"Resolved, That the Commissioners of the Sinking Fund be and they hereby are requested to lease for the use of this Department, as a storage yard, the piece of ground consisting of seven lots on the west side of College avenue, south of One Hundred and Forty-fourth street, the property of Jordan L. Mott, for two years from May 1st, 1886, at an annual rental of $600." Communication from Commissioners of Public Parks, in relation to leasing second floor of Emigrant Industrial Savings Bank, was received and referred to the Comptroller: CITY OF NEW YORK-DEPARTMENT OF PUBLIC PARKS, } To the Commissioners of the Sinking Fund: GENTLEMEN—At a meeting of the Board governing this Department, held on 27th instant, it was "Resolved, That the Commissioners of the Sinking Fund be and they hereby are requested to lease for the use of this Department, as its principal offices, the second floor of the new Emigrant Industrial Savings Bank Building, Nos. 49 and 51 Chambers street, at a yearly rental of $6,500, for four years and seven months, from October 1st, 1886." Yours respectfully, CHARLES DE F. BURNS, Secretary D. P. P. Communication from Commissioners of Public Parks, in relation to leasing the premises Nos. 471 and 473 North Third avenue, was received and referred to the Comptroller: CITY OF NEW YORK-DEPARTMENT OF PUBLIC PARKS, To the Commissioners of the Sinking Fund: GENTLEMEN-At a meeting of the Board governing this Department, held on 27th instant, it was "Resolved, That the Commissioners of the Sinking Fund be and they hereby are requested to lease for the use of this Department the premises now in its possession and use as offices, in the building Nos. 471 and 473 North Third avenue, for two years from May 1st, 1886, at an annual rental of $600." COMMISSIONERS OF THE SINKING FUND. Proceedings of the Commissioners of the Sinking Fund at the Meeting held April 16th, 1886. Present-William R. Grace, Mayor; Frederick Smyth, Recorder; Edward V. Loew, Comptroller; and William M. Ivins, Chamberlain. The minutes of the meeting held March 5th, 1886, were read and approved. The Comptroller submitted the following report in relation to authorizing John W. Ambrose to execute lease of the franchise of ferry to and from a point between Twenty-eighth and Thirty-ninth streets, Gowanus Bay, Brooklyn, to and from a point at or near Piers 2 and 3, East river, New York, viz. : CITY OF NEW YORK-FINANCE DEPARTMENT, To the Commissioners of the Sinking Fund: April 3d, 1886. GENTLEMEN-On March 18th, 1884, a resolution was adopted by the Board of Aldermen by a three-fourths vote, notwithstanding the objections of his Honor the Mayor, establishing a ferry to run to and from the slip between Piers Nos. 2 and 3, East river and Gowanus Bay, at a point between Twenty-eighth and Thirty-ninth streets in the Eighth Ward of the City of Brooklyn; and on May 29th, 1884, the franchise of said ferry was sold at public auction to John W. Ambrose at a rental of five per centum of the gross receipts from ferriage, on a lease for the term of ten years from the first day of May, 1884, as directed by a resolution of the Commissioners of the Sinking Fund adopted May 20th, 1884. According to the terms of sale, the purchaser deposited with the Comptroller at the time of sale the sum of $250, an estimated amount of one year's rent to be paid on the lease of the franchise, which was to be credited upon the first quarter's rent becoming due, or be forfeited to the City if the lease was not executed by the purchaser when notified that it was ready for execution. The lease of the ferry has not been executed nor the ferry run by the purchaser of the franchise, on account of proceedings pending which prevented him from perfecting his title as lessee of the Piers 2 and 3, East river, designated as the landing place of the ferry. The purchaser has recently applied for the privilege of executing the lease of the ferry franchises, through his attorneys, Messrs. Billings & Cardozo, whose letter of application stating the reasons for the delay on the part of their client in execution of the lease, which is herewith submitted, together with the accompanying papers to which reference is made. I have submitted the question to the Counsel to the Corporation whether the purchaser's failure to execute the lease according to the terms of sale had not forfeited his rights, and whether they can now be revived by allowing him to execute it. The reply of the Counsel to the Corporation is herewith submitted, and in conformity with his opinion that "it would be entirely competent for the Commissioners "of the Sinking Fund to take the matter up and direct the execution and delivery "of the lease to Mr. Ambrose," I submit a resolution to authorize that course, for such action thereon as the Commissioners of the Sinking Fund may deem advisable under the circumstances as stated. Respectfully, EDWARD V. LOEW, Comptroller. Resolved, That the Comptroller be and is hereby authorized and directed to permit Mr. John W. Ambrose to execute the lease of "the franchise of the ferry to and "from a point between Twenty-eighth and Thirty-ninth streets, at Gowanus Bay, in "the Eighth Ward of the City of Brooklyn, over and across the waters of the East "river, from and to a point at or near Piers two (2) and three (3), East river, in "the City of New York," which was sold to said Ambrose on the 29th day of May, 1884, for the term of ten years, from May 1st, 1884, at a rental of five per centum of the gross receipts from ferriage upon or over said ferry; provided, however, that the said ferry shall commence operations and be run for the public accommodation on or before the first of November, 1886, and if not commenced and operated on or before that date, that the said lease shall then terminate and become null and void, and the said ferry franchise, together with the sum of two hundred and fifty dollars ($250), deposited with the Comptroller at the time of sale, to be credited on the first quarter's rent, shall be forfeited to the City; and when said lease shall have been duly executed, subject to the foregoing condition, then the Comptroller is hereby authorized and directed to deliver the same to said Ambrose or his attorneys. tion. After a general discussion, the subject was, on motion, laid over for considera Opinion of the Counsel to the Corporation, submitted with the report: LAW DEPARTMENT, OFFICE OF THE COUNSEL TO THE CORPORATION, Hon. EDWARD V. LOEW, Comptroller, etc.: SIR-I am in due receipt of your communication of February 17th, in which your transmit to me a letter from Messrs. Billings & Cardozo, attorneys and counsellors, relative to a lease to Mr. John W. Ambrose for the franchise of a ferry to be run to and from a point at or near Piers 2 and 3, East river, and the slip between said piers in the City of New York, and a point between Twenty-eighth and Thirty-ninth streets and Gowanus Bay in the Eighth Ward of the City of Brooklyn, together with certain papers therein referred to. You state that the Board of Aldermen established the ferry between these points by a resolution passed over the objections of the Mayor, March 18th, 1884; that under a resolution of the Commissioners of the Sinking Fund, adopted May 20th, 1884, the franchise of the ferry was sold to John W. Ambrose on a lease for the term of ten years from May 1st, 1884, at a rental of five per cent. upon the gross receipts for ferriage; that the lease had been prepared accordingly and was executed by Mayor Edson, but that Mr. Ambrose failed to execute it when notified that it was ready for execution by him; that the ferry has not been run and the lease has remained unexecuted up to this time; that Mr. Ambrose paid the sum of $250 at the time of the sale, an estimated percentage on receipts which, according to a condition advertised and announced at the time of the sale, was "to be credited on the first quarter's rent "or forfeited to the City if the lease is not executed by the purchaser when notified "that it is ready for execution." You request my opinion whether on account of his failure to execute the lease according to the terms of sale, all rights of Mr. Ambrose in the lease have lapsed and been forfeited, and whether they can now be revived by allowing Mr. Ambrose to execute it. Further facts learned by me upon inquiry at your office are to the effect that Mr. Ambrose was several times at your office at the time of the negotiations and previous to the drawing of the lease; that some difficulty arose in connection with obtaining the seal of the City thereto from the Clerk of the Common Council; that no formal tender of the lease was ever made to Mr. Ambrose, and he never declined to accept the same; that no written communications passed between Mr. Ambrose and the Comptroller; that the seal of the City was never affixed to the lease. From the information communicated and from the facts ascertained by me as stated, it appears to me not probable that Mr. Ambrose has placed himself in such a position that he would not, if he wished to do so, be allowed by the Court to now execute the lease and enter upon the enjoyment of the ferry franchise. At all events, I should advise you that there was no absolute forfeiture, and that it required some affirmative action to that effect on the part of the Commissioners of the Sinking Fund, declaring that the rights of Mr. Ambrose were forfeited, before the City would be in a position even to claim that a forfeiture had taken place. It would be entirely competent for them to take the matter up and direct the execution and delivery of the lease to Mr. Ambrose. If they chose to declare it forfeited it would, without doubt, result in litigation with Mr. Ambrose, in which the question whether he had lost his rights could be determined by the Court. For the reasons stated, therefore, and as a matter of general precaution, I should advise that the Sinking Fund Commissioners take action in the matter, either by directing the delivery of the lease, or, if they deem it advisable to do so, signifying their intention to take the position that the lease was forfeited. I am, sir, very respectfully, E. HENRY LACOMBE, Counsel to the Corporation. I return the letter and papers sent you by Billings & Cardozo. The Comptroller submitted the following report in relation to the payment of City Bonds, for the "State Sinking Fund Deficiency," due May 1st, 1886: CITY OF NEW YORK-FINANCE DEPARTMENT, To the Commissioners of the Sinking Fund: April 13th, 1886. GENTLEMEN-On May 1st, 1886, New York City Bonds for the "State Sinking Fund Deficiency" become due and payable, amounting to three hundred and eightynine thousand nine hundred and forty-nine dollars and fifty-four cents ($389,949.54) These bonds are the last of the issue, amounting in all to three million eight hundred and ninety-nine thousand four hundred and ninety-four dollars and eighty-six cents ($3,899,494.86), which were authorized by chapters 147 and 304 of the Laws of 1874, to pay the State Sinking Fund Deficiency. They were made payable from taxation at maturity, but payment has been provided for from "The Sinking Fund for the Redemption of the City Debt," under a resolution of the Commissioners of the Sinking Fund adopted December 28th, 1885, pursuant to provisions of sections 176 and 191 of the New York City Consolidation Act of 1882, certifying to the Board of Estimate and Apportionment that the estimated revenues and accumulations of said Sinking Fund for the year 1886 would be sufficient to pay and redeem the stocks and bonds of the City of New York falling due in said year, without in any way alienating or impairing the preferred charges upon said fund. I therefore submit a resolution to authorize the payment of said City Bonds issued to pay the State Sinking Fund Deficiency, from "The Sinking Fund for the Redemption of the City Debt." Respectfully, EDWARD V. LOEW, Comptroller. Whereas, Bonds of the City of New York, amounting to three hundred and eighty-nine thousand nine hundred and forty-nine dollars and fifty-four cents ($389,949.54), become due May 1st, 1886, bearing interest at the rate of seven per cent. per annum, the payment of which bonds from the Sinking Fund for the Redemption of the City Debt has been provided for, pursuant to sections 176 and 191 of the New York City Consolidation Act of 1882; |