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Session Laws, 1924
Volume 568, Page 343   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR. 343

Act, provided, the said Commissioners, in their discretion,
shall determine to issue the said bonds, and they are also, in
said event, authorized, empowered and required to levy an-
nually upon the said assessable property, a tax sufficient to pay
the principal of said bonds, as it shall respectively mature and
fall due. The tax hereby authorized for principal and interest
of the bonds, is for the special purpose herein stated, and is in
addition to the tax levied for general purposes, as authorized
by the charter of the Town of Cambridge, the said tax, herein
authorized, to be part of that provided by law, as specially for
the payment of the principal and interest of bond issues of
Cambridge, as fixed by the charter limiting the amount of all
such special taxes to twenty (20) cents of the $100. 00 of said
assessable property.

And the said Commissioners, and their successors in office,
shall levy and collect the said tax, for the principal and inter-
est of the said bonds herein authorized, in such a way, or
amount, in each year as shall properly and sufficiently provide
for the payment of the interest and for the redemption of the
said bonds as they shall mature, and the said fund, so levied
and collected in each year, shall be placed to the credit and be-
come part of an annually accumulating fund, which shall at
all times be kept separate from all other corporate funds or
money, and deposited in some bank, at interest, and to be used
only for the payment of the interest on the bonds herein author-
ized and for their redemption, the said money to be used for
no other purpose whatever, and when the principal and inter-
est of the said bonds, is paid in full and all the bonds are re-
deemed, then any interest earned by the deposit of the said
money in bank, shall become a fund to be used by the Com-

missioners for any corporate purposes or to be used in paying
interest or principal of some other bond issue of Cambridge, if
any such shall be then outstanding.

SEC. 4. And be it further enacted, That the said Commis-
sioners of Cambridge, and their successors in office, be, and
they are hereby authorized and empowered, either before the
sale of the said bonds and in anticipation of their issue, or
after the issue and sale of the said bonds, to acquire and hold,
for corporate purposes of the said Town of Cambridge, by any
lawful means, including the right of eminent domain, land and
property, within the corporate limits of the said town, for the
location, place and site upon which to erect the said municipal
building, the said land may be paid for out of the proceeds

 

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Session Laws, 1924
Volume 568, Page 343   View pdf image (33K)
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