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.