As a result of an actuarial examination of the accrued amortization or reserve requirement of the Sinking Fund for the Redemption of the City Debt (No. 1), which was embodied in a report of the Comptroller dated December 10, 1913, to the Commissioners of the Sinking Fund, said Commission, at a meeting held on December 17, adopted the following resolution: "Resolved, That there shall be set aside and retained in the 'Sinking Fund for the Redemption of the City Debt, No. 1,' the sum of $77,999,066.26, consisting of (1) the amount of the balance held on January 1, 1913, of the accumulation of the assets held by the said Sinking Fund on January 1, 1903, viz. : $77,894,497.08, and (2) the_sum of $104,569.18 required to be retained out of the revenues of the said Sinking Fund, other than the revenues derived from the investment of the assets held by the said Sinking Fund on January 1, 1903, to provide for the redemption of the obligations of said Sinking Fund outstanding on January 1, 1913, said amount, $77,999,066.26, so set aside to be invested at a rate of interest not less than 3 per cent. per annum, said sum and its accumulations to the extent of 3 per cent. per annum to be applied solely to the purposes of the redemption at their several maturity dates of said obligations, amounting to $97,782,459.05, outstanding on January 1, 1913, as provided in Chapter 103 of the Laws of 1903." At a meeting of the Commissioners of the Sinking Fund held on January 21, 1914, a supplemental communication from the Comptroller, dated January 13, 1914, with regard to the surplus accumulations of the Sinking Fund for the Redemption of the City Debt (No. 1) was ordered printed in the minutes. Said communication stated that the reserves at January 1, 1914, necessary, with compound interest at three per cent. (3%) per annum, to retire at maturity the bonds secured by Sinking Fund No. 1, amounted to $72,797,222.87. An actuarial computation shows that the interest accruing during 1914 on said $72,797,222.87 aggregated $2,163,951.58, giving a total reserve of $74,959,174.45. On November 1, 1914, $4,074,394.80 of bonds matured and were redeemed and cancelled by the Sinking Fund for the Redemption of the City Debt, No. 1, thus reducing the actuarial reserve required by the fund as of January 1, 1915, to $70,886,779.65. An actuarial computation shows that the interest accruing during 1915 on said $70,886,779.65 aggregated $2.102,729.56, giving a total reserve of $72,989,509.21. On November 1, 1915, $4,875,686.98 of bonds matured and were redeemed and cancelled by the Sinking Fund for the Redemption of the City Debt. No. 1, thus reducing the actuarial reserve required by the fund as of January 1, 1916, to $68,113,822.23. I submit herewith for the information of the Commissioners of the Sinking Fund the following statement of the estimated amount of receipts on account of the revenues and other income from all sources of the "Sinking Fund of the City of New York for the Redemption of the City Debt" (No. 1) for the year 1916, viz.: Interest on Investments and Deposits (other than those stated below*) Licenses Permits Privileges Rents Railroad Franchises $6,750.000 00 250,000 00 125,000 00 35,000 00 Miscellaneous Surplus Revenues of the "Sinking Fund for the Payment of Interest on the City Debt".. *The Estimated Revenue or Income during the year 1916 from the Reserve of $68,113,822.23 computed at 3 per cent. per annum will aggregate ... . . ... Total Estimated Receipts of Revenue or Income from all sources to The Estimated Amount of Receipts of Revenue or Income of this Sinking Fund-except the Income (b) and accumulation thereof derived from the Reserve of $68,113,822.23 held by said Sinking Fund and set aside January 1, 1916, as above stated, is.... 5,125,000 00 530,000 00 10,000 00 11,000,000 00 $23,825,000 00 (b)2,043,414 67 $25,868,414 67 $23,825,000 00 I submit herewith a certificate to be made by the Commissioners of the Sinking Fund to the Board of Aldermen, pursuant to the provisions of the Greater New York Charter, as amended by Chapter 103 of the Laws of 1903, to invest Twenty-three Million Five Hundred Thousand Dollars ($23,500,000) of the foregoing excess of revenue or income in General Fund Bonds of the City of New York for account Resolved, That, pursuant to the provisions of the Greater New York Charter, Resolved, That the Secretary of the Commissioners of the Sinking Fund be and hereby is directed to notify the Board of Aldermen and the Comptroller of the amount that the Commissioners of the Sinking Fund have determined to invest in General Fund Bonds of The City of New York pursuant to the foregoing resolution. The report was accepted and the resolution unanimously adopted. (Copy.) To the Honorable the Board of Aldermen: February 16, 1916. Gentlemen-Pursuant to the provisions of the Greater New York Charter, as amended by Chapter 103 of the Laws of 1903, entitled "An Act to amend the Greater New York Charter, relative to the Sinking Fund of the City of New York for the Redemption of the City Debt, by adding a new section to be known as section two hundred and twenty-two, providing for the issue of additional bonds of the City of New York, to be called General Fund Bonds, and by amending section_one hundred and sixty-nine of said Charter," the Commissioners of the Sinking Fund of the City of New York hereby certify to the Board of Aldermen of the City of New York that the estimated amount of receipts on account of the revenues or income, from all sources, of the "Sinking Fund of the City of New York for the Redemption of the City Debt" (No. 1) during the year 1916 is estimated at Twenty-five Million Nine Hundred and Eight-eight Thousand Four Hundred and Fourteen and 67/100 Dollars ($25,988,414.67) made up as follows: Interest on Investments and Deposits (other than those stated below*) Licenses Miscellaneous $6,750,000 00 250,000 00 10.000 00 125,000 00 Permits Privileges Rents Railroad Franchises Surplus Revenues of the "Sinking Fund for the payment of Interest *Estimated Revenue or Income during 1916 from the Reserve of Total Estimated Receipts on account of the Revenues or Incomes 35,000 00 5,125,000 00 530,000 00 11,000,000 00 $23,825,000 00 2,043,414 67 $25,868,414 67 The Commissioners of the Sinking Fund, by resolution of said Board adopted February 16, 1916, determined to invest Twenty-three Million Five Hundred Thousand Dollars ($23,500,000) of the excess of revenue or income of said fund in General Fund Bonds of the City of New York during the year 1916 for account of the "Sinking Fund of the City of New York for the Redemption of the City Debt" (No. 1). JOHN PURROY MITCHEL, Mayor; ALEX. BROUGH, Deputy and Acting Comptroller; HENRY BRUERE, City Chamberlain; FRANK L. DOWLING, President of the Board of Aldermen; FRANCIS P. KENNY, Chairman, Finance Committee of the Board of Aldermen; Commissioners of the Sinking Fund. February 16, 1916. 108 Chapin Home for the Aged and Infirm-Petition of, for a Further Deed of The following petition was received: In the matter of the Chapin Home for the Aged and Infirm, with respect to certain property between Sixty-sixth and Sixty-seventh Streets and Lexington and Third Avenues, in the Borough of Manhattan, City of New York. To the Honorable the Commissioners of the Sinking Fund of the City of New York: The petition of the Chapin Home for the Aged and Infirm, respectfully represents: First-That your petitioner is a domestic corporation duly organized and existing under the laws of the State of New York, in pursuance of an Act of the Legislature of the State of New York, duly approved by the Governor thereof and passed on the 1st day of May, 1869, being known as Chapter 461 of the Laws of 1869, and designated "An Act to incorporate the Chapin Home for the Aged and Infirm in the City of New York," wherein and whereby it is provided that "The general business and object of such corporation shall be to provide a home and support for aged and infirm persons;" that your petitioner is, and ever since May 1, 1869, has been a nonstock corporation and a membership corporation, engaged without profit to itself or to members in providing a home and support for aged and infirm persons in the City of New York without regard to race, creed or sect. That under and by virtue of Chapter 876 of the Laws of 1869, of the State of New York, passed May 12, 1869, the Commissioners of the Sinking Fund of the City and County of New York were thereby "authorized to lease to the corporation, 'The Chapin Home for the Aged and Infirm,' such lots north of Sixty-sixth Street belonging to said City as may be necessary for the erection of a home, upon such terms and conditions and for such terms of years and annual rent as such leases have heretofore been made by municipal authorities to charitable institutions." That pursuant to the provisions of said law, being Chapter 876 of the Laws of 1869, and to a resolution of said Commissioners of the Sinking Fund, duly passed on the 12th day of October 1870, and on or about the 29th day of March, 1871, by instrument bearing date on said day, the City of New York, by the Mayor, Aldermen and Commonalty of the City of New York, duly executed, acknowledged and delivered to your petitioner, a lease of certain real estate, situated in the Borough of Manhattan, City, County and State of New York, known and described as follows: "Beginning at a point on the southerly side of 67th Street, which point is distant 170 feet easterly from the intersection on the easterly side of Lexington Avenue with the southerly side of 67th Street, and running thence easterly along the southerly side of 67th Street 170 feet; running thence southerly at right angles to 67th Street 200 feet 10 inches to the northerly side of 66th Street; thence westerly along the northerly side of 66th Street 170 feet to a point on said northerly side of 66th Street 170 feet easterly from the intersection of the easterly side of Lexington Avenue with the northerly side of 66th Street; running thence northerly at right angles to 66th Street 200 feet 10 inches to the southerly side of 67th Street, the point or place of beginning, reserving to the City all the right, title and interest in and to the lands in 66th and 67th Streets." That said lease was for a term of ninety-nine years from the date thereof at an annual rental of One Dollar per year and imposed upon your petitioner no obligation to pay any taxes, assessments, either ordinary or extraordinary, water rates or water meter charges, or any other charges, upon the said premises demised by the said lease. That your petitioner on said 29th day of March, 1871, was in possession of the said premises and has continued in possession thereof until the present time, except that on the 13th day of March, 1911, your petitioner conveyed by bargain and sale deed to Charles A. Peabody, for the sum of $40,000 the easterly 20 feet of said premises on 66th and 67th Streets, being 200 feet 10 inches in depth, and the said Charles A. Peabody thereupon entered into possession of the said premises and has been in possession thereof until the present time, and that your petitioner erected upon the said premises a home which, from the time of its completion until a period long subsequent to said 30th day of December, 1909, was used and kept as a Home for aged and infirm persons without regard to their place of birth, creed or denomination, as has always been the established rule of your petitioner, and in other respects in accordance with the provisions of said lease, and that from said 29th day of March, 1871, your petitioner in all respects duly performed all of the covenants, conditions and terms of said lease on its part to be performed. That thereafter and in the year 1907, the Legislature of the State of New York 109 duly passed an Act which became a law on the 6th day of June, 1907, with the approval That thereafter and on or about the 25th day of February, 1909, your petitioner addressed and filed with the Commissioners of the Sinking Fund of the City of New York a duly verified petition, praying that the Commissioners comply with the terms of said Act and sell the said premises to your petitioner for the consideration of Five Thousand Dollars ($5,000) including the interest of the City of New York in the unexpired term of the lease, and in consideration of the agreement of your petitioner that upon request of the City of New York, it would continuously maintain free inmates or patients, giving 5,475 days of free treatment or care of such patients or inmates in each year in perpetuity and when it should have obtained title to the said premises, to sell the same and re-invest the funds in a larger institution for doing the work of said petitioner within the limits of the City of New York. That_thereupon such proceedings were had that the said Commissioners of the Sinking Fund, by resolution duly adopted on the 15th day of December, 1909, in the exercise of the discretion vested in them by the provisions of said Act, and deeming said sum of Five Thousand Dollars ($5,000) to be a fair and pecuniary consideration for the grant in fee simple absolute of the premises above described, upon condition that your petitioner should covenant and agree as a condition of said grant, upon request of the City of New York, to continuously maintain free inmates or patients, giving 5,475 days of free treatment or care of such patients or inmates in each year in perpetuity, and when it should have obtained title to the property, to sell the same and re-invest the funds in a larger institution for doing similar work to that then carried on by the petitioner; to erect first class, modern structures, suitable in every way for the proposed purposes; to negotiate the whole matter, sell the property, the erection of the buildings and the safe investment of any surplus funds not immediately needed to put into new buildings until such time as the money might be needed for such purposes, all under the general supervision of the Comptroller, duly authorized and directed the Mayor and City Clerk of the City of New York to make, execute and deliver on behalf of the City of New York, its deed of release, conveying such premises in fee simple absolute to your petitioner; upon the delivery to the Comptroller of the City of New York of the said sum of Five Thousand Dollars ($5,000) together with an agreement in writing under seal, and executed pursuant to resolution of the Board of Trustees of said corporation, indicating its acceptance of the terms and provisos hereinbefore mentioned, which said deed of release should contain a provision expressly cancelling each and every of the covenants in the lease of such premises above described. Thereafter, pursuant to resolution of the Board of Trustees of your petitioner, your petitioner on the 30th day of December, 1909, duly executed and delivered to the Comptroller of the City of New York, said agreement in writing under its seal, wherein and whereby, for and in consideration of the said resolution of the said Board of Sinking Fund Commissioners, adopted December 15th, 1909, and the execution and delivery to it by the City of New York, of the deed of the said premises mentioned in said resolutions, it covenanted and agreed to and did accept all the terms and provisions of the said resolution and to carry out and observe the same, and thereupon and on the 30th day of December, 1909, the City of New York, by the Mayor thereof and the City Clerk thereof, in pursuance of said resolution, duly made, executed and delivered its deed of release, conveying the said premises in fee simple absolute to your petitioner, which said deed of release contained a provision expressly cancelling each and every of the covenants in the aforesaid lease of such premises. and your petitioner paid to the City of New York the said sum of Five Thousand and the license issued to applicant was a newspaper and fruit license, the charge for which is $15. After an examination made by the Division of Law and Adjustment of this department, it is recommended that the sum of $10 so erroneously paid be refunded. The amount paid has been deposited in the Sinking Fund for the Redemption of the City Debt No. 1. Attached hereto is a resolution for adoption. Yours very truly, ALEX. BROUGH, Deputy and Acting Comptroller. Resolved, That a warrant payable from the Sinking Fund for the Redemption of the City Debt No. 1 be drawn in favor of Fillippo Bonifacio in the sum of $10, refunding him that amount paid in error for newspaper and fruit stand license No. 1450, Document No. M2418. The report was accepted and the resolution adopted, all the members present voting in the affirmative. Children's Court, Kings County-Amendment to Resolution Authorizing a Lease for, of Premises at No. 98 Court Street, Borough of Brooklyn. The Deputy and Acting Comptroller presented the following report and offered the following resolution: To the Honorable, the Commissioners of the Sinking Fund: February 7, 1916. Gentlemen-On December 29, 1915, the Commissioners of the Sinking Fund authorized a lease to the City from the State Holding Corporation, of the second floor of premises No. 98 Court Street, Borough of Brooklyn, for use of the Children's Court of the County of Kings, for a period from January 1, 1916, to February 13, 1918, at an annual rental of $693, payable quarterly. The period of this lease should have been from January 1, 1916, to February 15, 1918. I therefore respectfully recommend that the resolution above mentioned be rescinded, and that the Commissioners of the Sinking Fund adopt in place thereof the attached resolution. Respectfully. ALEX. BROUGH, Deputy and Acting Comptroller. Resolved. That the resolution adopted by this Board at meeting held December 29. 1915, authorizing a lease of premises at No. 98 Court Street, Borough of Brooklyn. for use of the Children's Court, County of Kings, for a period from January 1, 1916, to February 13, 1918, -be and the same is hereby rescinded. Resolved, That the Corporation Counsel be and is hereby requested to prepare a lease to the City from the State Holding Corporation, of the second floor of the premises No. 98 Court Street, Borough of Brooklyn, for use of the Children's Court of the County of Kings, for a period from January 1, 1916, to February 15, 1918, at an annual rental of six hundred and ninety-three dollars ($693), payable quarterly, with the privilege of renewal for a further term of one or more years, at a rental of four hundred dollars ($400) a year and otherwise upon the same terms and conditions; the lessor to pay taxes and water rates, make inside and outside repairs during the term of the lease or any renewal thereof; cut an opening in the wall at the second floor and place door connecting the demised premises with No. 100 Court Street; remove range, wash tubs and closets from the room occupied heretofore as a kitchen and remove certain grill work from four of the other rooms formerly occupied as living rooms; cut through a partition in premises No. 100 Court Street and cause door to be placed thereat; install heating fixtures and electric lighting wiring and fixtures, all of said alterations and repairs to be completed to the satisfaction of the resident Justice; the lessee to furnish heat, light and janitor service; and the Commissioners of the Sinking Fund deeming the said rent fair and reasonable and that it would be for the interests of the City that such lease be made. the Comptroller be and is hereby authorized and directed to execute the same when prepared and approved by the Corporation Counsel, as provided by sections 149 and 217 of the Greater New York Charter. The report was accepted, and the resolutions severally adopted, all the members present voting in the affirmative. The following matters not on the calendar were brought up by unanimous consent: Municipal Building-Changes in Allotment of Space in. The following was received from the Committee on the Allotment of Space: February 8. 1916. To the Honorable Commissioners of the Sinking Fund of The City of New York: Gentlemen-Your Committee presents for consideration certain recommendations as to space in the Municipal Building, as follows: That |