Haussmann found creative ways to raise more money for the grand projects while circumventing the Legislative Assembly, whose approval was otherwise needed for direct borrowing increases. The City of Paris began paying its contractors on the new works projects with vouchers instead of money; the vouchers were then purchased from the contractors by the city's lenders, mainly the mortgage bank Crédit Foncier. In this way Haussmann indirectly raised 463 million francs by 1867; 86% of this debt was owned by Crédit Foncier. This debt conveniently did not have to be included on the city's balance sheets. Another method was the creation of a fund, the "Caisse des Travaux de Paris", decreed by Napoléon III on 14 November 1858. Ostensibly it was intended to give the city greater freedom in executing the grand projects. Revenue from the sale of materials salvaged from the demolitions and the sale of lots left over from the expropriations went into this fund, amounting to some 365 million francs between 1859 and 1869. The fund expended much more than it took in, some 1.2 billion francs towards the grand projects during the ten years it existed. To offset some of the deficit, which the City of Paris was responsible for, Haussmann issued 100 million francs in securities from the fund guaranteed by the city. He only needed the approval of the city council to raise this new sum, and, like the voucher scheme, the securities were not included in the city's official debt obligations.