78 REPORT OF THE 



PARK IMPROVEMENT BONDS. 



CHAPTER 565, LAWS OF 1894. 



An Act Relating to the Improvement op Public Parks in the City op 

 Brooklyn, and to Provide the Means op Payment Therefor. 



Became a law May 9, 1894, with the approval of the Governor. 



The People of the State of New York, represented in Senate and Assembly, do 

 enact as follows : 



Section I. For the purpose of paying for such permanent improvements in 

 and about Prospect Park or any other public park or parks in the City of Brook- 

 lyn, as are necessary in the judgment of the Park Commissioner of the said city, 

 the Mayor, Comptroller and City Clerk of said city, are hereby authorized to issue 

 in the year 1894 and tbe year 1895, bonds of the City of Brooklyn, to be called 

 <: Park Improvement Bonds," to be signed, sealed and countersigned in the same 

 manner as other bonds of said city, bearing interest at a rate not to exceed four 

 per centum per annum. No more than two hundred and fifty thousand dollars 

 of said bonds shall be issued. The said bonds shall be issued in separate series of- 

 fifty thousand dollars respectively, as near as may be. The first of said series 

 shall be made due and payable in fifteen years from the date of issue, and the 

 other succeeding series of said bonds shall be so made due and payable, that one 

 of said series, and only one, shall fall due and be payable in each succeeding year 

 thereafter. None of said bonds shall be sold at less than par value thereof, and 

 all of said bonds shall be exempt from taxation except for State purposes. 



Section II. All acts or parts of acts inconsistent with this act are hereby re- 

 pealed. 



Section III. This act shall take effect immediately. 



