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dividends, interest, or produce of any investments represent-
ing any portion of the sinking fund, are exempted from
assessment to military contribution. There is thus
apparently a possible contingency that in effect
appropriations of revenue of greater amount than is necessary
for the service of the Bonds, may be exempted from assess-
ment to military contribution.
The Council do not contemplate that this is
In order, however, that
intended and they do not accordingly ask that any revision
of the terms of the Ordinance should be made directly
preventing such over-exemption.
there shall be no misapprehension on the matter they will
be glad to receive, in due course, an assurance that any
ultimate surpluses of the sinking funds referred to, not
required for the service of the Bonds, will not be
disposed of in such a manner that they fail to be subject
to assessment to contribution.
I am,
Sir,
Your obedient Servant,
Ab Widdow