To estimate the probable cost of the canal, Mayor Behrman appointed the following committee of engineers: W. J. Hardee, city engineer; A. F. Barclay, engineer of the Public Belt Railroad; George G. Earl, superintendent of the Sewerage & Water Board; C. T. Rayner, Jr., engineer of the Levee Board and Hampton Reynolds, contractor. On February 22, the committee reported that, not counting real estate, a canal could be built for $2,626,876. This estimate called for a lock 600 feet long, 70 feet wide, and 18 feet deep, and a barge canal to the lake. The cost of constructing the lock was put at $1,370,660, and of digging the canal $1,256,216. This report was first received by a special committee composed of Mayor Behrman, W. B. Thompson, Col. J. B. Hill, R. S. Hecht and Major W. McL. Fayssoux. This committee referred it to the Dock Board, which adopted it February 22. Financial arrangements were completed at this same meeting. In order to have sufficient to pay for the land which would have to be expropriated for the canal, and to give some leeway, it was decided to issue bonds for $3,500,000, with an option of floating $1,000,000 more within 30 days. A financial syndicate, consisting of the Hibernia, Interstate and Whitney-Central banks of New Orleans, the William R. Compton Investment Company of St. Louis, and the Halsey, Stuart Company of Chicago, agreed to take the entire issue. The bonds were to run 40 years and begin to mature serially after 10 years. They were to bear 5 per cent interest, and to be sold at 95. They would be secured by a mortgage on the real estate of the canal site, and by the taxing powers of the state, for they were a recognized state obligation, as Arthur McGuirk, special counsel of the Dock Board, pointed out in his opinion of July 10, 1918. He added: "I am likewise of opinion that said bonds are unaffected by any limitations upon the state debt, or upon the rate of taxation for public purposes; that the said bonds are entitled to be paid out of the general funds, or by the exercise of the power of taxation insofar as the revenues, funds or property preferentially pledged or mortgaged to secure said issue may fail, or be insufficient, to pay the same." The following sat with the Dock Board and its attorneys at the meeting of February 22: Mayor Behrman, J. D. Hill of the Public Belt Railroad, R. S. Hecht, president of the Hibernia Bank, J. D. O'Keefe, vice-president of the Whitney-Central Bank, C. G. Reeves, vice-president of the Interstate Bank, W. R. Compton of the Compton Investment Company, H. L. Stuart of Halsey, Stuart and Company, W. J. Hardee, city engineer, and Hampton Reynolds, contractor.