All the provisions of the laws heretofore passed on the subject of the Croton Water Works, pledging the faith of the city of New York, providing a sinking fund for the redemption of the stock issued by virtue thereof, are hereby made applicable to the stock issued in pursuance of this act. 5. No part of the fund created by this act, or any other fund raised for the purpose of constructing or completing- the Croton Aqueduct, and the works connected therewith, and distributing the water throughout the city, shall be diverted from such object ;

and no item of expenditure hereafter to be made by the Corporation of the city of New York, and not approved by the Water Commissioners and Comptroller of said city, shall be charged by the Corporation of the said city to the debit of the said fund but this pro- ;

vision shall not apply to the refunding of advances heretofore made by the said Corporation, for or on account of the said aqueduct, or the water pipes connected therewith.

At the same session the Legislature remedied the injustice which had been attempted in some of the towns of Westchester, through which the aqueduct passed, of taxing it

CROTON AQ.UEDUCT. 179

as personal property. The law of 7th May, restricted the assessors to taxing the lands

in Westchester county occupied or used for the aqueduct, only upon their value, exclusive of the works.

The Common Council lost no time in passing an ordinance authorising the Comptroller to issue stock for this new loan, and on 21st May they constituted, by resolution, a