New-York tribune., 1920-10-30

concurrent Resolution of the Senate nd
Section Ton OF Article Eight of The Con
ss'e,ultoN. IN Relation to the Amount to
b. haised by Tax for County or city Pur-
roses IL Certain Counties and Cities
SECTION l. Resolved (f the Senate con
.uI 81, >, nat section ten Of article eight OF
lows 80 Ao'
10. No county. city town or village
sNa.l hereafter give any money or property
or loan it's money OF credit to or in aid Of
any lndlNidual association or corporation
or becotno directly or indirectly the owner
OF stock IN. or bonds of. any association or
corporatlon. nor shall any such county
any indebtedness except for county city
not prevent such county. city town or VII
!@se from making such provision for the
ald or SUPPORT or~Ats poor as may be au-
thovized by law. NO county or city shall
I've allowed to become indebted for any pur-
pose or in any manner to amount which.
including existing indebtedness. shall ex-
coed ten per centum of the assessed valua-
tion OF the real estate Of such county or
c.ty sub ect 10 taxation. as 1t appeared BY
the assessment rolls Of said country or city
on the last assessment for state or county
taxes prior 10 the mourning Of such in
d. debtedness and gil inde btedness in excess
OF such hmtatlon, except such as now may
exist. shall be absolutely void. cxcept as
heIeln otherWis" proViaed' no county or
city whose present Indebtedness exceeds
len per centum Of the assessed valuation of
its real estate subject 70 taxation shall ha
allowed to become indebted in any further
amount until such Indebtedness shall be
duced within such limit. This section shall
not be construed to prevent the issuing OF
bonds issued in anticipation OF the collec-
uon OF taxes for amounts actually con-
talned 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 to be redeemed out OF
the tax levy FOR the year next succeeding
the year Of their isaue. 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-
assessed valuation of The real estate of
SAID city subject to taxation. Nor shall
this section be construed to prevent tho
issue of bonds to provide for the supply OF
water. but the term Of the bonds issued TO
provide for the supply Of water. in excess
herein. shah not exceed twenty years. and
sinking fund shall be created on the issuing
OF the said bonds for their redemption. by
raising annually sum which VIII produce
amount equal to the sum of the pr!n-
cipal and interest Of said honds at their
maturity. All certihcates OF ind btedness
revenue bonds issued in anticipation OF
the collection Of taxes. which are not re
tired within five years after their date OF
ssie. and bonds issued TO provide for tn
supply or water. and any debt hereafter
incurred by any portion or mart OF city
II there shall be any suOh debt. shall be in
cluded in asccr' aiming the power of the
clty to become otherwise inde6,ed except
York. after the nrst day Of January Inc
teen hundred and four. and debts incurred
by any city OF the second class after the
Nrst day OF January. nineteen hundred and
eight. and debts incurred by any city OF
she third class after the first day Of Jan
uary. nineteen hundred and ten. to provids
for the supply OF water, shall not be 50
Included. and except further that any debt
hereafter incurred by the city of New
York for public Improvement owned or
to be owned by the city. which yields to
the city current net revenue. utter making
any necessary allowance for repairs and
maintenance for which the city is liable
in excess OF the interest on said debt and
Of the annual instalments necessary fo-
its amortization. may be excluded in as
ccrtaining the power or said city to be
come otherwise indebted. provided that a
sinking fund for its amortization shall
have been established and maintained and
that the indebtedness shall not be
cluded during any period OF time when
the revenue aforesaid shall not be sur
ncient to equal the said interest and amor
tizatlon instruments and except further
that any inde btedness heretofore incurred
by the city OF New York for any rapid
ira tnsit or dock investment may be
Guided proportionately 70 the extent to
" hlch the current net revenue received b.
said CITY therefrom shall meet the interest
and amortixa tion instalments thereof. pro-
NiGed that any increase in the debt in
curing power OF the city OF New York
which shall result from the exclusion OF
debts hagetofore incurred shall be avail