Evening star., 1948-01-21

min1Stratlve supervision, he would
be required to report their original
requests to the council. These
agencies would include the courts,
the Board of Elections, the Board
of Public Education and the sew
eral semi-independent boards and
commissions.
The tentative budget, the city
managers explanation, and all
supporting data would be made a
public record in the Office of the
secretary of the council-open to in
spection by any one. Sufficient
copies would have to be printed for
interested persons.
Public hearings would have to be
ordered by the council, with at
least seven days notice. All inter-
ested persons would have to be
heard. Thereafter, the council
could vote to insert new items, or
increase or decrease any listed by
the manager. except those manda-
tory by law. Sd
Befofe adding or increasing any
item, tbazeouncil would besrequired
to- publish tfle proposed Increases
and to schedule. another public
hearing on them, giving at least
five days notice.
The councils budget would have
to be adopted by March 81. Action
would be by majority vote. 1t
would be submitted by April to the
Joint District Committee of Con-
gress, which would have 80 days to
review it. If the committee OPP
posed any item, it would return the
budget to the council, with a state
ment of its reasons.
The council would have until the
end of May to decide if any item
should be reduced. (There is no
provision at this point for an in
crease in the budget) Finally set,
the budget then would be effective
for use in the fiscal year beginning
July l.
Detailed Outline Required.
The manager, in his annual bud
get message to the council, would
be required to outline proposed
financial policies, give a detailed
account of anticipated revenues, in
Guiding any surplus funds from pre-
vious years, to list pending and pro-
posed capital Improvements and top
this with an outline of capital pro-
jects contemplated for the ensuing
five years.
In granting the District the right
to issue bonds for improvements
that might otherwise not be pro-
vided, the measure sets the debt
limit at 10 per cent of the assessed
value of the Districts taxable real
property.
A down pavement of at least 5
per cent would be required for any
bond issue. For this purpose, all
street improvements to be partly
financed by bond issues, during a
sngle fiscal year, might be consid-
cred as a single project. The same
would apply to extensions OF water
and sewer systems.
The District would be required to
retire bond issues by consecutive
annual payments, with no one pay
ment to be more than so per cent
in excess of the smallest prior in
stallment.
Bonds issued would have to be
amortized under stated terms OF
years, calculated to be within the
period of the probable usefulness
Of the capital project. This is de-
signed to keep District credit at full
measure. prevent delays in payment
aid loss of bond values.
Maturity Limit Set.
"a The bill would place a 30-year
maximum maturity date for bonds
issued for projects for water supply
and distribution, for the acquisition
of real property and for sewers and
sewage treatment plant equipment.
A 20-year amortization would be
set for heating. lighting, plumbing,
ventilating, elevator and power
plants, permanent equipment IN
new fireproof buildings or additions
and for construction Of such build
ings.
A 10-year maturity date would be
set for bonds for any public pernla-
nent improvement not otherwise ex-
pressly characterized.
Bonds would have to be sold at
public sale, on submission of sealed
proposals, in response to notice pub
lished by the District.
In any normal year, District
financial needs pile up before col
lection of the bigger portions OF the
revenues. Cash is needed. To
meet this need, the home rule bill
proposes that the council be au-
thorized to borrow, up to Is per
cent of total anticipated revenues,
by the execution OF negotiable notes.
These short-term borrowings would