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Domestic News
May 1, 1933
The Times News
Hendersonville, Henderson County, North Carolina
What is this article about?
Two bills amending the City of Hendersonville's charter were introduced in the lower house by Representative Ted Ray: one allowing the purchase of city bonds below par using revenue anticipation notes, and the other directing the city treasurer to administer the water commission's debt service without altering the board's powers. The bills are on the house calendar.
Merged-components note: Continuation of city charter amendments article from page 1 to page 3; label adjusted to domestic_news as it fits local government news.
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CITY CHARTER AMENDMENTS ARE OFFERED
City Treasurer Would Administer Water Board's Debt Service
NO OTHER CHANGE IN BOARD'S POWER IS UP
Buying of City Bonds by Board Below Par Is Also Provided
Two bills amending the charter for the City of Hendersonville, one providing for the purchase of outstanding city bonds through funds raised by revenue anticipation notes, in the event that they may be purchased below par, and the other providing that the net income of the city water commission shall be handled through the office of the city treasurer, have been introduced in the lower house by Representative Ted Ray of Henderson county and are on the house calendar for consideration.
The bill which provides for a change in the administration of the city water commission's funds, does not interfere with the power of the board of water commissioners, to maintain, operate and keep in repair the city water system. It also specifically recites that nothing contained in it shall interfere with the city water commission election which has been set for Tuesday as presented, it relieves the water commission of handling its debt service account, which would be paid through the city treasurer's office.
The two bills follow:
BILL FOR BUYING IN CITY'S BONDS
The Ray measure relating to bonds provides:
"Section 1. That the City of Hendersonville, through its board of commissioners, may borrow money for the purpose of buying outstanding bonds of said city whenever the same may be bought for less than the par value of said bonds, said money to be borrowed in anticipation of the collection of taxes and revenues of such fiscal year. Such loans shall be paid not later than the 10th day of October in the next succeeding fiscal year. Provision shall be made in the annual budget and annual appropriation ordinance of each fiscal year for the payment of all unpaid loans predicated upon the taxes and revenue of the previous fiscal year.
"Section 2. Negotiable notes shall be issued for all monies borrowed under this act and said notes shall be issued pursuant to the provisions of section 2y35 of the consolidated statutes.
"Section 3. That any notes issued pursuant to this act shall bear interest not to exceed four per cent per annum.
"Section 4. That any notes issued pursuant to the provisions of this act may be disposed of either at public or private sale, and in such manner as the governing body of said city may provide for.
"Section 5. All funds realized on account of any notes issued and sold pursuant to the provisions of this act shall be used exclusively for the purpose of buying and retiring outstanding bonds of the City of Hendersonville. Provided, any bonds bought pursuant to this act must be bought for less than their par value."
BILL ON WATER SYSTEM FINANCE
The other Ray bill, touching upon the water system, reads:
"Section 1. That from and after July 1, 1933, the board of water commissioners of the City of Hendersonville are hereby authorized, in their discretion, to pay over, or cause to be paid over, to the treasurer of the City of Hendersonville, on the first day of each month, the net income derived from the operation of the water system of the City of Hendersonville, or so much thereof as may be necessary to enable the city to meet its general operating expenses.
"Section 2. The net income of the said water system shall be the sum total of all water rents collected less the actual cost of operation, debt service not included. Upon receipt of the money provided for in section one hereof, it shall be the duty of the treasurer to place same in a special fund to be known as the water revenue account. It shall be used for the general operating expenses of the city but at the end be lawful for the commissioners of the City of Hendersonville to use said fund, or any part thereof each fiscal year the city may cause any unused portion of said fund to be transferred to a fund to be known as the special debt service fund.
"Section 3. Nothing herein contained shall be construed so as to interfere with the power of the board of water commissioners to maintain, operate and keep in repair the water system of the City of Hendersonville nor to prevent the disbursement of money for the necessary expenses of same. Nothing herein contained shall be construed to in any wise affect the act of 1931 providing for an election to be held in the City of Hendersonville on May 2, 1933, to pass upon the question of abolishing the board of water commissioners of the City of Hendersonville.
Section 4. That upon the payment of the net revenues of the water system to the treasurer of the city, the board of water commissioners shall be under no obligation to provide for the payment of principal and interest arising on account of bonds issued by the city for water and sewer purposes to the extent of such funds actually paid over to the city treasurer, but the commissioners of the City of Hendersonville shall make provision for their payment, to such extent. as other obligations of said city."
The two city charter amendment bills were placed on the regular house calendar on Saturday without consideration by the usual committees.
Both are roll call measures and to become law must be passed on three separate days.
City Treasurer Would Administer Water Board's Debt Service
NO OTHER CHANGE IN BOARD'S POWER IS UP
Buying of City Bonds by Board Below Par Is Also Provided
Two bills amending the charter for the City of Hendersonville, one providing for the purchase of outstanding city bonds through funds raised by revenue anticipation notes, in the event that they may be purchased below par, and the other providing that the net income of the city water commission shall be handled through the office of the city treasurer, have been introduced in the lower house by Representative Ted Ray of Henderson county and are on the house calendar for consideration.
The bill which provides for a change in the administration of the city water commission's funds, does not interfere with the power of the board of water commissioners, to maintain, operate and keep in repair the city water system. It also specifically recites that nothing contained in it shall interfere with the city water commission election which has been set for Tuesday as presented, it relieves the water commission of handling its debt service account, which would be paid through the city treasurer's office.
The two bills follow:
BILL FOR BUYING IN CITY'S BONDS
The Ray measure relating to bonds provides:
"Section 1. That the City of Hendersonville, through its board of commissioners, may borrow money for the purpose of buying outstanding bonds of said city whenever the same may be bought for less than the par value of said bonds, said money to be borrowed in anticipation of the collection of taxes and revenues of such fiscal year. Such loans shall be paid not later than the 10th day of October in the next succeeding fiscal year. Provision shall be made in the annual budget and annual appropriation ordinance of each fiscal year for the payment of all unpaid loans predicated upon the taxes and revenue of the previous fiscal year.
"Section 2. Negotiable notes shall be issued for all monies borrowed under this act and said notes shall be issued pursuant to the provisions of section 2y35 of the consolidated statutes.
"Section 3. That any notes issued pursuant to this act shall bear interest not to exceed four per cent per annum.
"Section 4. That any notes issued pursuant to the provisions of this act may be disposed of either at public or private sale, and in such manner as the governing body of said city may provide for.
"Section 5. All funds realized on account of any notes issued and sold pursuant to the provisions of this act shall be used exclusively for the purpose of buying and retiring outstanding bonds of the City of Hendersonville. Provided, any bonds bought pursuant to this act must be bought for less than their par value."
BILL ON WATER SYSTEM FINANCE
The other Ray bill, touching upon the water system, reads:
"Section 1. That from and after July 1, 1933, the board of water commissioners of the City of Hendersonville are hereby authorized, in their discretion, to pay over, or cause to be paid over, to the treasurer of the City of Hendersonville, on the first day of each month, the net income derived from the operation of the water system of the City of Hendersonville, or so much thereof as may be necessary to enable the city to meet its general operating expenses.
"Section 2. The net income of the said water system shall be the sum total of all water rents collected less the actual cost of operation, debt service not included. Upon receipt of the money provided for in section one hereof, it shall be the duty of the treasurer to place same in a special fund to be known as the water revenue account. It shall be used for the general operating expenses of the city but at the end be lawful for the commissioners of the City of Hendersonville to use said fund, or any part thereof each fiscal year the city may cause any unused portion of said fund to be transferred to a fund to be known as the special debt service fund.
"Section 3. Nothing herein contained shall be construed so as to interfere with the power of the board of water commissioners to maintain, operate and keep in repair the water system of the City of Hendersonville nor to prevent the disbursement of money for the necessary expenses of same. Nothing herein contained shall be construed to in any wise affect the act of 1931 providing for an election to be held in the City of Hendersonville on May 2, 1933, to pass upon the question of abolishing the board of water commissioners of the City of Hendersonville.
Section 4. That upon the payment of the net revenues of the water system to the treasurer of the city, the board of water commissioners shall be under no obligation to provide for the payment of principal and interest arising on account of bonds issued by the city for water and sewer purposes to the extent of such funds actually paid over to the city treasurer, but the commissioners of the City of Hendersonville shall make provision for their payment, to such extent. as other obligations of said city."
The two city charter amendment bills were placed on the regular house calendar on Saturday without consideration by the usual committees.
Both are roll call measures and to become law must be passed on three separate days.
What sub-type of article is it?
Politics
Infrastructure
What keywords are associated?
Hendersonville Charter Amendments
City Bonds Purchase
Water Commission Finance
Ted Ray Bills
Revenue Anticipation Notes
What entities or persons were involved?
Representative Ted Ray
Where did it happen?
City Of Hendersonville
Domestic News Details
Primary Location
City Of Hendersonville
Event Date
1933
Key Persons
Representative Ted Ray
Outcome
bills placed on the regular house calendar on saturday; must pass on three separate days to become law.
Event Details
Two bills introduced in the lower house by Representative Ted Ray of Henderson county to amend the City of Hendersonville's charter: one authorizing the borrowing of money via revenue anticipation notes to buy outstanding city bonds below par, and the other authorizing the board of water commissioners to pay net income from the water system to the city treasurer for handling debt service and general expenses, without interfering with the board's operational powers or an upcoming election on May 2, 1933.