New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-21

1oReurrent Resolution Of the senate and
Assembly Proposing Amendment to
section Ten of Article Eight of the CON
sutullon, in Relation to The Amount 70
be Raised by Tax for County or City Pur-
poses IN Certain Counties and Cities
Section l. Resolved Of the Senate CON
cur That section ten of article eight of
me constitution be amended to read as fol
snail hereafter give any money or property.
or loan Its money credit TO or in aid OF
any individual. association or corporation.
or oecone directly or indirectly the owner
or stock in, or bonds Of. any association or
corporations nor shall any such county,
city, town or village be allowed to incur
town or village purposes This section shall
not prevent such county, city. town vii
lage from making such provision for the
ald or support OF its poor as may be au
thorized by law. No county or city shall
be allowed to become indebted for any pur-
pose or IN any manner to an amount which,
including existing indie btedness, shall eX-
coed ten per centum or the assessed valua-
ton of the real estate of such county or
city subject to taxation. ii appeared by
the assessment rolls OF said country city
on the last assessment for state county
debtedness; and all indie &c ness in excess
or such limitation. except such as now may
exist. shall be absolutely void, except as
herein otherwise provided. NO county or
city whose present debtedness exceeds
ten per centum OF the assessed valuation OF
it's real estate subject to taxation shall be
allowed to become indebted in any further
amount until such Indebtedness shall be re-
duced within such limit This section shall
not be construed 10 prevent the Issuing of
certificates OF Indebtedness revenue
bonds issued in anticipation OF the collec-
tion or taxes for amounts actually con-
tanned or to 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
al o. bonds
sued in any one year in excess of the
limitations herein contained shall not ex-
coed one-tenth of one per centum of the
q assessed valuation of the real estate of
this section be construed to prevent the
issue OF bonds TO provide tor the supply of
water; but the term Of the bonds issued TO
provide for the supply oi water, In excess
of he limitations or Indebtedness nxed
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 VIII produce
an amount equal to the sum of the prin-
ciual and interest OF said bonds at their
maturity. All certificates OF indebtedness
or revenue bonds issued IN anticipation or
the collection OF taxes, which are not re
tired within five years after their date OF
issue and bonds issued to provide for tho
supply OF water. and any debt hereafter
incurred by any portion or part OF city.
If there shall be any such debt shall be IN
Guided in ascertaining the power OF the
city to become otherwise indebted; except
thai debts incurred by the city or New
York after this first day of January, nine
teen hundred and four and debts incurred
by any city of the second class after the
rrst day of January, nineteen hundred ana
eight and debts incurred by any city or
.he third class after the first day of Jan
uary nineteen hundred and ten, to providS
for the supply or water. shall not be SO
included; and except 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