Legislative Documents of the Senate and Assembly of the State of New York Volume 24, Nos. 60-61 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 Excerpt: ... estimated at two per cent, of the cost of construction and equipment 459, 000, 00 Total $24,804,000,00 Real Estate and Easements, net cost (refer to page 67) 2,500,000,00 Total $27,304,000,00 Contingencies, to provide for fluctuations in the cost of labor, materials, claims, accidents, etc, estimated at five per cent, of above total 1, 365, 000, 00 Total cost of project $28,669,000,00 Each state's share of the estimated cost of the tunnel as given above amounts to $14,335,000, and in order to determine the probable time of amortizing the cost, a financial statement is submitted herewith on page No, 71, covering a period of twenty years, which give by years the estimated revenue, operating charges, net income, bonds retired in $50,000 lots on the basis of a serial bond issue and a surplus accruing to each State, From the financial statement it appears that the cost of the tunnel would be amortized in eleven years and at the end of a twenty-year period that there would be a surplus to each State amounting to $33,635,000, in addition to having a tunnel without cost to the people, In presenting the above statement showing the financial soundness of the undertaking, your engineer desires to emphasize that this great public improvement, so necessary for the proper conduct and development of the business between the two States and in the Port of New York, can be constructed and maintained without question, on a self-supporting basis, with a very considerable surplus, RECOMMENDATION AS TO PROSECUTION OF WORK It is recommended that authorization be given for the preparation of the contract, specifications and plans for twin shield-driven, cast-iron tubes, in accordance with plan No, IV, as already described and recommended for adoption, and for a continuation of t...