may be made payable at the date of maturity thereof or at such. time or times as the comptroller in his discretion may designate. Such corporate stock may be authorized to be issued by the board of estimate and apportionment without the concurrence or approval of any other board or public bids for the following purposes, and within the following limitations:

1. For the purposes specified in section one hundred and seventy of this act;

2. For the purposes specified in section one hundred and sev enty-four of this act;

3. For the purposes specified in section one hundred and seventy-six of this act;

4. For the purposes specified in section one hundred and eighty-four of this act;

5. For the purposes specified in section two hundred and thirty-five of this act;

6. For the purposes specified in section four hundred and twenty-two of this act;

7. For the purposes specified in section one hundred and seventy-eight of this act, to an amount not exceeding two million dollars in any one calendar year;

8. To pay the awards, costs, charges and expenses of acquiring title to lands required for public purposes and which have been or may hereafter be authorized by or pursuant to law;

9. For constructing and equipping school buildings and acquir ing sites therefor to an amount not exceeding three million five hundred thousand dollars, in any one calendar year;

10. For the repaving of streets to an amount not exceeding three million dollars, in any one calendar year;

11. For the improvement of parks, parkways and drives, to an amount not exceeding five hundred thousand dollars, in any one calendar year.

Corporate stock to be issued for purposes other than those hereinbefore in this section specifically enumerated, or for such purposes in excess of the amounts therein specified, shall be authorized by the board of aldermen, with the approval of the board of estimate and apportionment, as provided by section forty-seven of this act; provided, however, that wherever by existing provisions of law the commissioners of the sinking fund may be specifically authorized to provide for the issue of stocks or bonds, said authorization of the comptroller shall be made by said com

missioners instead of said board of estimate and apportionment;
and that nothing in this section contained shall affect the pro-
visions of sections one hundred and eighty and two hundred and
thirteen of this act; provided, however, that nothing in this sec-
tion shall prevent the issue of general fund bonds in the manner
provided by section two hundred and twenty-two of this act. The
City of New York shall not, except as hereinafter provided, ex-
pend any part of proceeds of sales of corporate stock for the pur
pose of paying operating expenses of said city as hereinafter de
fined. 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 expendi-
tures 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 ex-
penses within the meaning of this act. When in the opinion of
the comptroller it shall appear desirable to have the whole or any
part of an issue of corporate stock made payable in the currency
of a country other than the United States, such corporate stock
so to be sold shall be made payable in such currency, with certifi-
cates 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 payable in a foreign
currency or currencies is not sold in the manner prescribed for
the sale of corporate stock under the provisions of section one
hundred and eighty-two of this chapter, the comptroller shall in-
vite sealed, competitive tenders for the purchase of such corporate
stock 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 with the full power to
reject all bids. The proceeds of sales of such corporate stock 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 shall have
been issued.

amended by

§ 2. Section one hundred and eighty-two of said chapter, as $182, as re-enacted by chapter four hundred and sixty-six of the laws of L. 1907, nineteen hundred and one, and as amended by chapter seven L. 1908,

ch. 762,

ch. 242,

4 Remainder of section new.

ch. 683,

amended.

and L. 1910, hundred and sixty-two of the laws of nineteen hundred and seven, chapter two hundred and forty-two of the laws of nineteen hundred and eight and chapter six hundred and eighty-three of the laws of nineteen hundred and ten, is hereby amended to read as follows:

PROPOSALS FOR CITY BONDS OR STOCKS; CONDITIONS AND DEPOSIT.

18 Whenever any bonds or stocks shall be hereafter issued, other than certificates of indebtedness and other evidences of indebtedness issued pursuant to the provisions of section one hundred and eighty-seven and one hundred and eighty-nine" of this act, or other than corporate stock issued in the currency of a foreign country pursuant to the provisions of section one hundred and sixty-nine of this act, or such bonds and stocks as may be purchased for investment by the commissioners of the sinking fund, the comptroller shall invite proposals therefor by public advertisement, for not less than ten days, and shall award the same to the highest bidder or bidders therefor; provided, that no proposals for bonds or stocks shall be accepted for less than the par value of the same; and said proposals shall only be publicly opened by the comptroller, in the presence of the commissioners of the sinking fund, or such of them. as shall attend. It shall be a condition of sale of such bonds and stocks, and the advertisement calling for proposals therefor shall so declare, that every bidder may be required to accept a portion of the whole amount therefor bid by him at the same rate or proportional price as may be specified in his bid; and any bid which conflicts with this condition shall be rejected; provided, however, that any bidder offering to purchase all or any part of the bonds offered for sale at a price at par or higher may also offer to purchase all or none of said bonds at a different price, and if the comptroller deems it to be in the interest of the city so to do, he may award the bonds to the bidder offering the highest price for all or none of said bonds; provided, however, that if the comptroller deems it to be in the interest of the city so to do, he may reject all bids. Every bidder, as a condition precedent to the reception or consideration of his proposal, shall deposit with the comptroller a certified check, drawn to the order of said comptroller upon a trust company or a state bank incorporated and doing business under the laws of the state of New York,

5 Words and one hundred and eighty-nine," new.

6 Words "or other than corporate stock . . . of this act," new.

or a national bank, or a sum of money; such check or money tó accompany the proposal to an amount to be fixed by the comptroller not exceeding two and one-half per centum of the amount of the proposal. Within three days after the decision as to who is or are the highest bidder or bidders, the comptroller shall return all deposits made to the persons making the same, except the deposit made by the highest bidder or bidders, and if the said highest bidder or bidders shall refuse or neglect, within five days after service of written notice of the award to him or them, to pay to the city chamberlain the amount of the stocks or bonds. awarded to him or them at their par value, together with the premium thereon, less the amount deposited by him or them, the amount or amounts of deposit thus made shall be forfeited to and retained by said city as liquidated damages for such neglect or refusal, and shall thereafter be paid into the sinking fund of The City of New York, for the redemption of the city debt. If at any time a portion of the bonds and stock which are offered at public sale in conformity with the provisions of this section shall fail to be sold, the comptroller is hereby authorized to sell at private sale, for not less than the par value thereof, the said portion of said bonds and stock which failed to be sold. 3. This act shall take effect immediately.

Chap. 457.

AN ACT to authorize and empower the city of Watervliet to condemn property in the town of Colonie, Albany county, and also in the city of Watervliet for the purpose of constructing storm sewers for said city, and authorizing said city to construct such

sewers.

Became a law June 28, 1911, 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. Appointment of commissioners. Within ten days after the passage of this act the mayor of the city of Watervliet shall appoint, by certificate in writing, signed by him and filed with the city clerk of said city, five commissioners of sewers, who

shall constitute the board of sewer commissioners of the city of Watervliet. The city clerk shall within five days from the filing of the certificate of such appointment as above provided for, serve a written notice of such an appointment on each of the persons so appointed, by delivering the same to such person, or by leaving the same with some person of suitable age and discretion, at the residence of such appointee. No person shall be eligible for the office of sewer commissioner under this act, unless he be duly qualified to vote at elections held at said city and the holder of real estate in his own name, assessed to him on the last assessment-roll. In case of a vacancy occurring in said board caused by death, resignation, removal from the city or otherwise, such vacancy shall be filled by the mayor in the same manner as the original appointment. Each of said commissioners shall within five days after the notification of his appointment as herein before provided take and file with the city clerk the constitutional oath of office.

§ 2. Organization of board; secretary of board. At the first meeting of said board of sewer commissioners, each commissioner having first taken and filed with the city clerk the constitutional oath of office, they shall select, by ballot, one of their number to be the president of said board, and they shall also select, by ballot, some competent and suitable person, other than one of said commissioners, to be the secretary of said board, whose duty it shall be to record its proceedings in a book for that purpose, and do all such clerical work as by this act is devolved on the board. Said secretary shall before entering upon the discharge of his duties take and file with the city clerk the constitutional oath of office. He shall hold office during the pleasure of the board. The said board of sewer commissioners shall serve without compensation.

§ 3. General powers of commissioners. The said commissioners of sewers are hereby authorized, empowered and directed to cause to be constructed a system of storm sewers and drains in and through the said city of Watervliet, and such portions of the town of Colonie lying contiguous thereto, as may be necessary to properly construct the same in accordance with the report and accompanying maps, relative to a system of storm sewers for said city, made by Solomon and Norcross Company and F. J. Kies, and filed with the common council of said city, March eighteenth, nineteen hundred and ten, which said sewers and drains shall be located in the several streets, alleys and places, in said city, designated and shown upon the said maps, and such places in said town