The Richmond Virginian. (Richmond, Va.) 1910-1920, 1918-07-10

otherwise correct and revise the as
sessment and levy, either or both; ana
J he shall have power to examine any
person on oath as to the value of his
personal property. or correctness OF
the levy thereon, and also to examine
under oath such other persons as Wit
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 wit
nesses before him. ANY person reel
ing aggrieved at the decision OF tho
said commissioner of the revenue In
the premises may appeal to the city
council for redress. whose decision
shall be final; provided, however, that
III every case the assessment of the
value of real estate and pers III prop
crty for purposes of city taxation
snail be the same as the assessment
thereof for purposes of state taxa
ton, where there shall be State as
sessment of such property. Any per-
son who shall refuse to make under
oath 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 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 he 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
fee of commissioner: but the commits
sioner and his sureties shall be liable
therefor. The council of the city Of
Richmond on the recommendation of
the comptroller. may fix the compen-
sation Of the commissioner of the rev.
enue for services rendered the city.
80. The city council may in the
name and for the use OF the city. con-
tract loans or cause to be issued GER
tincates OF debt or bonds; but such
loans, certificates, or bonds. shall not
be irredeemabie for a period greater
than thirty-four years. but the bonds
or interest bearing debt of the city OF
Richmond shall not. in the aggregate,
exceed eighteen per centum 1sT) 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-
scrlbed. which may be created or is-
sued in violation OF this provision, shall
be void as to said city.
60. There shall be set apart annual
~. from the accruing revenues OF the
city, sum not less than one per GEN.
tum of the city debt existing at the
announcement of this act. The fund
thus set apart shall be called a sink
ing fund. and shah be applied TO the
y tvrnent or purchase OF the principal
of the city debt. If no part he redeem
"a q go p 4atz ~ s.. cd Il
ing fund shall be invested in the
bonds or certificates of debt of the
city, and applied 10 the payment OF
the city debt as i. shall become re-
Geematle. Whenever hereafter there
shall be contracted by the city any debt
not payable within The next twelve
month";. there shall be set apart an
nually for thirty four years. or until
the debt is paid. 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 shah 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-
thoritv 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
f2!ttee. board or city officials shall
make to the city council quarterly de-
tailed statements of all the transac-
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 n statement OF
what If any. be due by the city. The
purchase made Of the city bonds may
he made directly from the city.
81. For the execution Of its powers
and duties, the city council may raise
annually, Ivy taxes and asses smen;s I'm
said civ, such sums OF money AS they
shall deem necessary 20 defray the ex-
penes OF the ,me, and in such man.
ncr as they shall deem expedient. in
accordance with the laws OF this State
and OF the United States. and may by .
curative ordinance ratify and confirm
Irregular assessments and leyies OF
taxes. heretofore or hereafter made,
and the actinEs and doings of all min
isterlal officers In connection there
with, and any such ordinance hereto
fore passed Is hereby validated ami
confirmed: 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
manufacture outside the city limits.
although the person or persons en-
gagged in said business or manufacture
have place of business in said city
Neither shall they impose any tax at
the same time upon the stock of the
corporation, and upon the dividends
thereon: nor upon any capital inter-
est. income. or dividends, when a liz
cense or other tax Is imposed upoa the
business in which the capital is EN-
rloyed, nor upon the principal money,
credit or stock from which the In
terest, 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
Ini' ed states. nor upon capital OF arv
trust or security company chartered
by this 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
sessments on all stock shall be accord
ing to the market value thereof
81. The city council may grant or
refuse licenses. and may require taxes
to be paid on such licenses. to agents
OF insurance companies whose prin.
cipal office is not located In said city: