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Session Laws, 1939
Volume 581, Page 145   View pdf image (33K)
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HERBERT R. O'CONOR, GOVERNOR. 145

the issue and sale thereof under the provisions of this Act, the
governing body of such town shall annually until all of said
bonds issued under the provisions of this Act shall have
matured and been paid, levy a tax upon all of the assessable
property in said town, sufficient to pay the annual interest on
all of said bonds that may be issued and outstanding as said
interest becomes due and payable, and also a tax in each year
upon all of said assessable property in said town sufficient to
pay the principal of said bonds as they respectively mature
and are due and payable, which tax shall be in addition to all
other taxes authorized by law, provided, however, that the
amount of said tax may be reduced in any one year by the
amount of the proceeds of the collection of the special assess-
ments or other levies hereinabove referred to and dedicated
by this Act to the servicing of such bonds authorized to be
issued hereunder as may be issued for the purpose of refund-
ing or retiring the bonds, certificates of indebtedness or other
obligations primarily payable from the proceeds of such
special assessments or other levies.

SEC. 8. And be it further enacted, That in the event any of
the bonds, certificates of indebtedness or other obligations
hereinabove referred to have heretofore or shall hereafter be
retired or paid out of the general or special funds of the town
or from any other source, then the total aggregate amount of
the bonds authorized to be issued and sold pursuant to the
provisions of this Act shall be reduced by the amount of the
bonds, certificates of indebtedness or other obligations so re-
tired or paid, provided, however, that in the event the govern-
ing body of such town have heretofore determined or shall
hereafter determine to temporarily advance from the general
funds of the town sums sufficient to provide for the payment
of any such bonds, certificates of indebtedness or other obliga-
tions in anticipation of the sale of the bonds authorized to be
issued and sold pursuant to the provisions of this Act, or in
anticipation of the collection of special assessments and/or
other special levies, then the authority to issue and sell such
bonds as authorized by this Act shall continue in full and the
proceeds of the sale of so much of said bonds as shall be sold
for the purpose of refunding the bonds, certificates of in-
debtedness or other obligations paid by advances from the
general funds of the town as hereinabove recited, shall be paid
into the said general funds of the town for the purpose of re-
imbursing the same for such advances.

SEC. 9. And be it further enacted, That this Act is hereby
declared to be an emergency law and necessary for the imme-
diate preservation of the public health and safety, and having
been passed by a yea and nay vote, supported by three-fifths


 

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Session Laws, 1939
Volume 581, Page 145   View pdf image (33K)
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