FRANK BROWN, ESQUIRE, GOVERNOR.

701

authorized and empowered to take stock, and become a

stockholder in some water company to be hereafter formed,

and incorporated, and to make all contracts and agreements

with said company, which may be necessary and proper, for

the purpose of furnishing and securing water, as aforesaid ;

provided, the said commissioners secure a majority of the

stock, and a controlling interest and power in the manage-

ment and direction of the said water company, and to enable

them to pay the cost and expense of constructing, erecting

and operating the said water works and appurtenances, or,

oi taking stock in a water company as aforesaid and of

carrying into effect any contract or agreement with said

company, as the case may be, the commissioners of Cam-

bridge are further authorized and empowered to issue

Issue

coupon bonds of the par value of one thousand five hundred,

bonds.

and one hundred dollars respectively, to an aggregate

amount not exceeding fifty thousand dollars and bearing

interest at a rate not exceeding five per cent, per annum,

payable semi-annually on the first day of January and July

in each and every year, and the said boads shall be payable

and redeemable in fifteen, twenty, twenty-five and thirty

years from their date respectively, in the discretion of said

commissioners, and shall be signed by the mayor of the

said town, and attested by the treasurer thereof, and shall be

exempt from all State, county and municipal taxation, and in

order to pay "the interest on the said bonds and to provide

a sinking fund for the payment of the principal thereof at

maturity, the Commissioners of Cambridge are authorized

and directed after the issuing of the said bonds, or any part

thereof to levy annually upon the taxable property in said

town a tax, in addition to those already allowed by law of

not exceeding twenty cents on the one hundred dollars of

the assessed value of said property. The money arising

from the said additional tax to be set apart, and dedicated

exclusively to the payment of the interest and principal of

the said bonds as aforesaid, and the town clerk and treas-

urer of said town, shall keep a separate account of all issues

of said bonds, and of all receipts, payments and disburse-

ments on account of, or connected with the said bonds, and

the said additional tax, and the book containing said account

shall be open to the inspection of all persons interested in

the same ; provided that no bonds shall be issued or addi-

tional tax levies, as hereinbefore provided for, unless at an

election hereafter held in pursuance of notice to be given by

the said commissioners of the time, place and purpose of

said election, by advertisements inserted in all the news-

papers printed in said town, at least twenty days previous

to said election. A majority of the legal voters of the said