DOCUMENT NO. 07. 
BOARD OF ALDERMEN, 
FEBRUARY 26, 1838. 
The Finance Committee, to whom was referred so much of 
the report of the Water Commissioners as relates to provid- 
ing funds for completing the Croton Water Works, pre- 
sented the following report thereon, which was laid on the 
table and directed to be printed for the use of the members. 
THOMAS BOLTON, Clerk. 
The Committee on Finance, to whom was referred that part 
of the Water Commissioners' report which relates to providing 
the funds for carrying on the work of procuring a supply of 
good and wholesome water fur the City of New York, re- 
spectfully 
REPORT, IN PART: 
That it is necessity funds should be provided to carry on hoc. No. 67. 
520 
this work. The contracts already entered into by the Wa- 
ter Commissioners, amounts to $2,823 691, of which about 
$1,750,000 will be wanted before the 1st day of January next. 
The question.here presents itself, whether the application 
■which it is necessary to make to the Legislature, for authority 
to raise funds, should be restricted to a limited amount, pro- 
portioned to the probable expenditure of the ensuing year, or 
should be extended to the whole amount necessary to com- 
plete the work. 
Your Committee believe that no doubt can be entertained, 
that the whole work must and will be completed-the pro- 
gress of the work, the amount already expended, and the 
amount of contracts made by the Commissioners, render it 
certain that the whole expense of the work, (whatever that 
may be.) will be required; and, in the opinion of the Com- 
mittee, by applying for full authority, not only the trouble of 
repeated applications will be saved, but many and great ad- 
vantages, in negociating for loans, will be secured to the Cor- 
poration, and their having the power to take advantage of fa- 
vorable times for making such negociations. Your Commit- 
tee therefore propose to apply to the Legislature fora law au- 
thorizing further loans to be made to finish and complete the 
woik, without reference to the amount or rate of interest; as 
they believe that the Common Council of this city are as able 
to legislate as to the amount which may be required, and the 
petiod when it shall be taken up, as also what rate of interest 
shall be paid for the same, as the Legislature of the State pos- 
sibly can be. In order to carry out these views, the Commit- 
tee propose, for consideration, the following resolution: 
Resolved, That the Counsel of the Board prepare a memo- 
rial to the Legislature, authorizing the Common Council of the 
City of New York to raise, by loan, such sum or sums of mo- 
ney as shall, from time to time, be required for the comple- 
tion of the Croton Water Works, and ata rate of interest,and 521 
Doc. No. 67. 
payable at such times, as the Common Council may, from 
time to time, direct. Respectfully submitted. 
EDWARD TAYLOR, 
C. DE FOREST. 
The Aiderman of the 12th ward moved to insert the words 
"pot exceding $2,000,000," after the word " Works."-Lost. 
And to insert the words " not exceeding 5 percent.," after 
the word " inlet est •" and to add to the resolution the words 
"and to issue stock for said loans on such terms as they may 
think proper."