Download or read book Report of the Secretary of the Municipal Board of Manila on Various Forms of Special Or Local Assessment Laws in Force in Some Cities of the United States (Classic Reprint) written by and published by . This book was released on 2015-08-04 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Report of the Secretary of the Municipal Board of Manila on Various Forms of Special or Local Assessment Laws in Force in Some Cities of the United States Like American cities, Manila is, by law, restricted as to the amount of the bonded indebtedness which it may incur, the limit being placed by Act of Congress at 5 per cent of the assessed value of the real estate within the city. This would permit us to issue bonds for 7,500,000. The same act authorizes the issue of bonds to an amount of 8,000,000 for the purpose of providing Manila with modern sewer and water systems (which have been built and are in operation), and this provision of law has been subject to various interpretations, some holding that Manila has already issued bonds (sewer and water) up to the limit of the legal restriction and others holding that the sewer and waterworks bond issue was intended to be in addition to the authorized issue of 5 per cent above mentioned. Under the first interpretation, no further indebtedness may be incurred; but, for the sake of argument, we will use the second and assume that Manila could issue bonds for 7,500,000. That any further indebtedness should be incurred by the city is out of the question, as we are now setting aside annually a sum in excess of 20 per cent of our current revenues for the purpose of paying interest on, and providing a sinking fund for, the sewer and water bonds. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works."