Money

may be borrowed.

Bonds.

Bonds how disposed of.

ties of Oneida, Madison, Chenango or Broome, it shall be the duty of the supervisor, town clerk and justices of the peace, or a majority of them, to call a public meeting of the taxable inhabitants, that are assessed on personal or real estate, of such town or city, by posting at least sixteen notices in the most public places in such town, or city, not less than fifteen days previous to such meeting, which meeting when assembled shall elect by ballot not less than two nor more than five freeholders, residents of said town or city, to be commissioners for said town or city, to execute and carry into effect the purposes of this act.

§2. It shall be lawful for said commissioners, to borrow on the faith and credit of such town or city, provided the consent in writing of persons owning more than twothirds of the value of the real estate in said town or in the city of Utica appearing upon the last assessment roll, shall be first obtained, proof of which shall be by affidavit of one of said commissioners, filed in the town and county clerk's office, any sum of money not exceeding one hundred thousand dollars if a town, and three hundred thousand dollars if a city, for a term not exceeding twenty years, at a rate of interest not exceeding seven per cent per annum, and to execute bonds therefor under their hands and seals; the bonds so to be executed, may be in such sums and payable at such times and places, not exceeding twenty years, and in such form as the said commissioners and their successors may deem expedient.

3. The commissioners authorized by this act, may in their discretion, dispose of such bonds, or any part thereof, to such persons or corporations, and upon such terms as they shall deem most advantageous to said town or city, but not for less than par; and the money that shall be raised by any loan or sale of bonds, shall be invested in the stock of the Utica and Binghamton railroad company, and the said money shall be applied and used in the construction of such railroad as aforesaid, and in its buildings and necessary appurtenances, and for no other purpose whatever; and for that purpose the commissioners in the corporate name of said town or city, may subscribe for or purchase stock of the said company to the amount of the said sum of one hundred thousand dollars if a town, and three hundred thousand dollars if a city; and by virtue of said subscription or purchase of said stock, and upon receiving certificates or the transfer of certificates for the

amount of said stock so subscribed for or purchased by them, the said town or city shall acquire all the rights and privileges, and be liable to the same responsibilities as other stockholders of said company; and it shall be lawful for the commissioners provided for in this act, or either of them, with the consent of the other, to participate in and to act in all the regular and legally authorised meetings of the stockholders, and either of them may act as director of said company, if he shall be duly elected as such.

report of

§4. The said commissioners, authorised by this act, shall Annual report to the board of supervisors of the county wherein debt. said town or city is located, within three days after the commencement of their regular annual session in each year, the amount required to pay principal or the interest, if any, on the said bonds authorised to be issued under and by virtue of this act. The dividends arising from the stock so Dividends. subscribed for or purchased by said town or city in pursuance of this act, or so much thereof as may be necessary, shall be received by the said commissioners and by them applied to the payment of the interest which shall from time to time accrue upon the bonds authorised to be issued by this act; and in case such dividends shall not be found sufficient in any one or more years to pay the interest accruing on said bonds, it shall be and is hereby made the duty of the said board of supervisors, and they are hereby authorised and required to cause to be assessed, and levied, and collected, upon the real and personal estate of said town or city, at the same time and in the same manner as other taxes are assessed, levied, and collected, such sum or sums of money as shall have been reported to said board of supervisors by the said commissioners authorised by this act, to be necessary to make good such deficiency in the payment of the interest on the said bonds, and the same when collected shall be paid to the said commissioners, and be by them applied to the payment of the interest on said bonds, or so much thereof as shall remain unpaid after the application of the said dividends to that purpose.

bonds how

§ 5. The said commissioners of each town or city, elected Payment of under and by virtue of this act, shall provide for the an- provided nual payment of at least one-twentieth of the bonds issued for. by said town or city, so as to insure the final liquidation of such bonds within twenty years after the date of said bonds, and for that purpose they shall receive and apply

When

bonds are

by tax.

annually the surplus dividends on the stock purchased by said town or city, over the amount necessary to pay the annual interest on said bonds; and if the amount of said surplus dividends shall not be sufficient for the annual payment of said amount of said bonds, then the said commissioners shall dispose of a sufficient amount of said stock, to any purchaser or purchasers for cash, to make up such deficiency; but they shall not sell or dispose of such stock at less than par, except at public sale, of which twenty days' notice shall be given in two newspapers published in the county wherein such town or city is located; or if the said commissioners so prefer, they may report said deficiency to the supervisors of said town or city, who shall be, and are hereby authorised and required to cause to be assessed, levied, and collected, as provided in section four of this bill, such sum or sums of money as may be necessary to make good such deficiency, to meet the annual payment of one-twentieth of said bonds; and the proceeds of such sale of stock, or of said tax, shall be applied by said commissioners to the purchase or redemption of said bonds, and to no other purpose whatever; and in such case, the said commissioners shall cancel such bonds so purchased or redeemed.

§6. After the expiration of twenty years from the passage of this act, it shall be and is hereby made the duty of to be paid said board of supervisors, and they are hereby authorised, unless the payment of said bonds are otherwise provided for, to cause to be assessed, and levied, and collected, upon the real and personal property of said town or city, at the same time, and in the same manner as other taxes are assessed, levied, and collected, the sum due on the said bonds so issued in pursuance of this act, together with the interest on said principal sum, or so much thereof as may remain unpaid by reason of the deficiency of the dividends and sale arising from the said stock. The amount so to be raised by the said board of supervisors for the payment of the principal or interest, shall be determined by the report of said commissioners to the said board of supervisors, as herein before authorised by this act.

Commissioners to

7. Before the said commissioners, or either of them, give bond shall enter upon the discharge of their duties under this act, they shall jointly and severally execute to the supervisor of said town or city, a bond in the penal sum equal to the amount to be issued by said town or city under and

by virtue of this act, conditioned for the faithful discharge of their duties as commissioners under this act, and for the just and honest application by them of all monies, stock, or bonds issued by them or coming into their hands, according to the true intent and meaning of this act. They shall also cause an additional bond to be executed to said supervisors, by two or more sufficient sureties, in a penal sum of like amount, and upon a like condition, as above provided; the sufficiency of said sureties shall be determined by the county judge of the county wherein such town or city is situated, to be endorsed on said bond. The said bonds shall immediately thereafter be deposited with the supervisor of said town or city, to be collected by him, or his successor in office, for the use and benefit of said town or city, in case the said commissioners, or either of them, are guilty of such a breach of duty or malfeasance in office, as to render said bonds collectable.

sioners.

§8. In the year eighteen hundred and fifty-nine, and Election of every four years thereafter, the said commissioners shall commis. be elected at the annual town meeting, in the same manner as the other town officers are elected, and shall hold their office until other commissioners are elected and qualified. In case a vacancy shall happen by reason of death, removal from said town, resignation, refusal to serve, or otherwise, of either of said commissioners provided for in this act, the vacancy shall be filled by the county judge in the same manner as provided in the first section of this act, for the election of commissioners. Each and every person thus elected shall, before he enters upon the discharge of his duties, execute and deliver to said supervisor, a bond in like amount, with like conditions and sureties as hereinbefore provided; and all provisions of this act, shall apply to the successors of the commissioners provided for in this act, whose powers, duties, and liabilities shall be the same as those of the commissioners provided for in this act.

§9. Each of the said commissioners shall receive the compensa sum of two dollars for each day actually engaged in the ion. discharge of his duties under this act, and his necessary disbursements, to be audited and paid by the said towns and cities.

it expedient to comply with the provisions herein contained, each town and each city to act separately in the premises, and to have the full benefit of this act without co-operation with any other town or city.

§11. This act shall take effect immediately.

Chap. 67.

AN ACT to extend the time for the collection of taxes in the town of Watervliet.

Passed March 15, 1855.

The People of the State of New-York, represented in Senate and Assembly, do enact as follows:

§1. If the collector of taxes in the town of Watervliet in the county of Albany, shall renew his sureties to the satisfaction of the supervisor of the town, and pay over the moneys by him previously collected, at the date of the renewal of his bonds, the time for collecting and making final returns of taxes of said town, is hereby extended to the first of May next.

§ 2. This act shall take effect immediately.

Chap. 68.

AN ACT to authorise the town of New Windsor, in the county of Orange to erect a bridge over the Moodna creek, and to borrow money therefor.

Passed March 15, 1855, three-fifths being present. The People of the State of New-York, represented in Senate and Assembly, do enact as follows:

§1. The commissioners of highways of the town of New Windsor in the county of Orange, are hereby authorised and required to erect or cause to be erected as soon as practicable, a suitable bridge across the Moodna creek in the said town of New Windsor, and they are hereby authorised to borrow money for that purpose not exceeding the sum of eighteen hundred dollars, upon the credit of said