The Portland daily press., 1867-03-08

SECTION 1.-For the purpose of aidino in rahri,a-
ing said city, so much of winch was receSt IA, taet
ed by fire. the city OF Portland is authorized 10 ise
its bonds to an amount not exceeding two million Of
dollars payable in not exceeding twenty wears from
their date and bearing 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 q 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, i'm such sum as the Nav
or and Aldermen shall determine, conditioned for
the faithful discharge of his duty commissioner.
They shall receive such compensation lor heir
vices as shall be established by the Mayor and AL
dermen. Inc bonds issued by virtue hereof, shall
be negotiated by said commissioners under the di-
recton oil 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 said bonds in safe and udcious
manner, upon mortgages of real estate, for the pur-
pose OF building dwelling houses, stores and build
1ngs in said city Of Portland.
Section a; Upon all loans made by said commits
soners under this act they hereby authorized 10
charge take or reserve rate ofintersst exceed
ang 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 he
established to be under the direction OF said commits
s,ohers All payments OF loans, all receipts of inter
est above interest paid after payment Of necessary
expenses, and all other moneys received exceptne
rom the sale OF said bonds, shall be placed to the
creht oil SAID sinking fund. The Commissioners shal
from time to time at their discretion invest the
none on hand, securely, that they shall be pro-
oSa anu ,ie same may be loaned mortgages
OF real estate as provided in secti three of ths act
or invested in the bonds issued under In ac, or nv
other bonds Of the city Of Portland of the state Of
Maine, or oil the United States, which securities shall
be held for the increase OF the sinking fund And
| the commissioners may from tims to time sell or
| transfer any ofsad securities.
Section 6. Vacancies in the board of commission
ers shall be filled by the remaining surviving com
missioners. Said commissioners, any of them
shall not be removable from Office eXcept by the su
| preme judicial cOurt. in their uisef
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 filed as above
provided; and as often as any new commissioner oil
commissioners shall be appointed, the management
the property then held shall rest by operation law
| in such new commissioner 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 ON his official bond to the els for tina
sale keeping of the funds thus entrusted TO him.
He shall also have the care and custody Of and he
responsible for al the seeuritieso the sinking fund.
| He shall pay out and deliver any Il said MON
eys or securities only upon the warrant of the COM
missoners. tr.
| Section s. The said commissioners shall keen n
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-
airy, report 10 the city council their proceedings for
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 Q. This act shall not take effect unless
accepted by the legal voters OF said city, at ward
meetings duly called, and at least wo-thirds the
votes east at said meetings shall be necessary the
acceptance Of the act. The return OF such meet
ings to be made to the alderment 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
SO lar as to empower the legal voters of said city
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.
This bill having had two several readings, passed
to be enacted. N. III. BURPEE, President.
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 Origidal as denosited in this ofiicc-