Resolved, That Robert Macomb, and his associates, shall bind themselves and their successors, in a contract with the Common Council, to transfer at any time when required, after the expiration of 40 years from the completion of the water works, all right and interest therein, to the Mayor, Aldermen, and Commonalty of the city, for which, they shall receive the cost of constructing the said water- works, after deducting a proper allowance for use and wear. Resolved^ That the Committee on lands and places, together with the Counsel of the Board, be instructed to prepare a contract, and make arrangements with Robert Macomb and his associates, in conformity with the preceding resolutions, and report the same to this Board, and that no rights or privileges be conveyed by these resolutions, but only by the contract contemplated to be entered into. JOHN HONE, J. B. TAYLOR, W. A. DAVIS, R. MCQUEEN.

These resolutions were agreed to ; an amendment having been adopted, on motion of Mr. Stevens, that there be inserted in the contract, a clause regulating the price at which water is to be furnished to the citzens and the public. The scheme of Mr. Macomb and associates, was to bring the water from Rye pond, and they professed their ability to complete the work in two years, without any compensation or aid from the Common Council, asking only the privilege of laying down the pipes and selling the water. The minutes show no farther proceedings under the above resolutions ; of course,