The Portland daily press., 1867-03-14
BE ii enacted by The Senate and House of
Representatives. in Legislature assembled,
as fOLiOlpS.

Be it enacted by The Senate and House o.
Representatives. in Legislature assembled
as t0tt0Ds:
SECTION 1.-For the purpose of aiding in rebuild
ing said city, much of (which was recently destroy
ed by fire, the city of Portland Is authorized 10 81,
Its bonds to an amount not exceeding two million Of
dollars, payable in not exceeding twenty wears IRON
their date and bearing an interest at the rate of x
per centum per annum payable at the option of the
commissioners in any place i'm the United States q,
payable in England in sterling.
Section 2. 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:
and Aldermen shall determine conditioned far
the faithful discharge of his duty as commissioner
They shall receive such compensation for heir ser
vices as shall be established by the Mayor and AL
derinen. The bonds issued by virtue hereof, shall
be negotiated by said commissioners, under the ,i-
rec0n OF the Mayor and delivered by the city Treas
urer upon the warrant of the Commissioners.
Section D. The said commissioners, under such
general regulations shall be established from time
to time by the Mayor and Aldermen OF said city, shall
loan the proceeds OF said bonds in safe and judicious
manner, upon mortgages OF real estate for the pur-
pose of building dwelling houses, stores and build
mgs in said city Of Portland.
Section 4. Upon all loans made by said commits
soners under this act, they hereby authorized to
charge, take or reserve rate ofnterSst not exceed
ing seven and three-tenths per centum per annum
Section D. Fer the purpose of the payment of the
bonds issued under this act, sinking fund shall be
estabshedt to be under the direction OF said commits
soners. All payments OF loans all receipts of inter
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-
ductive; and the same may be loaned mortgages
OF real estate as provided in sec three of this act
or invested in the bonds issued under til or any
other bonds of the city of Portland, of 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.
Nasann in hah narI nf.
ers shall be flled by the remaining surviving COM
missioners. Said commissioners, or any of them
snail not De removable nom ohee, except by the
prene judicial cor-t in their discretion. upon CON-
plant OF the mayor and aldermen OF said city, which
court is hereby empowered TO adjudcate upon said
complaint according to the course OF proceedings in
equity, to pass all proper DEGREES touching the
same. Vacancies thus created shall be filed as above
provided; and as often as any new commissioner
commissioners shall be appointed, the management OF
the property then held shall rest by operation of law
in such new commissioner or commissioners, Jointly
with the prior commissioners.
Section 7. 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 all the securities OF the sinking fund
He shall pay out and deliver any q said mon
eys or securities only upon the warrant of the COM
missioners.
Section 8. The said commissioners shall keen a
true record of all their proceedings and an 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-
airy, report 10 the city council their PROCEEDINGS
the year. And their recor Is and accounts and the
accounts and securities OF the sinking tnd shall at
all times be open to inspection by the finance
mittee of the city council.
Sections. This act shall not take effect unless
accepted by the legal voters OF said city, at ward
meetings duly called, and at least two-thirds OF the
votes cast at said meetings shall be necessary Tor the
acceptance of the act. The return of such meet
ings to be made 30 the alerment 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
as empower the legal voters of said city TO
act upon the acceptance thereof above provided.
If the shall be accepted aforesaid 1t shall be
in full force.
In the House Of Representatives. February q, 1867.
This bill having had three several readings, passed
to be enacted LEWIS BARKER, Speaker.
In Senate, February %, 1867.
This bill having had two several readings passed
to be enacted. N. II. BURPEE, President.
February %, 1867.
j. l.. CHAMBERLAIN, Governor.
OFFICE OF SECRETARY OF STATE,l
March 2, 1861. !
hereby certify that the foregoing Is true COPY of
the origidal as deposited in this office.
JAS. ii. eOCHRANE,
mchsdtd Deputy Secretary of State