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Session Laws, 1892
Volume 397, Page 739   View pdf image (33K)
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FRANK BROWN, ESQUIRE, GOVERNOR.

739

company, to bear interest not exceeding five per centum


per annum, payable semi-annually on the first day of


January and on the first day of July in each and every


year ; and said bonds shall not be disposed of at less than


the par value thereof and said bonds shall be issued payable


twenty years from the date thereof and redeemable at any


time after the expiration of ten years from the date thereof,


at the pleasure of the mayor and common council of


Westminster, and the said bonds shall be consecutively

numbered as the same shall be issued, and the money


arising from the sale of said bonds shall be applied solely to


the purchase money of said water company's property,


franchises and so forth.


SEC. 5. And be it enacted, That all water rates, water


rents or charges made and collected, by said mayor and

Water
rents.

common council, for the use of water, and the proceeds of


all water taxes levied by them, shall be applied, first to the


payment of the working expenses of said water works, and


the expenses of keeping them in complete repair and laying


such additional water mains or pipes and erecting such


additional fire plugs or hydrants and making such improve-


ments as said mayor and common council may deem necessary


or advisable : second, to the payment of the interest on the


bonds they are herein authorized to issue ; and any unex-


pended balance of said water taxes, shall be applied to provide


a sinking fund for the payment of said bonds at maturity,


and for no other purpose ; and when all of said bonds shall


have been redeemed and cancelled, the rate charged by the


mayor and common council for the use of water or the water


taxes levied by them, shall be so regulated as to not exceed


in the aggregate, in any one year, a sum sufficient to keep said


water works in complete repair and provide for the necessary


extension of the same ; provided, however, that nothing in


this act shall be so construed as to repeal or abridge the


power and authority vested by existing laws in the said


mayor and common council to levy and collect water taxes,


until the said bonds shall all have been redeemed and


cancelled.


SEC. 6. And be it enacted, That this act shall take effect

Effective.

from the date of its passage.


Approved April 7th, 1892.




 
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Session Laws, 1892
Volume 397, Page 739   View pdf image (33K)
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