LLOYD LOWNDES, ESQUIRE, GOVERNOR.

1075

powered to issue bonds in the name of said municipal corpora-
tion to an amount not exceeding thirty-five hundred dollars
($3,500) ; said bonds to be of the face value of not less than
fifty dollars and not more than one hundred dollars each ; to
be sealed with the corporate seal and signed by the Mayor of
said town, and countersigned by the clerk to the council ; each
of the said bonds to be payable twenty years after the date
thereof to bearer, redeemable, however, at the option of the
Mayor and Council at any time after the expiration of ten
years from the date thereof, bearing interest at the rate of not
more than five per centum per annum, payable annually by the
Mayor and Council of said municipal corporation, on the pre-
sentation of interest coupons to be issued with said bonds and
to be attached thereto ; and said bonds shall be exempt from
municipal and county taxation.

SEC. 2. And be it enacted, That the proceeds of the sale of

Bonds Issued.

said bonds, none of which shall be sold below the face or par
value thereof shall be applied to the construction and comple-
tion of a public building in said town on a lot or lots owned
by the municipal corporation .suitable for municipal and other
corporate purposes, useful and beneficial to said town.
SEC. 3. And be it enacted, That the Mayor and Council

Proceeds how
applied.

aforesaid, shall provide annually out of the levy for municipal
purposes, for the collection of taxes to an amount sufficient to
pay the interest on said bonds when as the same shall become
due and payable according to the tenor thereof ; and shall also
create a sinking fund out of such levy for the payment of said
bonds at maturity, the sum of one hundred and fifty dollars to be
set aside annually and invested in some safe interest bearing
security or securities, to be selected by the Mayor and Council
for said purposes, and to remain intact for the purpose for
which it is intended.
SEC. 4. And be it enacted, That this authority to issue bonds

Sinking fund.

as aforesaid, shall not take effect and become operate unless the
question of issuing said bonds shall be submitted to the quali-i
fied voters of said town at the regular election for a Mayor and
Town Councilmen, to be held in said town during the month
of August, in the year 1898, and approved by them ; if a
majority of the votes cast at said election on this question shall
be in favor of the issue of said bonds, the Mayor and Council
aforesaid shall proceed to issue the same ; but if a majority of
the votes at said election on this question shall be against the
issue of said bonds, then the first three sections of this Act
shall be deemed null and void, and the power to issue said

Submitted to
the quali-
fied voters.