|
SEC. 2. And be it enacted, That said bonds shall be issued
to mature as follows — that is to say, not before five years, and
from time to time not later than thirty years, from the date of
issue thereof, with the privilege to the said corporation of
redeeming the same as follows: At the expiration of five years
from the date of issue the said corporation shall, in open
session, determine and designate by lot which of said bonds to
the amount of one thousand dollars shall be redeemed, and in
like manner at the end of ten years they shall determine and
designate by lot an additional twelve hundred dollars for such
redemption, and in like manner at the end of fifteen years
they shall determine and designate by lot an additional fifteen
hundred dollars for such redemption, and in like manner at
The end of twenty years they shall determine and designate
by lot an additional eighteen hundred dollars for such rdemp-
tion, and in like manner at the end of twenty-five years they
shall determine and designate by lot an additional two thou-
sand dollars for such redemption, and in like manner at the end
of thirty years the balance of said bonds shall be redeemed; and
the said bonds so designated for redemption as aforesaid shall
be redeemed from time to time as hereinbefore provided out
of the sinking fund hereinafter mentioned; and the interest
on the bonds so designated at the semi-annual maturity
thereof following the date of said designation for redemption
shall cease and determine; but the said corporation shall
have the right after the expiration of ten years from the date
of the issue of said bonds, and public notice by advertise-
ment of its intention so to do in the newspapers of said
town , once a week for four successive weeks six months before
the date fixed for said purpose, to call in and redeem all said
issue of bonds.
|
Maturity aNd
redemption of
said bonds.
|
|
SEC. 3. And be it enacted, That the said corporation shall
levy annually upon the assessable property of said town a tax
sufficient to pay the annual interest on all of said bonds
remaining outstanding and not then matured, and also to pro-
vide a sinking fund sufficient to redeem at the intervals here-
inbefore mentioned, the respective amounts of said bonds
hereby directed to be redeemed, and the sums herein respec-
tively directed to be raised by taxation for the payment of the
interest on said bonds and the creation of the sinking fund
shall be held sacred by the president and Commissioners and
shall not be used for any other purpose than they herein
directed, but the proceeds of said taxes herein directed to be
levied for the purpose of creating said sinking fund may be
invested by the said corporation, with the approval of the
|
Authority to
levy tax to pay
interest, and
provide
sinking fund.
|
