State journal. [volume] (Montpelier, Vt.) 1831-1836, 1836-11-29
November II, 1886.
Approved, S. II. JENISON.

State.
SEC. l. It's hereby enacted by the General assembyof
the Stale Of Vnont That the Treasurer of this state be,
and he is hereby authorised to receive from the Secrea
ry of the Treasury Of the United States all the money
which is directed to be deposited with the state of YER
mont by virtue of the provisions of act entitled " an
act to regulate the deposes of the public money! pas
sed by the Congress of the United States at the session
thereof last past and approved by the President
the twenty third day of june Ammo Domn thousand
eight hundred and thirty and the said Treasurer of
this state hereby directed and empowered to execute
and deliver to the said Secretary of the Treasury of the
United States certificates of deposit for said money, pedg
ipg the faith of this state for the safe keeping and
payment thereof in conformity with the provisions of
said act.
Sec 2. is hereby further enacted, That each incor-
porated town in this state may or before the first day
of January next after the passage OF this act at town
meeting duly warned and holden Tor the purpose, and at
each and every March meeting after the year thou
sand eight hundred and thrty-seven elect, by ballot
three Of such town. for the purpose of receiving
and managing such portion OF the public money as may
be deposited in such town agreeaby to the provisions OF
this act which trustees shall execute their bond to the
town, with three sufficient suretes, in such
the seecmcn of such town shall direct and accept,
conditioned for the faithful performance of their duty in
the loanng, managing and accounting for such sum or
Of money may be placed in their charge agreea
bly, to the provision Of this act and each town that shall
appoint such trustee, and receive by them such deposit
money! shall be accountable for the return of said
ney any part thereof the state treasury whenever
called for by the state Treasurer upon the requson Of
the United States, for the purposes of appor-
onment in the same manner as towns are now accoun-
table for the state taxes.
Sec. 8. is hereby further enacted That the Treas
of this state SHALL the receipt of any portion of
such money deliver the trustees of the respective
towns such such towns shall respectively be enti
tied to receive deposit agreeably to the census taken
in the year thousand eight hundred and thirty, and
such trustees shall respectively execute to the Treasurer
of the state certificates Of such deposits, in such form
the said states Treasurer required to execute to the
of Treasury "a
bly, to the provisions of the act mentioned in the first sec
ton of this
SEC A. is hereby further enacted That the trustees
of the respective towns shall loan out the money de-
posted to such persons and in such they shall
Judge expedent for term not exceeding one year at
one time, and on such security, ether with more
suretes mortgage as they shall deem amply saie
at interest Of six per cent payable annually, and
make all securities taken for the payable to the
town oaning the money, and such money may after the
expiration Of the time for which shall be loaned be
collected by the trustees in such town. and reloaned
whenever they deem it e1pedien
SEC. 5. II is hereby further enacted, That the interest
arising from the money deposited in any town shall an
nualy be appropriated by such town to the of COM
schools in such town, agreeaby to the provisions OF
this act and in the year eighteen hundred and ortyone
and as often thereafter census shall be taken by the
authority of the United States, Of this state it shall be
the duty Of the Treasurerto make new apporonment
of the money deposited aforesaid among the sever
al organised towns according to the population thereof
and shall have power to call upon the several towns who
have in deposit larger amount of said money than their
proportion for the amount of such excess and shall be
the duty of the trustees of such towns pay the
to the Treasurer aforesaid, who shall thereupon de-
post the in such towns have not their portion of
said money in deposit, in proportion to their population
Sec. 6. IL is hereby further enacted That if any town
shall have other school funds, sufficient to support
school in the several school districts in such town for six
months in each year, then and in such it may be
lawful for such town to appropriate the income from said
deposit money to such other such may direct
SEC. T. is hereby further enacted, That it shall be
the duty OF the grand jurors, empannelled before the
county courts in the several counties in this state in each
and every year to inquire into the in which the
several towns in their respective counties have managed
said money and the annual interest thereof and shall
present to said Indictment against each and
cry town of said county in which the duties Of said
have not been attended to ageeaby to the provisions of
this act; and any town indicted SHALL convicon
be sentenced to pay fine exceeding the Of
double the annual interest Of all the money deposited l
with the trustees of such town in conformity with the pro-
visions of this act i'll the discretion of the court, togeh
er with costs Of prosecution, which fine and costs shall
be PAID to the rea OF the county in which the
Wctlon shall be lad and TO the of said county.
SEC. g. u is hereby Further enacted That if any town
or towns Shall neglect refuse to appoint their trustees
Tor the purpose of receiving their proportion OF said
ney agreeaby to the provisions of this act the Treasur
n no Cff shall al,