The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1867-03-15
BE 1t enacted By the Senate and House of
Representatives in Legislature assembled
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BE 1t enacted By the Senate and House of
Representatives. In Legislature assembled.
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SECTION 1.-FOr the purpose of aiding in rebuild
ing said city, much of which recently DESTROY
ed by fire, the city cortland is authorized to
its bonds to an amount not exceeding two million of
dollars payable in not exceeding twenty wears arom
their date and bearing an interest at the of
per centum per annum payable at the option of the
commissioners in any place in the United States or
payable in England in sterling.
Section 3 A board OF four commissioners, citizens
OF said city, shall be appointed by the Mayor and AL
dermen Of said city. Each of said commissioners
shall give bond to the city, in such sum as the Nav
or and Aldermen Shall determine, conditioned for
the faithful discharge of his duty commissioner
They shall receive such compensation for heir SER
vices as shall be established by the Mayor and Al
dermen. The bonds issued by virtue hereof shall
be negotiated by said commissioners, under the di-
recton OF the Mayor, and delivered by the city treas
urer upon the warrant of the commissioners.
Section 3. The said commissioners under such
general regulations as Shall be established from time
to time by the Mayor and Aldermen of said city, shall
loan the proceeds of saf bonds safe and iudicous
manner upon mortgages of real estate for the pur-
pose of building dwelling houses, store and build
ings in said city of Portland. 81 -
Section l. Upon all LOANS made by said commits
sioners under this act they hereby AUTHORIZE, 10
charge, take or reserve rate ofinterss not exceed
ing seven and three-tenths per centum per annum
section D.. For the purpose of the payment Of the
bonds issued under this act, sinking fund shall be
established to be under the direction said commits
siOners. All payments OF loans all receipts ofintef
est above interest paid, after payment of necessary
expenses, aud all other moneys received, excepting
from the sale of said bonds, shall be placed to the
credit OF said sinking fund. The commissioners shall
from time to time at their discretion. invest tn
moneys on hand, securely that they Shall be pro-
ductiye; and the same may be loaned on mortgages
freal estate as provided in sect three this act
or invested in the bonds issued under tn or any
other bonds OF the city of Portland the State OF
Maine, or Of the United States, which securities shall
be held for the increase OF the sinking fund. And
the commissioners may from time to time sell or
transfer any of said securities.
in fha hnar 1ala N.,.so..
ers shall be filled by the remaining surviving COM
mssloners. Said commissioners, or any OF them
shall not be removable from oice except by the SUI
preme Judicial court in their disci elton. upon CONF
plant OF the mayor and aldermen OF said city, which
court is hereby empowered to adjudicate upon said
complaint according to the course OF proceedings in
equity, and to pass all proper DEGREES touching the
same. Vacancies thus created shall be filled as above
provided; and as often as any new commissioner or
commissioners shall be appointed the management OF
the property then held shall rest by operation law
in such new commissioner commissioners, Jointly
with the PRIOR commissioners. =.
Section Z. The city treasurer shall have the care
and custody of all moneys received from the sale
OF bonds, or from any other sources, and shall be
responsible his official bond to the city for tho
safe keeping of the funds thus entrusted to him.
He shall also have the care and custody Of and be
responsible for a the securities of the sinking fund
He shall pay out and deliver any It said mon
eys or securities only upon the warrant Of the COM
missOners.
Section s. The said commissioners shall keep a
true record of all their proceedings and an account
any other sources, and the payments made of the
same. They shall annually, in the month of Janu-
airy, report TO the city council their proceedings for
the year. And their Is and accounts, and the
accounts and securities of the sinking fund, shall
all times be open to inspection by the finance COM
mittee of the city council.
Section 9. This act shall not take effect unless
accepted by the legal voters OF said city, at ward
meetings duly called and at least thirds OF the
votes cast at said meetings shall be necessary Tor the
acceptance of the act. The return of such meet
mgs to be made to the aldcrment of said city, and
and to be by them declared and recorded.
Section TO- This act shall take effect and be
in force ON and after its approval by the governor
to empower the legal voters of said city to
act upon the acceptance thereof above provided.
If the act shall be accepted aforesaid it shall be
in full force.
In the House Of Representatives, February 81 1867.
This bill having had three several readings passed
to be enacted. LEWIS BARKER, Speaker.
In Senate, February q, 1867. r
This bill having had two several readings passed
to be enacted. N. II. BUKPEE, President