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president and secretary, to prepare and negotiate registered certificates, which shall be in the following form:

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THIS IS TO CERTIFY, That the City of Albany is indebted to (insert name of payee) in the sum of (insert amount) dollars, for value received, which sum, with interest thereon from the date hereof to the date of its payment, at the rate of (here insert rate of per cent) per cent per annum, the City of Albany agrees to pay (here insert name of payee) or to....

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registered in the office of the chamberlain on the
of ....
.., 1894, unless renewed on that date, as pro-
vided in and by the statute hereinafter referred to. This cer-
tificate is issued pursuant to chapter (here insert the proper chap-
ter) of the laws of eighteen hundred and ninety-four, and the
faith and credit of the City of Albany is pledged to the payment
thereof.

In witness whereof, the mayor of the city of Albany has
hereunto set his hand the day and year first above
written, and these presents have been duly counter-
signed by its chamberlain.

In the presence of:

(Signature.)

Mayor of the city of Albany.

Negotia
Hon, etc.

Registered in my office and countersigned (insert date).

(Signature.) Chamberlain.

Said certificates shall be signed by the mayor of the city of Albany and shall be registered and a description thereof be entered in the records of the chamberlain's office, and shall then be countersigned and negotiated by him at not less than their face or par value, and the proceeds thereof shall be held by said chamberlain as a separate fund to be paid out upon the warrants drawn by the said board of commissioners of the Washington

how

when to commence.

for expen

cates, when

etc.

park upon the chamberlain; and such certificates so to be issued under this section shall not exceed in the aggregate the sum of twenty-five thousand dollars, and the proceeds thereof shall be Proceeds, used in paying for work to be done (including the tools necessary applied. to be used) in grading and otherwise preparing the ground required for Beaver park, for park purposes, and for no other purpose; and said board of commissioners of Washington park are directed to proceed at once with such work whenever the money Work, is available for that purpose. § 8. The chamberlain of the city of Albany is authorized to Advances advance, for the purposes of this act, from any fund or funds in ditures. his hands not required for immediate expenditures, any money thus available in anticipation of the negotiation of any certificates provided for in section seven of this act, and the same shall be returned to such fund or funds whenever it shall be realized from such certificates. The said certificates so to be issued shall be Certifi payable at such time or times and shall bear interest at such rate payable, or rates not exceeding five per cent as may be fixed by the board of finance of the city of Albany, and may be renewed by direction of the said board of finance, and at its option, in case it shall not be thought desirable to issue the bonds hereinafter provided for before maturity of such certificates, or any of them, provided that all certificates to be issued hereunder shall be so made payable that they shall be redeemed not later than the first day of February, eighteen hundred and ninety-five, and shall be paid out of the proceeds of the sale of the bonds to be issued by the city of Albany in continuance of and in all respects in the form and manner required in the case of bonds authorized by section three of the act hereby amended. The bonds so authorized by Bonds for said last mentioned section three of the act hereby amended and to be issued, shall be issued in such an aggregate amount that the proceeds of the sale thereof shall be sufficient for the purpose of redeeming and paying in full both principal and interest all certificates authorized by any of the provisions of this act, and not otherwise provided for. The interest on all certificates issued under this, and the seventh Interest on section of this act, shall be paid as often as the same becomes how paid. due, by the chamberlain out of any unappropriated money, or out of any fund, not required for immediate use, in his hands, and shall be raised in the next annual tax budget, and be repaid to

principal

interest.

certificates

Deduction the source or fund from which it may be advanced. In case the ments, etc. city of Albany shall have been the purchaser of any piece of

of assess

How applied.

Proceedings

property taken for Beaver park at any assessment sale held under and pursuant to the several laws in section three of the act hereby amended, mentioned, or shall have been a purchaser at any tax sale held pursuant to the provisions of the charter and laws regulating the government of the city of Albany, the amount of said assessment, with interest, as prescribed by the act of the legislature, under which it was imposed, to and until the date of the issuance of the certificate hereinbefore in this act referred to, or the price for which said land was sold, together with the costs and expenses of said sale, with a like interest, shall be deducted out of the purchase price of any piece of property taken for said park, and shall be deposited with the chamberlain of said city and credited by him to the account of the board of commissioners of the Washington park, and shall be available for the payment of said certificates of indebtedness, described in this and the foregoing section, or if not needed for the payment of said certificates shall be added to any balance remaining in the hands of the said commissioners, after paying for said lands and the expense of acquiring the same, and shall together with all money derived from the sale of the buildings and other structures on the lands acquired for said Beaver park be used and expended by said commissioners if in their judgment the same is necessary in the completion and improvement of said park.

§ 9. The proceeding heretofore commenced in pursuance of legalized. the act hereby amended for the purpose of acquiring title to the land therein described and entitled "in the matter of the application of the board of commissioners of Washington park of the city of Albany to acquire title to real estate in the city of Albany for the purpose of a public park to be known as 'Beaver park,' and all the various steps therein taken towards the com pletion of the same, and the awards therein made and the liens and incumbrances thereon, as set forth in the order confirming the report of the commissioners appointed therein," are hereby in all things legalized and confirmed.

§ 2. This act shall take effect immediately.

Chap. 18.

AN ACT to amend chapter two hundred and ninety-eight of the laws of eighteen hundred and eighty-three, entitled "An act to provide for the government of the city of Albany," and the several acts amendatory thereof.

BECAME a law February 9, 1894, with the approval of the Governor. Passed, three-fifths being present.

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

amended.

Section 1. Section seventeen of title six of chapter two hun- Charter dred and ninety-eight of the laws of eighteen hundred and eightythree, entitled "An act to provide for the government of the city of Albany," as amended by chapter two hundred and forty-two of the laws of eighteen hundred and eighty-seven, is hereby amended so as to read as follows:

to con

§ 17. After any work under contract, the cost of which is to be Payments paid by assessment or apportionment, shall have been completed tractors. and accepted, and the assessment and apportionment confirmed as required by law, and proof thereof shall have been filed with the chamberlain, the said chamberlain is hereby authorized and directed to pay to the contractor or his assigns, from time to time, as such assessments and apportionments are collected, the sum or sums due for the work done under said contract, together with the interest thereon from the fifteenth day after the confirmation of said assessment and apportionment, at the rate of six per cent per annum; and in case the chamberlain fails to collect the whole or any part of the sum due on said apportionment, by sale of the premises assessed as hereinafter provided, or otherwise, then he is authorized and directed to pay said contractor the balance due out of any moneys in his hands not otherwise appropriated, with the interest thereon as aforesaid. And should the moneys in the hands of said chamberlain prove insfficient for such purpose, then the amount of said balance shall be levied and collected in the next annual tax budget.

§ 2. Section thirty-one of title nine of said chapter, as amended by chapter two hundred and forty-two of the laws of eighteen

Notice of confirmation of asetc.

hundred and eighty-seven, is hereby amended so as to read as follows:

§ 31. After the confirmation of any apportionment and assesssessments, ment, or reapportionment for any work or improvement, it shall be the duty of the chamberlain of said city to give notice in writing by mail, to any person whose lot has been so assessed or reassessed, or to the occupant thereof, immediately thereafter, if such person can be found. Any failure to have the bid for the work properly indorsed, or the contract for the work or the bond of the contractor indorsed by the corporation counsel or his assistant, or to send or receive the notices above mentioned of confirmation of the assessment, or to comply with sections fifteen and thirty-two of this title shall not invalidate any apportionment or assessInterest on ment. The chamberlain shall charge and collect interest at the rate of twelve per centum a year on all apportionments and assessments from the fifteenth day after confirmation till the Payments same are paid or satisfied. The chamberlain shall pay to the contractor or his assigns the assessments so collected by him, together with interest at the rate hereinafter specified until the amount due said contractor is fully paid. And the said contractor or his assigns shall be entitled to interest at the rate of six per centum per annum on such sums as shall remain due on his contract fifteen days from and after the confirmation of the appor tionment and assessment for the doing of the work under such contract.

assessments.

to con

tractors.

§ 3. This act shall take effect immediately.

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