New-York tribune., 1920-08-07

Assembly Proposing an An,endraen- ~
st,.}lt,I .t'i2n zen 81 Article Eight Of the Con
stftution, in Relation to the Amount TO
be Raised by Tax Tor Cosnty or City Pur-
roses IN Certain Counties and Cities.
Section ! Resolved Gf the Senate CON
cur, IAat section ten of article eight OF
the constitution be amended to read as fol-
lows:
To- No county, city, town or village
SNail hereafter give any money or property
or loan Its money or credit to or in aid of
any individual. association or corporations
or become directly or Indirectly the owner
OF STOCK in, or bonds of, any association or
corporation; nor shall any such county
city, town or village be allowed to incur
any indebt btedness except for county, city
town or village purposes. This section shall
not prevent such county, city, town or VII
lage from making such provision for the
thor!zed by law. No county or city shall
be allowed to become indebted for any pur-
pose or IN any manner 10 an amount which,
Including existing Indebtedness shall eX-
Ceed ten per ceutun of the asse ssed ValUa-
tlon Of the real estate OF such county or
city subject 20 taxation as 1t appeared by
the assessment rolls of said country or city
on the last assessment Tor state or county
taxes prior 10 the incurring of such in
debtedness, and all Indebtedness in excess
of such Nmitation. except such as now may
exist. shall b. absolutely void. except as
herein otherwise provided No county OF
city whose present indebtedness exceeds
ten per centuin OF The assessed valuation Of
its real estate subject TO taxation shall be
allowed To become indc htec in any further
amount until such Indebtedness shall be re
duced within such limit. This section shall
not be construed to prevent the issuing OF
certificates OF Indebtedness or revenue
bonds issued in anticipation of the colec-
tion of taxes for amounts actually con-
tanned or 10 be contained in the taxes for
the year when such certificates or revenue
bonds are issued and payable out of such
taxes, nor to prevent the city OF New YORK
from issuing bonds 10 be redeemed out OF
the tax levy for the year next succeeding
the year Of their Issue, provided, that the
amount of such bonds which may be is
sued in any one year in excess OF the
limitations herein contained shall not ex-
aseess.d valuation OF the real estate of
sand city subject to taxation. Nor snail
this section be construed TO prevent the
issue OF bonds 10 provide for the supply OF
water; but the term of the bonds issued to
provide for the supply OF water. IN excess
of the limitations Of Indebtedness fixed
herein. shall not exceed twenty years; ana a
sinking fund shall be created on the issuing
of the said bonds for their redemption, oy
raising annually sum which viii produce
an amount equal to the sum Of the prin-
rinai and interest Of said bonds at their
maturity All certificates Of lndebtedness
or revenue bonds issued in anticipation OF
the collection OF taxes, which arc not re
tired within FIVE wears after their date OF
issue and bonds issued to provide for tn
supply Of water. and any debt here@tte er
incurred by any portion or part OF city
II there shall be any such deot shall be IN =
Guided in asccrtainins the power OF the
city to become otherwise indebted; except
that de BITS incurred by the city OF New
York after the first day OF January, nine
,n.n hundred and four. and debts Incurred
bv any city Of the second class after the
first day of January, nineteen hundred and
EIGHT and debts incurred by any city OF
,he third class after the first day OF Jan
mary nineteen hundred and ten to provide
for the supply OF water, shall not be SO
Included and except further that any debt
York for a public Improvement owned or
TO be owned by the city, which yields TO