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ceeds not to be expended for operating expenses.

Proceeds
not to be
expended
for other
than
nue-pro-

ceptions,

bonds, pro- the purpose of paying operating expenses of said city as herein

after defined. The term " operating expenses," as used in this section, includes expenses for maintenance, repairs and current operation or administration of the property and government of the city; and excludes expenditures by the city for betterments, improvements and acquisitions of property of a permanent nature; but expenditures made or incurred by the board of water supply, the aqueduct board, and, prior to January first, nineteen hundred and ten, by the department of docks shall not be considered operating expenses within the meaning of this act.

The city of New York shall not, except as hereinafter pro

vided, expend any part of the proceeds of sales of corporate stock reve- or serial bonds for other than revenue-producing improvements, Cucing im. except for the erection of school buildings and the acquisition of ments : er- sites therefor and the acquisition of houses for school purposes,

and except the sum of six million dollars for the purpose of erecting a municipal building in the borough of Brooklyn. The term “revenue-producing” as used in this section shall apply to that class of improvements, including among others those for docks, water and rapid transit purposes, the expenditure for which shall, at the time it is authorized, be determined by the board of estimate and apportionment to have a substantial present or prospective earning power. Nothing herein contained, however, shall limit the power of the board of estimate and apportionment to authorize the use of the proceeds of the sale of corporate stock or assessment bonds to replenish the street improvement fund or the fund for street and park openings or for the purpose of meeting the expenses of improvements for which said board has authorized the issue of corporate stock prior to January first, nineteen hundred and sixteen, or meeting the expenses of improvements heretofore authorized to be paid from the proceeds of the sale of corporate stock or serial bonds by special act, nor to limit the power of the board of estimate and apportionment to authorize the use of the proceeds of the sale of corporate stock for other than revenue producing improvements as follows: That during the year nineteen hundred and sixteen, one half of the cost of other than revenue-producing improvements shall be paid by the issue of corporate stock maturing serially from one to

2 Words “except for the erection of school buildings and the acquisition of sites therefor and the acquisition of houses for school purposes, and,” new.

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States.

fifteen years, and the remaining half of such cost shall be included in annual tax levies in the manner provided in section one hundred and eighty-nine of this act; and that during the year nineteen hundred and seventeen, one-quarter of the cost of such improvements shall be paid by the issue of corporate stock maturing serially from one to fifteen years, and the remaining three-quarters shall be included in annual tax levies as provided in section one hundred and eighty-nine of this act.

When in the opinion of the comptroller it shall appear desirable Made pay to have the whole or any part of an issue of corporate stock or rency of serial bonds made payable in the currency of a country other than others the United States, such corporate stock or serial bonds so to be United sold shall be made payable in such currency, with certificates in such amounts, and sold in such manner as may be duly authorized by the commissioners of the sinking fund; provided, however, that in case such corporate stock or serial bonds payable in a foreign currency or currencies is not sold in the manner prescribed for the sale of corporate stock or serial bonds under the provisions of section one hundred and eighty-two of this chapter, the comptroller shall invite sealed, competitive tenders for the purchase of such corporate stock or serial bonds in such manner as the commissioners of the sinking fund shall prescribe; and he shall make award or awards to the highest bidder or bidders for such corporate stock or serial bonds with the full power to reject all bids. The proceeds of sales of such corporate stock or serial bonds shall be recorded in the books of the finance department in the terms of the currency of the United States as well as in the terms of such foreign currency in which such corporate stock or serial bonds shall have been issued.

§ 2. This act shall take effect immediately.

Chap. 961.•
AN ACT to amend the Greater New York charter, in relation to

the issuance of certificates of indebtedness in the year nineteen

hundred and twenty. Became a law September 30, 1920, with the approval of the Governor. Passed,

three-fifths being present.

Accepted by the City. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Subdivision eight of section one hundred and eighty

eight of the Greater New York charter, as re-enacted by chapter amended by four hundred and sixty-six of the laws of nineteen hundred and ch. 729, one and as last amended by chapter seven hundred and twenty

nine of the laws of nineteen hundred and twenty,' is hereby further amended to read as follows:

8. To provide for the payment of expenses authorized by the concurrent vote of all the members of the board of estimate and apportionment upon a resolution requesting such authorization, adopted by the affirmative vote of three-fourths of all the members of the board of aldermen, provided, however, that the amount thus issued shall not in any one year exceed two million dollars, except in the year nineteen hundred and twenty in which the amount thus issued shall not exceed twelve million dollars.?

8 2. This act shall take effect immediately.

L. 1901,
ch. 466,
$ 188,
subd. 8, as

L, 1920,

amended.

* Passed at the extraordinary session. 1 Previously amended by L. 1905, ch. 24; L. 1910, ch. 683; L. 1912, ch. 457. 2 Formerly" seven million dollars."

APPENDIX.

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