o. m'Hu. that -'Il q
additional tax sufd.,uf f. Ii..
least $4,000 % year ms.. a, II, ra
because , municipal" uvu,f .Ilf
PAYS no taxes and IN" am. ut .td .
n privately owned ,ompa1. g.. ..
dead loss IN revenue from r.N,.
This means then ,tu' n Idd leo
10 taxes nov helms pad proper
owners within the city lm... .,
buaucrque must pay t3i 90. f. ca
In addition 10 what they rr' no
~paying mo matter whether 81 rGu'r
paIly owned water plant m,..s
own expenses ct produces q sum"
or not
I'pon Il 80 600 coo valuation, un
with a 90 per cent collection OF taA'
tins additional tax necessity meni
the addition Of 8 $50 upon each tt''
uf taxed property In his cts.
The state National BANK, for ~
stance. having "a valuation Tor tax