The Portland daily press., 1867-03-13
FIRE INSURANCE
any desired in responsible eading Offices
JOHN f. DOW & son, Agents.
STATE OF MAINE
In THE YEAR OF OUR LORD ONE THOUSAND
EIGHT HUNDRED AND SIXTY SEVEN.
An Act 20 enable the city Of Portland 10 mid
in rebuilding snid city.
BE IL enacted by the Senate and House of
Representatives. IN Legislature assembled,
| as fOllOtcS. asst rt'

De ~ enacted Oy Ute oeHute anu IfCNSe on
Representatives. in Legislature assembled,
as .foitO,os: assn
SECTION 1.-For the purpose OF aiding in rebuild
ing said city so much ofwblch was recently destroy
ed by lire, the city OF Portland is authorized TO
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
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 >. 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 the Nav
OF and Aldermen shall determine, conditioned for
the faithful discharge of his duty as commissioner
They shall receive such compensation for heir ser
vices shall be established by the Mayor and Al
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. ~
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 judicous
manner upon mortgages of real estate for the pur-
pose of building dwelling houses, stort and build
ings in said city of Portland.
Section 4. Upon all loans made by said commits
s0ners under this act they are hereby authorized to
CHARGE take or reserve rate OF INTEREST not exceed
ing seven and three-tenths per eentum per annum.
Section 5. For the purpose of the payment of the
bp ,is issued under this act, sinking fund shall be
eslb Gshed to be under the direction oi said commits
sioners All payments OF loans, all receipts OF inter
est above interest paid after payment OF necessary
expeses I'd all other moneys received, excepting
from III sale OF said bonds shall be placed TO the
credit of said 81 liking Iund. The commissioners shall
rom time to time at their discretion. invest TIA
moneys hand securely, so that they shall be pro-
ductive and the sam may be loaned on mortgages
of real estate as proy Ted in secti three OF this act
or invested in the bonds Issued under th act or any
other bonds of the city of Portland, or OF the State OF
Maine, of the United states winch securities shan
be held for the increase OF tee sinking fund. And
| The commissioners may from time to time sell or
| transfer any ofsad securities. -
Section 6. Vacancies in the board OF commission
shall be filled DV the SURVIVING
| missoners. Said commissioners, or any of them,
shall not be removable from office except by the SUI
prelne judicial court, in their discreet upon COM
plant OF the mayor and aldermen OF said city, which
court is hereby empowered TO adjudicate npon said
complaint according to the course OF proceedings in
equity and to pass all proper DEGREES touching the
same Vacancies thus created shall be Tiled as above
proNided and as often as any new commissioner or
commissioners shall 10 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 I. The city treasurer shall have the care
| and custody of all moneys received from the sale
of bonds, or rom any other sources, and shall be
responsible his official bond to the city for tina
i safe keeping of the funds thus entrusted to him.
He shall also have the and custody OF, and he
responsible for al the securities OF the sinking fund.
| He shall pay out and deliver any q said mon
eys or secWfiesonly upon the warrant Of tho com
| missiOners.
| Section s.. The said commissioners shall keep
true record OF all their proceedings, and an account
OF all sums receiYed 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-
ary report the city council their proceedings for
the year. And their reeor Is aud accounts, and the
accounts and securities OF the sinking ind, shall at
all times be open to inspection by the Enance 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
uee .ngs duly Called and at least wo-thds OF the
votes cast at said meetings shall DO necessary tor the
acceptance of the act. The retnrn OF such meet
ngs to be made q, the alierment of said city, aud
| 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 as above provided
the act shall be accepted aforesaid IL 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 q, 1867
This bill having had two several readings, passed
to be enacted -t N. II. BURPEE, President.
90. DE- ..Ai February 2s, 1867.
j. L. CHAMBERLAIN, Governor.
OFFICE OF SECRETARY OF STATE,
% March 2, 1867. !
hereby certify that the foregoing is true copy OF
the origidai as deposited in this office.
JAS. II. cOCHRANE,
mchsdtd Deputy Secretary of state.