Sec. 1. Definitions; saving clause. § 2. Assessment bonds. 3. Board of commissioners of the sinking fund; quorum. § 5. Sinking Fund of the City of New York for the Payment of § 6. Collection of income of sinking funds. 87. Bonds and mortgages due the city; duties of comptroller. § 9. Record of proceedings of the board; report to board of aldermen. Sec. 1. Definitions; saving clause. The term city debt and city stock used in this article shall be construed to mean any bonds or stocks, or notes issued in anticipation of the issue of bonds or stock, created by the former corporation of the City of New York, or by the city as constituted by the charter. Nothing in this article shall be so construed as to impair or affect any pledge heretofore made, and now existing, of any property or its proceeds, embraced in any ordinance relating to the city debt. (C. O. § 70, with subd. 10, § 54.) §2. Assessment bonds.-The comptroller shall keep an account of all assessment bonds issued by him, specifying the particular work on account of which the same shall have been issued; and all moneys collected on account of any work for the payment of which said bonds were issued shall be applied to the payment of such bonds. (C. O. § 524, revised.) 83. Board of commissioners of the sinking fund; quorum. Any four or more of the members of the board of commissioners of the sinking fund, as constituted by the charter, of whom the comptroller shall be one, shall be and are hereby authorized to discharge the trusts and duties vested in them by this article. (C. O. § 56, revised.) § 4. Sinking Fund of the City of New York for the Redemption of the City Debt; sources of income.-All moneys heretofore received and hereafter to be received from the following sources are hereby pledged and appropriated to and shall constitute and form a fund called the Sinking Fund of the City of New York for the Redemption of the City Debt, until the whole of the stocks of the city shall be finally and fully redeemed, namely: 1. For commutation of quit-rents on grants; 2. For quit-rents arising from such grants as were issued prior to the year 1804; 3. The net proceeds of all sales of real estate belonging to the city, except when the same are made payable to a fund, the purpose of which is restricted to the purchase of other real estate, as provided by the charter; 4. The net proceeds of all bonds and mortgages payable to the city when collected, except when the said bonds and mortgages are part of the proceeds of the sale of real estate and the proceeds thereof are deposited in a fund, the purpose of which is restricted to the purchase of other real estate, as provided by the charter; 5. For licenses to pawnbrokers and dealers in the purchase or sale of secondhand furniture, metals or clothes; 6. For public hack licenses and compensation paid on account of street vaults; 7. For exclusive occupation of private wharves, basins and piers; 8. For market fees and market rents; 9. All such other sources of revenue or sums of money as the board of estimate and the board of aldermen may appropriate to said fund. The revenues herein assigned for the redemption of the city debt shall be kept distinct from all other revenues payable to the board of commissioners. (C. O. § 53 revised, and § 65.) § 5. Sinking Fund of the City of New York for the Payment of Interest.-All moneys hereafter to be received from the following sources are pledged, appropriated and are to be applied to and constitute and form a fund to be called "The Sinking Fund of the City of New York for the Payment of Interest Accruing and to Accrue Upon the Stocks of the City of New York," until the same shall be fully and finally redeemed, namely: 1. For interest on all bonds and mortgages owned by the city, issued prior to January 1, 1898; 2. For fees heretofore known as mayoral fees now collectible by the department of licenses, except as otherwise provided by law; 3. For fines and penalties, except as otherwise provided by law; 4. For fees and fines collected by the clerks of the courts for the city, except as otherwise provided by law; 5. Rents from all sources not otherwise pledged; 6. For the sale of all property of the city other than real estate, except as otherwise provided by law. All moneys constituting the fund for the payment of interest on the city debt, whenever required to meet such interest, shall be drawn from the treasury by a warrant signed by the commissioners of the sinking fund or any four of them, the comptroller being one. (C. O. §§ 54, 66; revised.) § 6. Collection of income of sinking funds.—The comptroller shall superintend the collection of all rents, interest and demands due the sinking funds, and direct all necessary measures to complete the payment of them and report the condition of same to the board of aldermen quarterly. (C. O. § 41.) 87. Bonds and mortgages due the city; duties of comptroller.-The comptroller is hereby authorized, with the sanction of the board of commissioners of the sinking fund, to assign any bond or mortgage held by the board to any person or persons who may elect to take such assignment, upon the payment in full of the principal and interest due on said bond and mortgage; and the mayor and city clerk are hereby authorized and directed to execute, under their hands and the seal of the city, any such assignment, upon evidence being exhibited to them, showing that the principal and interest of such bond and mortgage have been paid into the treasury of the city to the credit of the board of commissioners of the sinking fund. Upon the payment of any bond and mortgage in full, the comptroller shall prepare and cause to be executed a proper satisfaction of such bond and mortgage; which the mayor and city clerk are hereby authorized to execute, upon the production of evidence that the bond and mortgage has been paid, as provided in the preceding sentence of this section. But no release of any part of the premises contained in such mortgage, from the lien created by such mortgage thereon, shall be made or executed by them. (C. O. §§ 43, 44.) § 8. Investment of moneys of the sinking fund for redemption of the city debt.—The board shall, from time to time, invest the moneys which shall constitute the sinking fund for the redemption of the city debt, or as much as it can, in the purchase of stocks created by the city at not exceeding the market price therefor; and if, at any time, such investments cannot be made to the advantage of the city, then the board shall be authorized to invest the said moneys, or such part thereof as they may see fit, either in the purchase of stock of the state of New York, or of stock or bonds of the United States, notwithstanding such stock or bonds may be above the par value thereof. The powers conferred in this section shall be so construed as to render it imperative on the board, at all times to give preference to the purchase of city stock, if the same can be procured at a reasonable rate. Whenever the board shall have invested any part of the said fund in the purchase of the stocks of this state or of the United States, and shall at any time thereafter be enabled to purchase any of the city stocks, at such prices as the commissioners may judge best for the public interest, they shall forthwith sell and dispose of said stocks of the state or of the United States and invest the net proceeds thereof in city stock, if, in their opinion, such disposition would be beneficial to the public interest. Whenever the board shall have invested any part of the said fund in the purchase of city stock, and shall at any time thereafter be enabled to purchase any of the city stock which shall be by its terms redeemable at an earlier day, the board may forthwith sell the same and invest the net proceeds in such other city stock, if in the opinion of the commissioners such exchange shall be desirable and beneficial to the public interest. Whenever any of the moneys constituting the sinking fund for the redemption of the city debt shall be required for any purchase or investment mentioned in this section, or for the redemption of any of the city stocks at their maturity, the amount of money required shall be paid from the treasury, by warrant, signed by the board or any four of its members, the comptroller being one. All stocks and securities which shall be purchased by the board shall be transferred to it, and all transfers thereof, when disposed of pursuant to the provisions of this section, shall be made by the commissioners or any four of them, of whom the comptroller shall be one. The city stock which shall be purchased by the board shall not be canceled by it until the final redemption of the same, and all interest accruing thereon shall regularly be carried to the sinking fund for the redemption of the city debt. Nothing in this section shall be so construed as to prevent the board from temporarily investing the unemployed moneys belonging to the sinking fund in the temporary bonds of the city. (C. O. §§ 5464, 67.) $9. Record of proceedings of the board; report to board of aldermen. The comptroller shall keep a correct journal of the proceedings of the board of commissioners of the sinking fund, to be authenticated by the secretary of the board, by his signature; and once in each year, or oftener, if required, the comptroller shall render unto the board of aldermen a full and detailed report of the proceedings of the board. The report shall specify the disbursements, purchases, exchanges and sales made by the board, the prices at which and the parties from whom such purchases, with whom such exchanges, and to whom such sales shall have been made; the amounts and descriptions of the stocks of the city purchased by the board; the amounts and descriptions of the stocks of this state and of the United States then held by the board, and the amounts paid for interest on city stocks. Such report shall also contain a detailed statement of the receipts and of the unemployed moneys in the city treasury to the credit of each sinking fund. (C. O. §§ 68, 69.) ARTICLE 2 CONTRACTS Sec. 60. When requisite. § 61. Contracts of borough presidents. 62. Surveys or plans. 63. Proposals for estimates. 64. Form of proposals. 65. Contents of estimates; verification. 66. Opening estimates. § 67. Samples. 68. Payment in installments; security required. 71. Snow removal contracts, payment of laborers. 72. Enforcement of contracts; bonds. 74. Certificate of amount due. 75. Inspection of contract work. 76. Affidavits of surveyor and inspector. Sec. 60. When requisite.-All supplies to be furnished or work to be done for the city, whether they are to be paid for out of the city treasury or out of trust moneys under the control of or to be assessed or collected by the city, shall be furnished or performed by contract, except where otherwise provided by law. (C. O. § 509.) § 61. Contracts of borough presidents. All contracts for work, materials or supplies, relating to any of the matters under the cog- nizance of the respective borough presidents, shall be made by the borough presidents, and bonds, to be approved as to form by the corporation counsel and as to sufficiency by the comptroller, shall be taken for the faithful performance thereof; all such contracts shall be executed in triplicate by the said borough presidents, on the part of the city, and by the contractor; one original copy so executed shall be kept and filed in the office of the borough president, one shall be filed in the office of the comptroller, and the third shall be given to the contractor. (C. O. § 84.) § 62. Surveys or plans.—Whenever in the opinion of a borough president or other head of a department, bureau or office of the city, a survey or plans shall be necessary for any work duly authorized, or for the purpose of reporting any necessary information, he shall cause such survey or plans to be made by a competent surveyor, architect or engineer, as the nature of the work may require. (C. O. $63. Proposals for estimates.-The several departments and officers empowered by law to make contracts on the part of the city shall issue proposals for estimates therefor, and advertise the same, as provided by law. There shall be kept by each department an appro- priate box, to be designated "Estimate Box," with a proper opening in the top thereof to receive estimates for which proposals have been issued. Such box shall be kept locked, except when it may be neces- sary to open it to examine and decide upon estimates, and the key thereof shall be retained by the head of the department. The head of the department shall deposit in said box all estimates duly pre- sented to him, for work to be done under the direction of the depart- ment, immediately on the receipt thereof by him. (C. O. § 510.) § 64. Form of proposals.-All proposals for estimates shall be in such form as may be prescribed by the department making the same, 1. They shall require that the person making the estimate shall |