Looks like someone just threw it in the river rather than taking it to the dump. Kind of sad that someone would think that way. Must have been kids.
It's a Pacer S/S ladies bike. Seems the bike is known as a Concord Pacer S/S and hails from the early 1980s. When I get it up on the rack I will find the serial number and date it exactly but from what I have read on the interwebs it's just another frame made at the Giant Factory. While I don't have a need for this style of frame and I don't think there is much of a market for them either it does have some nice components that might be able to use on my next project, another Peugeot UO-8 that showed up at the dump last month.
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