Litchfield enquirer., 1837-01-12
TIIB I65Ie sc9y
AN ACT,

AN ACT,
 Accepting Ghe deposise of portion Of the Surplus
 EuRds belolging to the United statesi providing
 interest accrung theTefFOm, for the promotion OfOd-
 ucatiOn, and other purposes.
 snc l. De t enacIed Ly the Senats and House Qf RspreSsniuEiues in GeRenag Assenbly cORuened That tho Treasurer of this State be, and he is hereby thOrixed to receive from the Secretary of the Tcasu. " of the United States, for deposte with this State, the share Of proportion of the public money of the U nited States which this State may be entitled cciye in pursuance Ot the Act entitled An Act to June 2Sd, le36. And the said Treasurer is hereby duly authorized to receive the said money on the terms specified in the said act of Congress ito exc cute certificates of deposite therelOr and to pledge the faith of the State for the safe keeping and repay mcnt of the said funds, money, which 1t may re: ceve in conformity with the requirements of the said net.
 SEC. 2. The money which shall be thus received from the United States in pursuance of the said act of Congress, shall be deposited with the several towns in this Sate in proportion to their respective popua tion as ascertaincd by the last censusor with such towns shall agree to receive and authorize their gents to receive the same on the terms hereinafter spe the same to such town agent on receiving receipts therefor signed by such agents in tic form as IS here matter prescribed-which deposte with, or payment aforesaid to the several towns, shall be made to- and received by such towns, on condition that the same shall be used hereinafter provided, and shall be repaid into the State Treasury, whenever payment thereof shall be required by act of the General As senlhly or by proclamation of the person administer ing the office of Governor for the purpose of paying into the Treasury of the United States the said mon ey, deposited with this State, in pursuance ot the terms said act of Congress: Prouided, that when said mon- ey, any part thereof shall he required to he paid n to the State Treasury aforesaid, the same shall be nearly as conveniently may he. from the different towns with which the same shall have been deposit ed and no such payment shall be required without previous notice thereof of at least thirty days; And prorided further, that no payment shall be made to a. ny ton of proportion of the said money, until such town shall deliver to the Treasurer duly auhentica- ted copy vote or resolution passed by the legal vo- ters of such town in legal Town meeting giving the assent of such town to receive its proportion ot the sad money, the terms and conditions herein specl, fled, and appointing agent to receive the same, and that said town will, in all respects comply with the stpulations contained in this act, which vote or reso lution shall be obligatory the said town and the m habitans thereof, long as the said money or any portion thereof shall remain deposited with such town
 Sec. 3 Where any new town has been constltu- ted by division of any town or towns since the last census such new town and towns so divided shall re; ceiye the proportion agreeable to the aforesaid
 and where the proportion to each of said towns can not be determined by reference to said census the same shall be determined by census to be taken, as
 for that purpose by the Treasurer of this State ap plicaton of either of such towns to him, made prsu, mt to a vote of town meeting legally warned and holden for that puPose-nless sad towns shali m9lu
 
 SEC. 4. The condition on which any town may, be permitted to receive or shall Tceelve ts
 First. That such town keep and preserve the n,on' eyas a deposte, and in trust for the State.
 SeconHn That it appropriate the ennre income or or the promotion of education in the common schools n such town, in such manner and proportions as such may direct; and the remainder for the purpose of tlefraving the ordinary expenses ofsuch town.
 Thirdly, That it make good each and every deli ciency in the amount received should any loss occur through mismanagement or any other cause.
 FOMrthy, And that 1t repay into the State lreas'l- " the whole amount received therefrom of said mon- ey such part thereof may be required whenever the same shall be called for in the manner specified in
 SEC. 5. The money, when received by each town shnl constitute fund therein, to be called The Town Deposite Fund Until recalled into the State Treas'l- and part thereof shall he used for any purposes oth CT than those designated in this act.
 SEC. 6. The Treasurer in each town for the time being or such person such town shall apPTnf shall thereof He shall also have the custody ot its income, money deeds notes securities, and all other papers or property appertaning thereto. He shall keep all ac- counts relating to the fund hy themselves, and sepa rate from all others, and shall exhibit at each annual Town meeting an account showing the amount of the fund, how invested, the amount of it's ncome to whom paid fOr what object and the balance thereof remain ing in the Treasury which account shall be read in open meeting, and he recorded and kept on file by the Town Clerk. He shall make no pa yments from the fund except on orders drawn by the agent or agents who shall have been duly appointed by the town, ac; cordng to the provisions of this act which orders shall specify whether they to he paid from the principal after his appointment Treasurer, execute bond to the Town with surety, to the acceptance cf the Select Men thereof for the faithful execution of his office and or n 0 the beng to eaa sneh or in case of any illegal or improper management or application of it's income, which shall come to his to the Comptroller. and in default thereof he shall for felt to the State twenty dollars for each and every week he shall neglect to make such report 10 be re- covered m the name ot the Treasurer of the Sae for the use and benefit of the State.
 SEC. 2. An agent or agents appointed by each town, at an annual Town meeting, or at n special Town meeting, warned for that purpose, shall from belonging to their respective towns He or they shall at their discretion make loans terefrom in such sums may he deemed expedienf at the legal rate of l- tcrest for which loans each borrower shall execute to the town note secured by mortguge of real estate ot double the amount in value of the loan made to him, the expense of which mortgage decd and the rcc9Td. interest on ali loans sha be made payable on the first day of October annually. And the fund, and also its income, shall be wholly exempt from any charge or expense of it's management oror any expense ot any kind relating to its concerns. When any loan with the interest thereon, shall be paid in fu the Treasu- Ter of the town where the loan was made, may exc cute a deed of release of the mortgaged premises. which deed, well other deeds taken in relation to the fund, may he acknowledged before Justice of the Peace residing in the town, and witnessed by persons who inhabitants thereof.
 SEC. 8. In case payment of the money or any part thereof received as aforesaid by the several towns, shall be required for the purpose, and in the manner specified in the first section of this act, every town shall within the time therein limited, pay into the State Treasury the whole amount received tieretrom. or such portion thereof may be required And on tail- ure nv any town to make such payment for the space of thirty days after the same shall be payable. the
 Treasurer of the State is hereby authorized and re-