The Portland daily press., 1867-03-09
STATE OF MAINE
In THE YEAR OF OUR LORD ONE THOUSAND
EIGHT HUNDRED AND SIXTY SEVEN.
An Aet 10 enable the city Of Portland 10 aid
In rebuilding said city.
BE it enacted by the Senate and House of
Representatives. in Legislature assembled,
as t0llo,cs: .4.

Representatives. in Legislature assembled,
as follops:: .t
SECTION 1.-For the purpose Of aiding In rebuild
ing said city, so much ofwhch was recently destroy
ed by fire. the city OF Portland is to sue
Its bonds to an amount not exceeding two million OF
dollars. payable in not exceeding twenty years from
their date and bearing an interest at the rate 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.
Section 2. 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 the Nav
the faithful discharge of his duty as commissioner
They shall receive such compensation Tor heir ser
dermen The bonds issued by virtue hereof shall
be negotiated by said commissioners, under the di-
recon 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 OF said city shall
loan the proceeds of said bonds safe and udcious
manner upon mortgages of real estate, for the pur
pose OF building dwelling houses, storts and build
iugs in said city Of Portland. XIV.
Section T. Upon all loans made by said commits
sioners under this act theyare hereby authorized to
ing seven and three-tenths per centum per annum
Section 5. For the purpose OF the payment of the
bonds issued under this act sinking fund shall be
established to be under the direction OF said commits
sioners. All payments OF loans all receipts of inter-
est above interest paid, after payment Of necessary
expenses, aud all other moneys received exceptjns
from the sale of said bonds shall be placed to the
credit OF said sinking und The commissioners shall
from time to time at their discretion. invest the
ductive; and the same may be loaned on mortgages
Of real estate provided in sect three of this act
or invested in the bonds issued under tn act any
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
tt ansfer any 0fsaid securities.
Section 6. Vacancies in the board of commission
ers shall be filled by the remaining surviving COM
| m 81 tl,n
shall not be removable from otce, except by the SUI
preme judicial court, in their discl etion UPON CON-
court is hereby empowered TO adjhdicate upon said
complaint according to the OF proceedings In
equity and to pass all proper DEGREES touching the
same vacancies thus created shall be filed as above
provided; and often as any new Commissioner OF
commissioners shall be appointed the management O.
the property then held shall 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 bt
responsible on his official bond to the city for the
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 ct said mon
eys or securities only upon the warrant of the com
Section 8. The said commissioners shall keep a
true record of all their proceedings and an account
of all sums received rom the sale Of bonds or from
| any other sources, and the payments made Of the
same. They shall annually, In the month of Janu-
3
the year. And their recor Is and accounts and the
accounts and securities of the sinking fund.- shall at
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 two thirds of the
votes cast at said meetings shall be necessary for the
| acceptance of the act The return Of such meet
ings to be made to the alderment Of said city, and
and to be by them declared and recorded.
Section 10. This act shall take effect and be
in force ON and after its approval by the governor
tar to empower the legal Of said city to
act upon the acceptance thereof as above provided
If the act shall be accepted aforesaid 1t shall be
in full force. ri.
In the House Of Representdtices February q, 1867.
This bill having had three several readings passed
] 10 be enacted LEWIS BARKER, Speaker.
| In Senate, February q, 1867. ...r..--
This bill having had two several readings, passed
| to be enacted. N. H. BURPEE, President.
| February 2s, 1867.
Approved,
j. L. CHAMBERLAIN, Governor.
| March 2, 1867 !
hereby certify that the foregoing is true copy
the origidal as deposited in this Office.
| JAS. II. GOCHRANE,
mch8dtd Deputy Secretary Of State