New-York tribune., 1920-09-04
FRANCIS NJ. HUGO.
Npcrpfnrf nj Ia
AMENDMENT NUMBER sIxTEEN

Concurrent Resolution OF the Senate and
:. Asssrm5ly .c,irn raI Proposing 70 an amendment to
| stltution. in Relation TO the Amount to
ns Raised by Tax for County or CITY pur-
uos,s uos,i IN Certain Counties and Cities.
section l. Resolved (if the Senate con-
.,ul' nat section ten Of article eight OF
lows: -''-
snail hereafter give any money or property.
or loan its money or credit to or in aid OF
any individual. association or corporation,
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 Indebtedness except for county. city.
town or village purposes. This section shall
not prevent such county. city. town viii
lage from making such provision for the
aid or support OF Its poor as may be .au-
thoriZed by law. No county or city shall
DO allowed to become Indebted for any pur-
pose or IN any manner to an amount which.
including existing Indebtedness. shall ex-
ceed ten per centum Of the assessed valua-
tion Of the real estate of such county or
city subject to taxation. as 1t appeared by
the assessment rolls OF said country or city
on the last assessment for state or county
taxes prior to the mourning OF such In
debtedness: and all indebtedness in excess
OF such limitation. except such as now may
herein otherwise provided. No county or
city whose present Indebtedness exceeds
ten per centum Of the assessed valuation OF
its real estate subject to taxation shall be
allowed to become indebted in any furt her
amount until such indebtedness shall be
duced within such limit. This srction shall
not be construed to prevent the iss-.ng Of
certificates OF indebtedness or revenue
bonds issued In anticipation OF the collec-
ton OF taxes for amounts actually con-
tained or to be contained in the yaxcs Tor
the year when such certificates revenue
taxes nor to prevent the city OF New York
from issuing bonds to be redeemed out OF
the tax levy for the year NEXT -.ceeding
amount OF such bonds which may be is
sued IN any one year IN excess OF the
cecd one-tenth Of one per centua Of the
assessed valuation Of the real estate OF
saie city subject to taxation Nor shall
Issue Of bonds to provide for the supply Of
water: but the term of the bonds issued 70
provide for the supply OF water In excess
of the limitations OF indebtedness fixed
herein shall not exceed twenty years. and a
sinking fund shall be created on the issuing
of the said bonds for their redemption. by
raising annually sum which will produce
an amount equal to the sum OF the prin-
cipal and interest OF said bonds at their
maturity All certificates OF Indebtedness
or revenue bonds Issued in anticipation Of
the collection of taxes. which are not re-
tired within five years after th"ir date of
Issue. and bonds issued to provil. for tho
supply OF water, and any debt hereafter
II there shall be any such debt. shall be in
cludeu in aacertAinng tn" power of the
city to become otherwise ndebtcd. except
that debts incurred by the city OF New
York after the first day OF January, nine
teen hundred and four. and debts incurred
by any city OF the seconh class after the
first day OF January. nineteen hundred and
eight. and debts incurred by any city Of
she third class after the FIRST day OF Jan
uary. nins teen hundred aud ten. to lrovid a
for the supply OF water: shat! not b. so
included; and rxccpt further that any debt
hereafter incurred by the city OF New
YORK. for a public improvement owned or
} To be- owned by the city. which Yields TO
tho city current net revenue. sIt"r ma King
any necessary allowance for repairs and
1ir,t, tar hifh oft. ic u k>t..
excess OF III" interest said debt md
of tn, annual ins'a!n"nts necessary TO-
its amortization. may h" excluded In aa-
c"rtaininE the power of said city TO be-
/ com" orherwlsr indebted. provided that a
sinking fund for its amortization shall
have been established and maintained. a nd
that the Indebtedness shall not b" :
cluded during any period "t time when
the revenue aforesaid shall not b. euf-
fc"nt to equal the said interest md amor
tia ion instruments. AMI except further
/ tha; any indebtedness heretofore ncurI 81
trsnsit or ddch investment may be- so ex-
ciude'l proportionatrly to the extent to
which tho current NJ Tevenu" received b.
aaid city theretrum shall meet the interest
and nlnnrtixation instalments Thereof. pro-
Ni!"d that any increase in the debt In
curing power OF the city OF New Yori!!
which shall result from the exclusion OF
debts heretofore incurred shall he avail
bic o1.y for the acquisition or construc-
trans!, y or SpcI purposes The ,sFls,a,yr.
shall pr"srribe the method Dy which ami
the terms ana conditions under which tho
amount OF any debt TO he excluded
shall be determined. and no such debt
shall be- excluded except In accordance
with the determination no prescribed The
Legislature may In It's discretion confer
appropriate Jurisdiction on the appeliat.
division OF the supreme court in the first
| judicial department for tho purpose OF de-
termining the amount OF any .icbt to be 70
excluded. No indebtedness OF a city valid
Mt the. time OF Its inception shall there
after become invalid by reason OF tn.
operation Of any OF the provisi ms OF this
section. Whenever tho boundrries OF Anv
, city are the same as those OF a county, or
when any city shall include within III
boundaries more than one county. the
In such city 70 bsoouas iadsbss6 sSal