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Session Laws, 1920
Volume 539, Page 151   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR. 151

redeeming said bonds at maturity and for the securing of the
prompt payment of the interest thereon, the Town Commis-
sioners of Queenstown shall levy a special tax on each hun-
dred dollars of the assessed value of all property, real and per-
sonal, in the corporate limits of said town of Queenstown, sub-
ject to taxation, in addition to the other taxes now authorized
to be levied and collected by said corporation, such sum or
sums of money as shall be necessary to pay the annual interest
on said bonds, and to pay said bonds as they respectively
mature; said special tax shall be known as the "Electric
Plant Tax" and shall be levied at the same time, and shall
bear interest from the same date, and shall be liens on all
property of the person or corporation assessed, and shall be
collected in the same manner as other taxes now authorized to
be levied, assessed and collected by said corporation. The
proceeds of said special tax shall be kept separate from the
other funds of said corporation and shall be used for the pay-
ment of interest on said bonds, and for the payment of said
bonds and for no other purpose whatsoever. In determining
the amount of the special tax hereby authorized to be levied
and collected, the Town Commissioners of Queenstown shall
make allowance for the amount applicable to the payment of
said interest and said bonds from the "Electric Plant Rate
Fund," as set forth in Section 8 of this Act, but no allowance
shall be made for any amount not actually in bank or in hand
at the time of said levy.

SEC. 10. And be it further enacted, That if at any time
the revenue derived from the payment for said electric service
by consumers shall be insufficient to pay the expenses of run-
ning and maintaining said plant, and repairing the same, then
the Commissioners of said corporation are hereby authorized
and empowered to deposit from time to time in bank to the
credit of the same account mentioned in Section 8 of this
Act, from the proceeds of the tax they are now authorized and
directed by law to levy for the use, improvement and expenses
of said town such sum or sums, not to exceed in the aggregate
in any one year five hundred dollars, as may be necessary, in
their judgment, to make up said deficiency; and the said sum
or sums so deposited shall be used in the payment of the ex-
penses of running and maintaining said plant, and repairing
the same, and for no other purpose whatever, and shall be
withdrawn from bank in the same manner as the other funds

 

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Session Laws, 1920
Volume 539, Page 151   View pdf image (33K)
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