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each of four successive weeks, and the last insertion shall be
at least sixty days prior to the day of election at which the
proposition is to be submitted. If a majority of the said
voters who vote for and against the proposition submitted
shall approve the same by voting for it, then the said Mayor
and Council are hereby authorized and empowered to borrow
on the faith and credit of the town a sum of money neces-
sary for such purchase, improvement or construction, and to
issue bonds of the town therefor, and said bonds shall be
issued in manner and form as in this Act hereinafter set
forth; provided, that the total bonded and floating indebted-
ness of said town shall at no time exceed five per centum of
the taxable basis of the town.
97 I. The bonds of the town issued for improvements or
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CHAP. 458
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public utilities, as in this Act provided, shall be for sums
not less than one hundred nor more than one thousand dol-
lars, each to be signed by the Mayor and countersigned by
the town clerk, with the corporate seal of the town affixed
thereto, and if registered bonds be issued said bonds shall
be registered by the town clerk in a book specially provided
for the purpose; all such bonds shall be issued at such time
after their authorization as the Mayor and Council shall
determine; shall bear interest at not more than four per
centum per annum, payable semi-annually at such place as
the Mayor and Council shall designate; shall be exempt
from all county and municipal taxation; shall have printed
on them a distinct reference to the ordinance authorizing
their issue and a statement that the proposition for their
issue has been legally approved by the qualified voters of
the town; shall have appropriately denominated on them
some designation of words to indicate the purpose for which
they are issued, and shall be sold for not less than the par
value thereof; all such bonds shall mature, one at the expi-
ration of each and every year from the date of issuing the
same, and shall be paid by the Mayor and Council at
maturity; provided, that each issue of bonds hereunder
shall be, each bond for a like sum and for such a sum that
the last bond of an issue shall mature in not less than ten
years and not more than fifty years from the date of issue,
and the date of issue shall be the same on all bonds issued
for any particular purpose approved and authorized by the
qualified voters of the town. To pay and cancel the said
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Value of bonds
issued.
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