New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-01-06


ILss-lnye.tmsnts by c. s. Fund oooooo
CITY s'o RI Ss $50
D'''' '"' '''''S's c---1-, s.n5ra
aposn,. unpro,idsa January l. 1853 $40 rs l9i
Tbis debt has been Increased during the past year
32o73o9 in consequence of stocks issued for pay
snents on account Of the Central Park and the new
Reservoir and Arsenal.
Three millions Of dollars of stock, issued for the
construction of the Croton Aqueduct, due the
Bet instant and arrangements were made for its re-
TIE Sinking Fund, it will he perceived, is in q
highly prosperous condition. Created by the act Of
the Legislature of 1872 hae met promptly all its
By the ordinance OF the Common Council Of 1916,
certain specified pledged TO this fund,
ths receipts from which, the last year. amounted to
BY the same ordnance n separate fund for the pay.
ent Of the interest this debt created TO which
were pledged the Croton Water rents aud various other
sources Of city revenue. This fund has not only paid
che interest the permanent ana fdca 9Sbt, bat
account Of the great increase since 1881 IN the revenues
appropriated 10 it, has accumulated surplus amount
M on the LIST inst 10 l,773906 A. part OF this
sufpIus has been advanced to the permanent sinking
fund and invested in the purchase of city stocks and
revenue bonds
The funded debt of the city, redeemsble from taxa
Dive pr C cent Public Building sooh No. payable from ssa
yfys PET cen. Hew.York s,Oci for DOCK. and Slips.
payable from 1876. $1,000
Pubic EduestiOn stoeh-ie7a.. 5000
ro.., amount. 900
This debt has been created in accordance with sew
era acts Of the Legislature passed since 1913 for the
erection Of public buildings and the construction OF
vharve., piers and shPs 1t is Iedee%abe frOmtaAa-
ion at the rate Of $50 600 annually.
To this fund is also charged stock, called the Pub
kc Education Stock created for the purpose of paying
Pase sshDS Society TO The city for the use 81 the
Board Of Education, and for the redemption of which
4A657 36 is to be annually raised by tax for twenty
81 h.. IT. ooh lima
due.
The interest on all this funded debt, az we'll
Che permanent debt, is paid from the sinking fund
Interest account.
TREASURY LOAN on REvFSvE BoNDs.
The Treasury loan account consists Of revenue bonds
eflS issued in anticipation of the taxes of that year
and 4s. dsSs 1sdS R Of the
tates, by authority of provision in the charter, as
TIE Common Council shsll authority to borrow any
opey whatever the credit of the Corporation except in
snsion Of the revenue Of the year in which 'sh loan shall
he made, ure.s authorized by special &C; OF the Lesisa-
The expenditures from the City Treasury, on &C
count Of the City Government, are principally made
during the year before the bulk of the taxes
Neived aud hence the necessity Of this provision of
Che Charter.
A large sum is thus rendered necessary in the an
nusl tan Gst for the payment of interest on these
revenue bonds. Last year the amount was 1895 900.
The amount called for this year lie 1926 900.
rvEpED DIET RIDrrxApLE FROM CENTRAL PARK
This debt consists of
Rs Per Cen, Central PMh Assessment Fund s.oei 49,.
On The awards for the Central PARK becoming due,
she Treasury was unable 20 meet them in consequence
Of the difficulty Of negotiating the stock, authorized
by the Legislature for it's payment by reason OF the
bow rate Of interest Is per cent? Bonds were there
Sore Issued under ordinance Of the Common Coun-
ell passed the recommendation of the Controller,
lsl3 70 the amount Of 81 900 GOO, redeemable from
the assessments the property benefited by the i'm
provement, and which assessments were pledged for
As redemption.
These assessments will no doubt be sufficient to pay
The bonds thus issued.
ASSESSMENT BONDS.
In 1852 the Legislature passed an act authorizing
the Common Council TO issue Assessment Bonds for
the payment Of contractors for work done in the
rruetion Of sewers, regulating and paving streets,
and other work payable from assessments on The
property benefited. The purpose Of the law s that
ontrartors may be paid for their work in advance
hs collection of the assessments so as TO enable
tractors OF small means to compete with large capital
competition.
The Common Council in 1912 passed an ordinance
based on this act, by authority Of which contractors
were paid IS per cent of the amount Of their CON
tyacts, upon q proper certificate Of the completion
Of the same and the balance after confirmation Of the
assessment. This ordinance Was amended in 1854 so
cD ali
Che worn done as il progressed and the balance when
abe assessment was confirmed.
PREVIOUSLY 10 the passage OF the ACT OF the LSgSla
sure Of 1850, contractors were paid only as the as
sessments collected tho city then setting truly
Trustee. Since then assessment bonds have been is.
sued to pay contractors in advance OF the receipt
the assessments, and the law authorizing them
makes provision for the time Of their redemption
they have been made payable within the year of their
issue.
The collections of assessments no, being suicen; to
sfdeem these bonds thus issued as they became due,
advances made from time 10 time from the city
Treasury tor that purpose. The total advances thus
made amounted in 1856 to more than E. 100000. ln
Shat year, on the recommendation of the Controller
IN ordnance passed by the Common Council,
nnder an act Of the Legislature Of 1853, authorizing
Am!o issue bonds payable in five years, to reimburse
che treasury for these advances.
The following statement gives the amount of these
bonds and also the assessment bonds issutd and pay
able within the year 1857, viz:
s cent ssssssmeni bonds yss psysbs i0sl s7e co
vn pr cent assessment bonds year, payable 1902 ls
Slltlo<
To redeem these bonds, or tho>e which may here.
1sy be kspsd ~ fpribey Ie-Dtsrss tbs tIssssy loy