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Proceedings and Acts of the General Assembly, 1874
Volume 211, Page 3136   View pdf image (33K)
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JAS. BLACK GROOME, ESQUIRE, GOVERNOR. 277

dollars, payable not more than thirty years after

 

date, with six per centum interest, payable annually ;

 

which said bonds shall be signed by the Mayor, at-

 

tested by the corporate seal, and countersigned by

 

the Treasurer of said board ; and said coupons, after

 

the maturity of the same, shall be receivable in pay-

Receivable for
taxes

ment of all taxes and dues by said town ; and the

 

said Mayor and Couucilmen are hereby authorized

 

and required to levy and collect annually, a special

 

tax over and above the ordinary taxes of said town

 

now levied and collected, of not more than thirty

 

cents on every one hundred dollars of the assessable

 

property in said town, for the payment of the inter-

 

est on the said bonds, and the creation of a special

 

and distinct sinking fund, for the liquidation and

Sinking fund.

redemption of said bonds ; and that the money thus

 

raised shall be set apart and known as the water-

 

works' fund, and shall be applied by said Board of

 

Supervisors, or Mayor and Councilmen, to the pay-

 

ment of the principal and interest of said bonds as

 

aforesaid, and to no other purpose whatsoever.

 

SEC. 5. And be it enacted, That the said bonds

 

shall be issued to mature at such dates as shall not

Maturity

require the payment in any one year of more than

 

two thousand dollars of the principal sum thereof.

 

SEC. 6. And be it enacted, That the revenues and

 

rents derived from said water-works, after payment

Revenues and
rents

of expenses incidental to the proper management

 

and repairs of said works, shall form part and parcel

 

of the aforesaid sinking fund, for the liquidation and

 

redemption of said bonds.

 

SEC. 7. And be it enacted, That the said bonds be,

 

and they are hereby constituted, a full and legal lien

Legal lien

upon said water-works, for the full and just payment

 

and liquidation of the said bonds as aforesaid.

 

SEC. 8. And be it enacted, That the said Board of

Restrained

Supervisors, be, and they are hereby restrained from

from selling

selling or in any way disposing of any bond or bonds,
for any sum or consideration less than nine-tenths of

 

its par value.

 

SEC. 9. And be it enacted, That the said Fire Com-

Compensation.

missioners shall receive as their compensation for

 


 

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Proceedings and Acts of the General Assembly, 1874
Volume 211, Page 3136   View pdf image (33K)
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