Sl,946.OI7 y S2,45l,22 l9


Q6i OI7 10
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Estimated surplus oil tolls for the year end


ing 30th Sept. lSi6.-.......-.--- iSI1Is o.
Add proceeds of tax of one-tenth OF mill


assessed In the year 1916 under act


chap. 3l4, s. Laws of le44, estimated TO


be the same RS for the year ls4i. Sc 5O3 AZ
Estimated surplus from toll and one-tenth


OF a mill tax applicable 10 the payment


OF the canal debt 30h Sept lSi6-----. S543 6el 81
In relation to the lateral canals they cay the revenue
fbe Csyuga and Seneca Canal is sufficient pay the
interest the debt created for s construction the
pairs OF tie Canal the expenses of collection and leave
surplus of Sl624 "a This is the first instance OF get
ting Surplus from any one of the lateral Canals.


The following their remarks regard the tenth
mill tax;


The net proceeds OF tax of tenth OF mill for the
year 1874 amonnt to S56503 AZ This is sufficient to
pay the interest for year the loan of 0U0 at
per cent and leave balance in the hands OF the Com
missoners of 500 H. which is be held exclusively
for the payment of the money borrowed in pursuance OF
the act OF 1874 before referred 10.


This OF one.tenth OF mill must continue until the
surplus revenues OF the Canals beyond the amount ne
cessary pay the interest the debt and the expenses
for the maintenance OF the Canals furnish contributions
to Sinking Fund provided By Chap ia of the laws
OF 1912 sufficient if received each year pay the debt
therein referred in @ years and also sufficient To pay
the debt OF 100000 created under the of 1874 III
Is years fixed of S2665s 76. with interest al 8
per cent compounded annually, will pay the debt OF
100000 in Is years from The date OF setting apart the
trst named The surplus OF the tax beyond the
required for interest about Sll 500 annually, may
be invested while il continues this extent Will
lessen the amounts required Tor the Sinking Fund.


The sinking fund absorbed by the payment Of the
deb, due Is, January 1916 The aggregate deficiency
of the lateral Canals for the year ending September lsi5
is set down az S47l 3l6 81 The total paid for
deficiencies since 1885 has been 50 665,i69