The Northern star. [volume] (Warren, R.I.) 1849-1855, 1855-07-13
LAW . OF Rhode Island.
STATE OF RHODE ISLAND AND PROVE
DENCE PLANTATIONS.
In General .assem6ly, Nay Sssssos. A. d

In GenerGS dssemoty, may Sesss0Ns H. ~
1885.
AN Acknowledging the city Of Provi'
aence tc5ssus bonds and establish sink
II Is enacted BY the General Asssmbly as fol-
lops.
Section 4. The city or'gP,ovilencs i
hereby authorized aud empowered to ISSUE
bonds, script or certificates Of debt, benrjnA
not more Than six per cent interests pc,
annDm, under the corporate name and sea
of said city, in s.ch forsn ns inny he found
expcdient,' not exceeding the sum OF sis
hundrsd thousand dollars, said 5on'. scrip
or reriifcufes 10 he payable in the ysn'
one thousand eight hundred and eighty.
FIVE; and snia bonds, scrip or certificates
shall he obligatory upon said city In the
same manner and to the snsns Cxfenf ri
tot!ertiehns lawfully contracted bysnid city,
and the money derived from the issue of
such bonds, scrip or certificates. shall be
expended in paying the debt OF said city.
See. Q. Said bonds, scrip. or certificates
shall lie Regulated and sold by saii city Of
Providence, from time 10 time, under nnb
according to the directions of the City
Council! Of said city; and all premiums or
surplus over and above the par value OF
be received from The sale thereof, shall he
irrevocably pledged and appropriated for a
sinking fund for The payment and satisfac-
lion OF said bond, scrip, OF certificates at
the maturity thereof; and snd city 0f Pro-
videnro shall appropriate, annually, the
sum of ten thousand dollars 10 lie aided to
said iun.i, which said appropriations shall
lie irrevocahly pledged ns aforesaid.
Sec. 3. The City Coun ii Of said city of
ProvnIen shall, in convention, immedi-
ately after any portion Of said bonds, scrip,
or certificates shall have been negotiated
and sold as aforesaid, elect three trustees,
citizens Of and tax paye,s in said city, aud
whenever a vacancy shall occur in sad
board Of trustees hy death, resignation or
otherwise, shall elect some person ar per-
sons to fill such vacancy, being citizens nnd
tax payers rs aforesaid; and said trustees
and their successors shall have charge OF
said sinking fund, and said city shall pay
to them all premiums or surplus app oPr.
ated and pledged as aforesaid, aud all an
nual npprOpriatiofs as aforesaid; which
trustees and their successors shall NY and
with The adylce Of The Mayor and chair
man Of the Comtnitlee Of Finance OF the
City Council OF said city, Tor the time be-
ing, hold, manage and invest the same. ai'
The Increase thereof, in such manner a
shall best conduce TO the purpose of the
payment and satisfaction of said bonds,
scrip or certificates, at the maturity thereof,
and who shall always, when they have
money TO invest, purchase suid bonds,
scrip OF certificates, when in their opinion
the same. can he. judicionsly dope. and -5he
saId trustee. may a: ali times Institute sn''
prosecute, either in their own name or H.
The name or the city of Providence, all
suits in law or equity which, in the opinion
OF said trustees, may he necessary IN the
managing and conducting of said sinking
fund; and said trustees shall, before enter
ing upon their duties, give bonds to the
of the Mayor of said city, fo'
the faithful discharge Of the duties of their
trust, and all the property AMI rights of
property of every description, belonging to
said sinking fund shall vest in and belong
10 said trustees for The time being, who
shall have complete title thereto for all the
purposes Of sad trust.
True cOpy-attest: