The Richmond Virginian. (Richmond, Va.) 1910-1920, 1918-07-12

power to alter, add TO, take from ana
otherwise correct and revise the az
sessment and levy. either or both; ana
he shall have power to examine any
person on oath to the value OK mis-
personal property, or correctness or
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 WIZ
nesses before him. Any person feei-
ing aggrieved at the decision OK 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
in every case the assessment OF tho
value of real estate and pers al prop
erty for purposes of city taxation
shall he the same as the assessment
thereof for purposes of state taxa
ton, whore there shall be a 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 fair ana
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 a gross sum. in the judg-
ment of the commi ssioner of the rev.
cnue. double the correct assessment
of his taxable property.
So. 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
flee 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 Ak the compen-
sation of the commissioner Of the rev.
enue fer 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
tificates of debt or bonds: but such
loans, certificates, or bonds. shall not
he irredeemable for a period greater
than thtrty~four years. but the bonds
or interest bearing debt OF the city of
Richmond shall not. In the aggregate,
exceed eighteen per eentum tlSTot 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-
Htiihtut NHiEh may DC created tN~
sued In violation of this provision, shall
he void as to said city.
ea, There shall he set apart annual
II. from the accruing revenues OF the
city. a sum not less than one per GEN.
tun of the city debt existing at the
commencement OF this act The fund
thus set apart shall he called a sink
ing fund. and shall be applied to the
Ittvmeut or purchase OF the principal
OF the city debt. II no part be redeem
able then the residue OF the sink
bonds or certificates OF debt OF the
city, and applied TO the payment o.
the city debt AZ j. shall become re-
GeemstIe. Whenever hereafter there
shall he contracted by the city any debt
not PAYABLE within the next twelve
months. there shall be set apart an
nuaIiy for thirty-four years. or until
the debt is paid a sum exceeding by
one per ccntum the aggregate amount
OF the annual interest agreed 70 he
paid thereon at the time Of the CON
tract, which sum shall he 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 chargs
OF the sinking fund. under the au-
tho 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
t1.ttee. board or cry officials shall
make to the city council quarterly de-
tailed statements Of all the transact
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. II any. he due by the city The
purchase made OF the city bonds may
be- made directly from the city.
81. For the execution of ita powers
and duties, the city council may raise
annually, by taxes and asses sments In
said city. such sums OF money as they
shall deem necessary to defraY the cx-
peucs OF the same, and in such man
ner As they shall deem expedient, in
accordance with the laws OF this state
ana ~ the United States. and may by
curative ordinance rattfy and confirm
irregular assessments and levies Of
taxes, heretofore or hereafter made.
aud the aCtings and doings OF all min
isterial 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 a place a business In said city.
Neither shall they impose any tax at
the same time upon tho stock OF the
corporation. and upon the dividends
thereon; nor upon any capital inter-
est, income. or dividends, when q IL
cense or other tax is imposed upon tho
business in which the capital Ia en-
ployed. nor upon the principal money,
credit or stock from which the Ia
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
United States, nor upon capital OF any
trust or security company chartered
by thu Statev but the stockholders in
such banks, banking associations.
trust and security companies may Re
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 alali be accord
ing TO the market value thereof
60 The city council may grant or
refuse licenses and may require taxes
l.