The Richmond Virginian. (Richmond, Va.) 1910-1920, 1918-07-11


that may be made. ana shall h&ve ~
power to alter. add to, take from And
otherwise correct and revise the -.
sessment and levy, either or both; ana
he shall have power to examine any
person on oath as to the value OF MS
personal property, or correctness OK
the levy thereon, and also to examine
under oath such other persons as wiz
nesses in relation thereto as he may
deem proper, and for that purpose
may administer oaths and issue pro-
cess to compel the attendance OF VIII
nesses before him. ANY person feel
ing aggrieved at the decision OF the
said commissioner of the revenue In
the premises may appeal to the city
council for redress. whose decision
shall be final; provided, however, that
in every case the assessment OF the
value Of real estate and persia al prop
erty for purposes of city taxation
thereof for purposes of state taxa
ton, whore there shall be - State as
sessment of such property. Any per-
son who shall refuse to make under
oath a fun disclosure of all the facts
necessary to enable said commissioner
of the revenue to make a fair and
Just assessment of his taxable prop
erty. when duly called upon by said
commissioner of the revenue so to do,
or to answer such questions as may
be put to him In relation thereto, shall
be assessed n gross sum. in the judg-
ment OF the commissioner OF the rev.
enue. double the correct assessment
of his taxable property.
S. The commissioner of the reve-
nue. may with the consent of the
mayor, appoint an assistant or as
sistants who may be removed from
office by the commissioner. During
the continuance in office of the said
commissioner an assistant of his may
discharge any of the duties of the Of
Ace of commissioner: but the commits
sioner and his surettes shall be liable
therefor The council of the city of
Richmond. on the recommendation of
the comptroller, may fix the compen-
sation of the comm issioner OF the rev.
enue for services rendered the city
50. The city council may, in the
name and for the use of the city. con-
tract loans or cause to be issued GER
tihcates OF debt or bonds; but such
loans, certificates, or bonds. shall not
be irredeemable for a period greater
than thirtyfour years, but the bonds
or Understanding debt OF the city OF
Richmond shall not. In the aggregate.
exceed eighteen per centum (isT) OF
the assessed value of the taxable real
estate of said city; and any excess OF
such bonded or interest-bearing debt
over and above the limit herein pre-
scribed. which may be created or Is
sued in violation of this provision. shall
be void as to said city.
co. There shall be set apart annual
". from the accruing revenues of the
city, sum not less than one per CEN
tum of the city debt existing at the
commencement of this act, Tho fund
thus set apart shall be called a sink
ing fund. and shall be applied to the
+ AYR q n n ~ hz
OF the city debt. If no part be redeem
able, then the residue OF the sink
ing fund shall be invested In the
bonds or certificates of debt OF the
city. and applied to sthe payment OF
the city debt as /. shall become re-
Geernatle. Whenever hereafter there
shall be contracted by the city any debt
not payable within the next twelve
months. there shall be set apart an
nually for thirty-fohr years, or until
the debt Is paid. a sum exceeding by
one per centum the aggregate amount
of the annual interest agreed to be
paid thereon at the time OF the con-
tract. which sum shall be applied and
invested towards the payment of such
debt In the same manner as herein
before provided for the present exist
ing debt OF the city. The committee.
board. or city officials. having charge
Of the sinking fund. under the au-
thor!tv of the city council may invest
the funds OF the sinking fund not only
in the bonds OF the city. but also in
those issued by the State of Virginia
or by the United States. Such COM
r1.ttee, board or city officials shall
make to the city council quarterly de-
tailed statements OF all the transsc-
tons of the board. setting forth the
amount and character OF. their assets.
investments. transfers. issues. ex-
changes or other business Of whatever
character, including a statement OF
what, IL any, be due by the city The
purchase made Of the city bonds may
be made directly from the city.
ST, For the execution Of IT'S powers
and duties, the city council may raise
annually. by taxes and asses smen.s IN
said city, such sums OF money as they
shall deem necessary to defray the OK.
penes OF the same, and in such man
ner as they shall deem expcdlent in
accordance with the laws or this State
and of the United States, and may by
ordinance ratify and confirm
irregular assessments and le*ies OF
faxes. heretofore or hereafter made.
and the actings and doings OF all min
isterial officers In connection there
with, and any such ordinance hereto
fore passed Ia hereby validated anil
provided. however. that
they shall impose no tax on the bonds
OF said city. nor on any capital in
vested in real estate or employed in
outside the city limits,
although the person or persons en-.
gagged IN said business or manufacture
have n place Of business in said citv.
Neither shall they impose any tax at
The same time upon The stock Of the
and upon the dividends
thereon; nor upon any capital inter-
est. income, or dividends when a liz
cense or other tax Ii imposed upon the
business IN which the capital Is en,-
Hloyed nor upon the principal money.
credit or stock from which the In.
tercst, income or dividend is derived.
nor upon the capital OF any bank or
banking association organized under
the authority Of the state o.. OF the
United States, nor upon capital Of any
trust or security company chartered
by tn State. but the stockholders IN
such banks, banking associations,
trust and security companies may be
assessed and taxed ON their shares of
stock therein. The capital invested in
all business operations shall be assess
ed and taxed as other property. AS
sessmeuts on all stock shall be accord.
Ing TO the market value thereof.
So. The city council may grant or
refuse liCpnSpS and