An inductor, also called a coil or reactor, is a passive two-terminal electrical component that stores electrical energy in a magnetic field when electric current is flowing through it. An inductor typically consists of an electric conductor, such as a wire, that is wound into a coil. When the current flowing through an inductor changes, the time-varying magnetic field induces a voltage in the conductor, described by Faraday's law of induction. According to Lenz's law, the direction of induced electromotive force (e.m.f.) opposes the change in current that created it.
Designated a National Historic Landmark in 1963, the park is currently managed by the Central Park Conservancy under contract with the city government. The Conservancy is a nonprofit organization that contributes 85% of Central Park's $25 million dollar annual budget, and employs 80% of the park's maintenance staff.
Improvement efforts began in 1815, as the neighborhoods around the square were developed and became fashionable. In 1825, the park was named Washington Square in tribute to George Washington and a monument to Washington was proposed. This monument was never built but served as the seed for the eventual tribute to soldiers of the Revolutionary War.