|
|
|
|
|
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.
|
|
|
|
|
|
|