15 



the City at less than their par value, and some of the 

 seven per cents, have sold at a premium. The interest 

 payable semi-annually, is raised by annua] tax on the first 

 twelve and the twentieth wards of the City. And forthe 

 payment of the entire del>t, both principal and interest, the 

 whole Part domain, with its improvements are specifically 

 pledged. 



A sinking fund is also provided bylaw, consisting partly 

 of an annual tax on said wards, running on to the maturity 

 of the bonds, and partly of an assessment for benefit on the 

 property adjacent to the Park. This assessment has not 

 yet been laid, but will doubtless realize a large sum of 

 money, and will begin to be collected as soon as it shall 

 have been properly apportioned by the Commissioners ap- 

 pointed for the purpose, by means of an annual tax, to be 

 levied in installments for twenty years successively in the 

 locality specially benefited. 



This equitable adjustment of the Park Debt between 

 those wards at whose instance the Park was projected, and 

 the owners of property particularly benefited by the im- 

 provement, has not only proved wise and practical, but bids 

 fair to realize the most sanguine expectations of its pro- 

 jectors. Soon after work commenced on the Park, the 

 price of lots rose rapidly in the neighborhood ; and recent 

 sales continue to show an increasing value. The assessed 

 value of real estate in the eighth ward, exclusive of the 

 amount assessed for buildings has increased over thirty 

 per cent, during the last year. While the increased value 

 of the real estate of the eighth and ninth wards being the 

 two wards immediately contiguous to the Park, has for the 

 same time amounted to nearly two-thirds of the increased 

 value of the entire City. A similar increase from the same 

 cause, though not to the same extent, is perceptible in the 

 twentieth ward, which comes next in respect to its contiguity 



