The Richmond Virginian. (Richmond, Va.) 1910-1920, 1918-07-08


shall hear and consider all objections
that may be made, and shall hsve tns
power to alter, add to, take from ana
otherwise correct and revise the as
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 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
IN every case the assessment OF the
value or real estate and pcrs \ VI prop
erty for purposes of city taxation
shall be the same the assessment
thereof for purposes of state taxa
ton, where there shan be a State as
sessment of such property. Any per
son who shall refuse to make under
oath a full 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
or to answer such questions as NAV
be put to him in relation thereto. shall
he assessed a gross sum. in the judg-
ment of the commissioner Of the rev.
enue double the correct assessment
of his taxable property.
IS The commissioner Of the reve-
nue. may, with the consent of TIE
mayor. appoint an assistant or as
slstants 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
siorer 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.
So The city council may in the
name and for the use of the city. con-
Tract loans or cause to be issued GER
ti1cates OF debt or bonds: hut 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 JST) 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 10 said city.
so There shall be set apart annual
ly. from the accruing revenues of the
city, SUM not less than one per GEN.
tum OF the city debt existing at the
commencement of this act. The fund
thus set apart shall he called a sink
ing fund. and shah be applied TO the
p+vment or purchase of the principal
of the city debt. II 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 the payment o:
the city debt ar l. shall become re-
deematle, Whenever hereafter there
shall be contracted by the city any debt
not payable within the next twelN ?
months. there shall be set apart an
nually 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 be
paid thereon at the time uf the con-
tract, which sum shall he applied and
! invested towards the payment of sue h
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-
thority OF the city council, may invest
the funds Of the sinking fund not only
III the bonds of the city, but also In
those issued by the State OF Virginia
or By the United States. Such COM
rl.ttee. board or city officials shall
make 10 the city council quarterly de-
tailed statements OF all the transac-
tions of the board. setting forth the
amount and character OF their assets,
! investments. transfers. issues. eX-
changes or other business of whatever
character including 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 " it's powers
and duties, the city council may raise
annually by taxes and asses snlen,s In
said city. such sums OF money as they
shan deem necessary 10 defray the ex-
penes OF the same. and in such man
ner as they shall deem expedieut. in
accordance with the laws OF this State
and Of the United States, and may by
curative ordinance ratify and confirm
irregular assessments and levies OF
taxes, heretofore or hereafter made.
and the aCtings and doings OF ali min
isterial officers in connection there
with, and any such ordinance hereto
fore passed Is hereby validated and
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 of business In said civ.
Neither shall they impose any tax at
he same time upon the stock of the
corporation and upon the dividends
thereon, nor upon any capital, inter-
est. income. or dividends, when a IL
cense or other tax is imposed upon the
business In which the capital Is em-
aloyed 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
Cnt'ed states. nor upon capital OF any
trust or security company chartered
by this state. but the stockholders In
such banks, banking associations.
trust and security com panies may he
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 9haii be Accord
ing to the market value thereof
! = IT.