. Annual report on the statistics of municipal finances. accordance with modern methods and acceptedprinciples of sound financial administration, can but be regarded as mostgratifying, and it is to be expected that the list will be graduallylengthened even without additional legislation, though I am constrainedto renew the suggestion made in my last report, — which was not actedupon, — that the Legislature might properly provide for performing thisservice for certain small towns of the Commonwealth at the expense ofthe State. Municipal Finance Legislation of 1916. But few general acts relative
. Annual report on the statistics of municipal finances. accordance with modern methods and acceptedprinciples of sound financial administration, can but be regarded as mostgratifying, and it is to be expected that the list will be graduallylengthened even without additional legislation, though I am constrainedto renew the suggestion made in my last report, — which was not actedupon, — that the Legislature might properly provide for performing thisservice for certain small towns of the Commonwealth at the expense ofthe State. Municipal Finance Legislation of 1916. But few general acts relative to municipal finances were passed by theLegislature of 19IG, and these involved, with possibly one exception, onlyperfecting amendments to existing laws. This exception consisted of aprovision that the first annual payment on account of a loan incurred forthe original construction or purchase of a water works system shall bemade not later than three years after the date of the bonds or notes issued CERTIFICATIOH OF NOTES BY MONTHS l9ll .^^^ Jan^sr. INTRODUCTION. xv therefor (Ch. 62, General Acts of 1916). This amendment to the generalindebtedness legislation of 1913, which was passed after careful consid-eration, had not been recommended by me and did not seem to thisdepartment to be necessary in the interest of sound municipal finance orany real exigency of water works administration, but it was based uponcertain admittedly plausible arguments to which it was difficult to maketheoretical objections. We may hope that the cases in which this privilegewill be availed of may not operate to affect seriously the fundamentalprinciple of annual serial payments. Attention should also be called to a re-phrasing of Item 3, Section 5,Chapter 719, Acts of 1913, which as originally passed authorized the in-currence of indebtedness for acquiring land for, and the construction of,schoolhouses or buildings to be used for any municipal or departmentalpurpose, including the cost of original
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