SPECIFIC APPROPRIATION BILL.
Mr. KENNER introduced a bill [H. R. 439] for an act making specific appropriations.
It was read the first time.
On motion by Mr. GIBSON, the bill was laid on the table, and 200 copies were ordered printed.
On motion by Mr. SWITZER, the Special Committee thereon reported back the bill [S. 64] to amend Section 1 of an act authorizing cities to fund indebtedness, with an amendment, recomending its passage.
The report was concurred in.
page: 269[View Page 269]On motion by Mr. WRIGHT, the amendment was considered engrossed.
Mr. WRIGHT said: Senate bill No. 64 authorizes cities and towns having a population of less than 16,000 to fund their indebtedness by negotiating bonds in denominations not less than $50 nor more than $1,000, payable after two years, in equal annual installments, not exceeding in all fifteen years, the bonds to draw 6 per cent. semiannually, and to be negotiated at not less than par. Section 2 requires the city or town to assess taxes sufficient to pay the interest accruing on the bonds, and to pay the principal thereof as they become due.
The Senate placed no limit upon the time the bonds should run. As amended by the House, the limit is fixed at fifteen years, and sinkinfg fund taxes are not allowed to accumulate in the hands of officers.
The bill passed--yeas, 83; nays, 4.
