such sum or sums, not exceeding in the whole the amount of such revenues as may be necessary to meet expenditures under appropriations for the current year. (Id., sec. 35.) § 38. Every loan to be effected, as authorized by the last section, shall be secured by the bonds of the Comptroller, payable in not exceeding one year, in such sums as the Comptroller may deem proper, which shall be signed by the Comptroller, countersigned by the Mayor and sealed with the common seal. (Id., sec. 36.) § 39. No payment shall be made by the Comptroller for work done or supplies furnished except upon proper vouchers rendered by the head of the appropriate department, or other proper officer, board or commission, for whom such work was done or supplies furnished. Such vouchers shall be made out in duplicate, and shall contain the certificates of such subordinate officers as the head of the department may require, and of such form and purport as he shall prescribe, and also a certificate of the head of the department. One of the duplicate vouchers shall be retained in the department or office by which the vouchers are rendered, and the other shall be transmitted to the Department of Finance for payment. A receipt for the amount paid shall be taken by the Comptroller. (Ord. app. April 14, 1902.) Article II.— The Disposition of Real Estate. § 40. It shall be the duty of the Comptroller to take charge of all the real estate belonging to the corporation, and to prevent all encroachments thereon. (R. O. 1897, sec. 84, with verbal changes.) § 41. It shall be the duty of said Comptroller to superintend the collection of all rents, interest and demands due the Sinking Fund, and to direct all necessary measures to compel the payment of them and report the condition of the same to the Board of Aldermen quarterly. (Id., sec. 85, with verbal changes.) § 42. It shall be the duty of said Comptroller, under the sanction of the Board of Commissioners of the Sinking Fund, to appoint appraisers on behalf of the corporation to settle the rent on renewal of any leases, or the value of the building, to be paid on the expiration of any lease, in which the corporation is or shall be interested, whenever, by the provisions of such lease, the appointment of such appraisers is required. (Id., sec. 86, with verbal changes.) § 43. The said Comptroller is hereby authorized, with the sanction of the said Board of Commissioners, to assign any bond or mortgage held by the said board to any person or persons who may elect to take such assignment, upon the payment in full of the principal and interest due on said bond and mortgage; and the Mayor and City Clerk are hereby authorized and directed to execute, under their hands and seal of the city, any such assignment, upon evidence being exhibited to them, showing that the principal and interest of such bond and mortgage have been paid into the treasury of said city to the credit of the Board of Commissioners of the Sinking Fund. (Id., sec. 87, with verbal changes.) § 44. Upon the payment of any bond and mortgage in full, it shall be the duty of the said Comptroller to prepare and cause to be executed a proper satisfaction of such bond and mortgage; and the said Mayor and Clerk of the Board of Aldermen are hereby authorized to execute the same, upon the production of evidence that the same has been paid, as provided in the preceding section of this article. But no release of any part of the premises contained in such mortgage from the lien created by such mortgage thereon shall be made or executed by them. (Id., sec. 88, with verbal changes.) § 45. Whenever any person or persons may desire to commute any quit-rent due the corporation, it shall be the duty of the said Comptroller to calculate such commutation at the rate of six per cent.; and upon the production of evidence that the same and all arrears of rent have been paid into the treasury of said city to the credit of the Commissioners of the Sinking Fund, it shall be the duty of the Mayor and Clerk to execute a release of quit-rent. (Id., sec. 89.) § 46. Whenever any property belonging to the corporation is unproductive, or the term for which it may have been leased or let shall have expired or be about expiring, it shall be the duty of the said Comptroller to report the same to the Board of Commissioners of the Sinking Fund, and if, in his judgment, it will be beneficial to the public interest to lease property belonging to the corporation, it shall be his duty to communicate the same, with his reasons therefor, to the Board of Commissioners of the Sinking Fund, and if they concur with him, they are hereby authorized and empowered to lease the same in such manner as they may deem most fit for the interest of the city, conforming in the leasing to the provisions of the Greater New York Charter, and upon the production of a certificate, signed by a majority of said Commissioners, of whom the Comptroller shall be one, it shall be the duty of the said Mayor and City Clerk to execute such leases under their hands and seal of the city. (Id., sec. 90, with verbal changes.) § 47. In all cases of grants hereafter to be made of land under water on the shores of the island of New York, or on the shores of Long Island and within the limits of the various charters of The City of New York, or within the limits of the former municipalities now constituting The City of New York, and in all cases of extensions of grants previously made, it shall be the duty of the Comptroller and the President of the Borough in which such grant or extension is to be made, to report to the Board of Com missioners of the Sinking Fund what sum of money shall, in their judgment, be charged as consideration for such grant; and if the said Board, or a majority of their number, shall agree to the terms reported by the said Comptroller and Borough President, then the said Comptroller shall be and is hereby authorized to cause such grants to be issued to the parties who may be legally entitled to the same. (Id., sec. 91, and verbal changes.) § 48. The preceding section shall not apply to grants to be made on the North or Hudson river, between West Eleventh and Thirtieth streets, Borough of Manhattan, so far as the consideration money is concerned; but the rates to be charged for grants between said West Eleventh and Thirtieth streets shall be as follows: For each running foot along the exterior lines of the present grants (excluding the width of streets) and along the westerly line of the Eleventh avenue (excluding the width of streets), when not granted, viz.: .... For grants between West Eleventh and Bank streets, For grants between West Twelfth and Jane streets, $20 00 19 00 18 00 17.00 16 00 15 00 14 00 13 00 For grants between Thirteenth, Fourteenth and 10 00 For grants between Nineteenth and Twenty-fourth streets. 12 00 For grants between Twenty-fourth and Thirtieth streets, west of the Eleventh avenue... 10 00 (Id., sec. 92.) § 49. No grant shall be made by virtue of these ordinances except for a specific consideration to be paid in cash, or in five annual installments secured by bond and mortgage on the premises granted, with annual interest at the rate of six per cent. per annum; the first installment to be paid on the issuing of the grants. (Id., sec. 93.) § 50. All grants made by virtue of these ordinances shall contain the usual covenants, including those in relation to streets or avenues passing through them, and also in relation to bulkheads and wharfage. (Id., sec. 94.) § 51. No grant made by virtue of this article shall authorize the grantee to construct bulkheads or piers or make land in conformity thereto, without permission so to do is first had and obtained from the Department of Docks; and the grantees shall be bound to make land, piers or bulkheads at such time and in such manner as the Department of Docks shall direct under penalty of forfeiture of such grant for non-compliance with such directions of the said department. (Id., sec. 95.) § 52. Nothing contained in the two next preceding sections shall be construed as applying to water grants to be made on the shores of Long Island. (Id., sec. 96.) Article III.- The Sinking Fund of The City of New York. § 53. All moneys heretofore received and hereafter to be received from the following sources are hereby pledged and appropriated to and constitute and form a fund called the Sinking Fund of The City of New York for the Redemption of the City Debt, until the whole of the stocks of The City of New York shall be finally and fully redeemed, namely: 1. For commutation of quit-rents on grants. 2. For quit-rents arising from such grants as were issued prior to the year one thousand eight hundred and four. 3. The net proceeds of all sales of real estate belonging to the corporation when sold. 4. The net proceeds of all bonds and mortgages payable to the corporation when collected. 5. For licenses to pawnbrokers and dealers in the purchase or sale of second-hand furniture, metals or clothes. 6. For hackney-coach licenses and street vaults. 7. For exclusive occupation of private wharves, basins and piers. 8. For market fees and market rents. 9. The proceeds of all bonds and mortgages which may have or shall become the property of the corporation, in pursuance of the ordinance creating the fire loan stock of The City of New York. 10. The building included in the establishment called the Almshouse, at Bellevue, together with the lots of land and water rights attached thereto when sold, and the rents when leased. 11. Such portions thereof of the annual taxes levied in The City and County of New York as may be collected for the redemption of the floating debt stock of The City of New York and the fire indemnity stock of The City of New York. 12. All such other sources of revenue or sums of money as the said corporation shall hereafter think proper to appropriate to said fund. (R. O. 1897, sec. 65.) § 54. All moneys hereafter to be received from the following sources are pledged, appropriated and are to be applied to and constitute and form a fund to be called the Sinking Fund of The City of New York for the Payment of the Interest Accruing and to Accrue Upon the Stocks of The City of New York until the same shall be fully and finally redeemed, namely: 1. For interest on all bonds and mortgages owned by the corporation. 2. For commutation of alien passengers. 3. For mayoralty fees. 4. For fines and penalties. 5. For fees and fines collected by the clerks of the courts, for the corporation. 6. For rents from all sources not already pledged. 7. For tavern and excise licenses. 8. For sales of all property of the corporation other than real estate. 9. Such portion of the annual taxes levied in the water district of The City of New York as may be collected to supply the deficiency of interest accruing on the water stocks of The City of New York. 10. Nothing in this chapter shall be so construed as to impair or affect any pledge heretofore made and now existing of any property or its proceeds embraced in this chapter or in the ordinances relating to the city debt. (Id., sec. 66.) § 55. The Mayor, Comptroller, Chamberlain, President of the Board of Aldermen and the Chairman of the Finance Committee of the Board of Aldermen for the time being shall constitute and be denominated the Board of Commissioners of the Sinking Fund of The City of New York. (Id., sec. 67, with verbal changes.) § 56. Any four or more of the persons named in the preceding section of this article, of whom the Comptroller shall be one, shall be and are hereby authorized to discharge the trusts and duties vested in them by this article. (Id., sec. 68.) § 57. All purchases to be made of the city stocks shall be made by or under the direction of the Board of Commissioners of the Sinking Fund, as herein and hereby constituted. (Id., sec. 69, with verbal changes.) § 58. The said board shall, from time to time, invest the moneys which shall constitute the Sinking Fund for the Redemption of the City Debt, or as much as they can, in the purchase of stocks created by the corporation of The City of New York, at the market price, not exceeding the par value thereof; and if, at any time, such investments cannot be made at par, then the said board shall be authorized to invest the said moneys, or such part thereof as they may see fit, either in the purchase of the said stock or the stock of the State of New York, or the stock or bonds of the United States, notwithstanding such stock or bonds may be above the par value thereof. (Id., sec. 70, with verbal changes.) § 59. The powers conferred on the said Board of Commissioners in the preceding section of this article shall be so |