Annual Report of the Canal Commissioners, Volume 1846

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1847 - Canals
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Page 5 - ... to pay the interest and redeem the principal of that part of the State debt called the General Fund Debt, including the debt for loans of the State credit to railroad companies which have failed to pay the interest thereon, and also the contingent debt on State stocks loaned to...
Page 4 - ... commencing on the first day of June, one thousand eight hundred and forty-six, the sum of one million and three hundred thousand dollars, until the first day of June, one thousand eight hundred and fifty-five, and from that time, the sum of one million and seven...
Page 26 - ... required to defray the necessary expenses of the state ; and the remainder of the revenues of the said canals shall in each fiscal year be applied in such manner as the legislature shall direct to the completion of the Erie canal enlargement and the Genesee Valley and Black River canals, until the said canals shall be completed.
Page 5 - June, one thonsand eight hundred and forty-six, the sum of three hundred and fifty thousand dollars, until the time when a sufficient sum shall have been appropriated and set apart, under the said first section, to pay the interest and extinguish the entire principal of the canal debt ; and after that period, then the Bum of one million and five hundred thousand...
Page 5 - Fund, until the same shall be wholly paid ; and the principal and income of the said last mentioned sinking fund shall be sacredly applied to the purpose aforesaid ; and if the payment of any part of the moneys to the said sinking fund shall at any time be deferred, by reason of the priority recognized in the first section of this article, the sum so deferred, with quarterly interest thereon, at the then current rate, shall be paid to the last mentioned sinking fund, as soon as it can be done consistently...
Page 4 - ... to pay the interest and extinguish the entire principal of the canal debt; and after that period then the sum of one million and five hundred thousand dollars in each fiscal year, as a sinking fund, to pay the interest and redeem the principal...
Page 13 - ... them, respectively, sufficient perfectly to preserve the public faith. Every contribution or advance to the canals, or their debt, from any source other than their direct revenues, shall, with quarterly interest, at the rates then current, be repaid into the treasury, for the use of the state, out of the canal revenues, as soon as it can be done consistently with the just rights of the creditors holding the said canal debt.
Page 2 - to provide for paying the debt and preserving the credit of the State...
Page 4 - State canals, in each fiscal year, commencing on the first day of June, one thousand eight hundred and forty-six, the sum of three hundred and fifty thousand dollars, until the time when a sufficient sum shall have been appropriated and set apart...
Page 4 - June, one thousand eight hundred and forty-six, the sum of one million and three hundred thousand dollars until the first day of June, one thousand eight hundred and fifty-five, and from that time the sum of one million and seven hundred thousand dollars in each fiscal year, as a sinking fund to pay the interest and redeem the principal of that part of the State debt called the Canal debt, as it existed at the time first aforesaid, and including three hundre d thousand dollars then to be borrowed...

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