The Richmond Virginian. (Richmond, Va.) 1910-1920, 1918-07-09

shall hear and consider all oh1ectiohs
/ that may be made. and shall have the
power to alter, add to, take from ana
/ otherwise correct and revise the as
sessment and levy either or both; and
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 az wit
| nesses in relation thereto as he may
! deem proper. and for that purpose
1 may administer oaths and Issue pro-
| cess to compel the attendance OF wit
! 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 fna1: provided, however, that
! III every case the assessment of the
value of real estate and pers al prop
! erty for purposes of city taxation
| shall be the same as the assessment
/ thereof for purposes of state taxa
tion, where there shall be a 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 fair and
| just assessment of his taxable prop
erty, when duly called upon by said
commissioner of the revenue so to do,
! be put to him In relation thereto, shall
.! be assessed n gross sum. in the judy
ment of the commissioner of the rev.
enuc, 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
9 in Of
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 Ak the compen-
satior 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
tihcates of debt or honda; but such
loans. certificates. or bonds. shall not
be trredeemabie 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 tlsT) 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.
so. There shall be set apart annual
ly, 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 The fund
thus set apart shall be called sink
ing fund, and shall be applied TO the
payment or purchase OF the principal
Of the city debt. If no part be redeem
able. then the residue OF the stink
ing fund shall he invested IN the
bonds or certificates OF debt of the
city, and applied to the payment os
the city debt az /. shall become re-
Geematle. Whenever hereafter there
shall be contracted by the city any debt
not PAYABLE within The next twelve
months. there shall he set apart an
nualfy for thirty-four years, or until
the debt is paid, a sum exceeding by
one per Centum the aggregate amount
Of the annual interest agreed to Re
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 AZ herein
before provided for the present exist
ing debt OF the city. The committee.
board. or city officials. having charge
VI hHe SINKING Iunus uHder the &u-
thorlty 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 hv the State of Virginia
or by the United States Such COM
n!ttee. board or city officials shall
make 10 the city council quarterly de-
tailed statements OF all the transac-
tons Of the board. setting forth the
amount and character OF their assets.
IN, u eufrY Mt
changes or other business of whatever
character, including a statement OF
what. II any, be due by the city. The
purchase made of the city bonds may
be made directly from the city,
81. 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 expedient. in
accordance with the laws OF this State
and of the United States. and may by
curative ordinance rattfy and confirm
irregular assessments and ievies OF
taxes. 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 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
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 st
the same time upon the stock OF the
and upon the dividends
thereon; nor upon any capital. inter-
est. income. or dividends when II.
cense or other tax Is imposed upon the
business in which the capital Is en-
ployed, 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
United States. nor upon capital OF anv
trust or security company chartered
by this State, but the stockA holders In
such banks, banking associations,
trust and security companies may ne
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
So. The city council may grant or