The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1867-03-12
STATE OF MAINE
In THE YEAR OF OUR LORD ONE THOUSAND
EIGHT HUNDRED AND SIXTY SEVEN.
.....ar <H.U Is
An Act 10 enable the city of Portland to mid
fn rebuilding said city.
BE 1t enacted by the Senate and House of
Representatives. in Legislature assembled,
as fOllO,rS:

as follo,cs: s
SECTION 1.-For the purpose of aiding in rebuild
ing said city, much (which recently destroy
ed by fire, the city OF Portland is auth To sue
its bonds to not exceeding two million of
dollars payable in not exceeding twenty wears from
their date and bearing interest at the OF six
per centum per annum payable at the option of the
commissioners IN any place in the United States or
payable in England In sterling.
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 The Nav
or and Aldermen shall determine, conditioned for
the faithful discharge of his duty as commissioner
They shall receive such, compensation Tor 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 shall be established from time
to time by the Mayor and Aldermen said city, shall
loan the proceeds of said bonds in a safe and udcious
manner upon mortgages of real estate, for the pur-
pose OF building dwelling houses, stores and build
ings in said city of Portland.
Section 4. Upon all loans made by said commits
sioners under this act they hereby AUTHORIZE to
charge take or reserve rate ofintersst not exceed
ing seven and three-tenths per centum per annum.
Section 8. For the purpose of the payment of the
bonds issued under this act, a sinking fund shall be
established be under the direction oil said commits
sioners All payments OF loans, all receipts ofintef-
est above interest paid, after payment of
expenses AID all other moneys received, excepting
from the sale of said bonds, shall be placed to the
credit OF said sinking iund The commissioners shall
from time to time at their discretion invest tn e
moneys on hand, securely SO that they shall be pro-
ductive; and the same may be loaned ON mortgages
OF real estate, as provided in sec three of this act
invested in the bonds issued under th act or lny
other bonds Of the city of Portland, of the State
Maine 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. 49,
Section g. Vacancies in the board Of commission
ers shall be filled by the remaining surviving COM
missioners. Said commissioners, any of them
hall Oh l, Mo
preme judicial court, In their dsci elicn upon COM
plant OF the mayor and aldermen OF said city, which
court is hereby empowered TO adiudicate 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 filed above
provided; and as often as any new commissioner or
shall be appointed the management OF
the property then held shall rest by operation law
in such new commissioner or 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 and custody Of and be
responsible for all the seeurtesOf the sinking fund
He shall pay out and deliver any 4 said mon
eys or securities only upon the warrant of the COM
missi0ners. ....a -tt..t
Section 8. The said commissioners shall keep
true record OF all their proceedings and account
of all sums received from the sale Of bonds or from
any other sources, and the payments made of the
same. They shall annually, in the month Of Janu-
the year. And their Is and accounts, and the
accounts and securities of the sinking fund, shall ut
all times be open to inspection by the Enance COM
mittee of the city council.
Section 3. 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 the
acceptance Of the act. Tho return of such meet
ings to be made to the adcrment of said city, and
and to be by them declared and recorded.
Section 10. This act shall take effect and be
in force from and after its approval by the governor
to empower the legal voters of said CITY to
act upon the acceptance thereof above provided
the act shall be accepted aforesaid it shall be
in full force.
In the House Of Representatives, February OF, 1867.
This bill having had three several readiness passed
to be enacted LEWIS BARKER, Speaker.
In Senate, February q, 1867. -
This bill having had two several readings. passed
TO be enacted. N. ii. BURPEE, President.
.,, February 2s, 1867.
j. l.. CHAMBERLAIN, Governor.
OFFICE OF SECRETARY OF STATE,
March q 1867. J .
hereby certify that the foregoing is true copy of
the orisidal as deposited in this office.
JAS. II. COCHRAN,