Report of the Croton Aqueduct Board in Relation to the Ways and Means of Paying the Croton Water Debt

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C. King, printer to the Board of Aldermen, 1842 - 569 страници
 

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Страница 562 - ... when the importer has so acted upon the thing imported, that it has become incorporated and mixed up with the mass of property in the country, it has, perhaps, lost its distinctive character as an import, and has become subject to the taxing power of the State; but while remaining the property of the importer, in his warehouse, in the original form or package in which it was imported, a tax upon it is too plainly a duty on imports to escape the prohibition in the constitution.
Страница 550 - ... action at the election referred to, the following extract from a report of the Water Commissioners, submitted to the Common Council, and by it to the people, immediately preceding that election, is given: — "When the project shall be completed, the eventual receipts will more than pay the interest on the capital expended, and the annual cost of attending the works, and in due time leave a surplus for the redemption of the debt that may be incurred.
Страница 552 - Legislature, in granting the necessary power to raise further amounts by loan, expressly enacted that all the provisions of the laws before passed, pledging the faith of the city, and providing a sinking fund for the redemption of the stock issued by virtue thereof, should be applicable to the stocks issued in pursuance of the subsequent acts of the Legislature.
Страница 551 - ... incurred." As regards the pledge of all the revenues to the sinking fund for the redemption of the debt, the following further extract from a report of the Water Commissioners, made to the Common Council in December, 1842, is submitted : " The Common Council, by the law of 1835, which was their first fiscal legislation after the electors had decided in favor of the work• in providing for an issue of two and a half millions of stock, thought it proper at the same time to lay the foundation of...
Страница 552 - ... appropriated as a sinking fund towards the redemption of the said Water Stock. Similar pledges, and in similar terms, are contained in each of the subsequent laws of May 3d, 1838, April 23d, 1840, and June 25th, 1841, under which the successive issues of stock were made, amounting in the aggregate (at that time) to nine and a half millions of dollars.
Страница 552 - ... procured by the said work, and furnished to the inhabitants' of the city, shall be especially appropriated as a sinking fund towards the redemption of the said Water Stock. Similar pledges, and in similar terms, are contained in each of the subsequent laws of May 3d, 1838, April 23d, 1840, and June 25th, 1841, under which the successive issues of stock were made, amounting in the aggregate (at that time) to nine and a half millions of dollars. The Legislature of the state, in authorizing the...
Страница 552 - June 25, 1841 ; under which the successive issues of stock were made, amounting in the aggregate to nine and a half millions of dollars. The Legislature of the State, in authorizing the City Government to create the stock thus issued from time to time, also sanctioned and enforced the pledges given on the part of the city, in the law of 1835 ; for in every instance thereafter, the Legislature, in...
Страница 552 - Recorder shall be one, from time to time, and as often as they may deem it necessary, to order and cause to be raised by tax on the estates real and personal of the freeholders and inhabitants of, and situated within, the said city, and to be collected, such amount of money as shall be requisite to defray the interest upon the Water Stock of the city of New York.
Страница 551 - ... increases, and the income augments, to discharge the debt, without inconvenience, that the first cost of the works should remain a lien on those who succeed us. The only obligation .on the present generation, constructing a work of this magnitude and importance, is, that they pay the interest on the debt incurred, leaving the principal to be provided for by those who come after them.

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