Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1916-03-12

The ordinance adopted by the city
council proposes:
! The issue Of 100000 bonds TO
run forty-five years.
2, The levy of a special tax each
year upon all the taxable property in
the city sufficient to pay the interest
semi-annuaily.
B. After five years and each year
thereafter the levy OF special tax
upon all property within the city suffi-
cient with other funds available to
raise ~ per cent of the amount Of
said bonds to provide sinking fund.
tNote;--The constitution requires the
property TAX TO he sufficient te pay
the interest on, and to extiheutsh the
principal of such debt within fifty
years.
4 Bonds payable at option Of city
after twenty years.
8 only those who are otherwise
qualified and who paid property tax
last year can vote upon the question
Section IL Of article Of the consti-
tuition controlling the issue of bonds is
as follows:
sec t. No city, town or village
shall contract any debt except hy ordi-
nance, which shan 90 irropcalahle I'M
I'll the Indebtedness therein provided
for shall have been fully paid or dis
charged, and which shall specify the
purposes to which the funds to be
raised shall be applied, and which
shall provide for the levy of tax, not
exceeding twelve mills ON the dollar
upon all taxable property within such
city. town OF village sufficient To pay
the interest on. and to cXtlnguish the
principal of. such debt within fifty
years. The proceeds of such tax shall
be applied only to the payment Of
such interest and principal. No such
debt shall be created unless the qnes-
ton OF mourning the same shall at a
regular election for eeuncilmen. alder
men or other officers Of such city,
town or village. have heen submitted
70 vote OF such qualified electors
hereof rs havr paid a property tax
therein during the preceding year. and
a majority Of those voting on the aues-
ton, hy ballot deposited IN a separate
ballot hos. shall have. voted in favor
of creating such debt
The proposed bond issue means a
mortgage upon an taxable property
Of the city for the sum of S40O, 0oU for
"a period Of forly-five years unless
sooner paid OF. hu, cannot be paid oft
or reduced under twenty years This
charge is against the property and can
not legally be piaced elsewhere.
What il viii cost The taxpayer is as
Follows
1. Five per cent interest
each year on 100000. .Sa0. eco 90
3. As municipality does not
pay taxes. there would be
direct loss 90 the taNpay-
er Of the amount Of taxes
paid by a private corpora
ton, which on the present
basis is ......~....... s.Ooeoo
And must be made ap hy
additional taxes
3. After five years. sinking
fund Of IL per cent on
stoo.eee ............... 10000 %
Total cost TO taxpayers for
the first five Yeats, per year 5,0oe,e9
And thereafter, at least until
twenty year, have expired.
Per year ...--.... .SS5. eee-Oe
The property tax above described
must be horne alone b the property
owners within the corporate limits.
aud even with the payment Of that
tremendous amount the taxpayer does
hot receive one drop Of water.
Tho benefits to BE- derived. II any.
viii Be 1s the residents who are not
property owners. and BY the persons
who live outside OF the corporate lin