The bonds were advertised for sale but on account of the condition of the money market at the time no sale for bonds bearing only 4 per cent, interest was found. The Commission, however, determined to proceed with the work, and therefore entered upon the lands of Henry B. Curtis, which lands were necessary to be taken for that purpose; but they were unable to agree with him upon the compensation and damages to be paid for the property to be so taken. The Commission was therefore compelled to, and did, institute condemnation proceedings to acquire the lands of said Henry B. Curtis as directed by law. Such proceedings are now pending. Inasmuch as Mr. Curtis has raised the question of the constitutionality of the River Improvement Act, namely, chapter 734 of the Laws of 1904, the Commission will await the decision of the courts before taking further steps in the matter. The Commission is of the opinion that the sale of bonds bearing so low a rate as 4 per cent. interest is impossible at this time, and it recommends that the law be so amended as to permit bonds to be issued under the provisions of chapter 734 of the Laws of 1904, as amended by chapter 354 of the Laws of 1907, to bear interest at the rate of 5 per cent. Respectfully submitted, HENRY H. PERSONS, President. CHARLES DAVIS, JOHN A. SLEICHER, ERNST J. LEDERLE, MILO M. ACKER, State Water Supply Commission. |