The Republican journal., 1882-04-27
Refunding Belfast's Debt.


chosen trustees and to take measures to refund our
city debt, returned last week. and on Saturday
evening reported to an adjourned meeting of the
city council. Arrangements have been made in
Boston for the printing of the blank bonds, which
are to be in the denomination of $780, $780, and 81 :
| 900 The vote whereby the order printed last week
was passed was reconsidered, and the order indie
fnitely postponed and the following new order was
| passed
That the Mayor and City Treasurer be authorized
and empowered to make a loan for and in behalf of
| Salt city Tor an amount not exceeding the amount
of the present bonded Indebtedness of said city, to
wit: Six hundred and ninety nine thousand, seven
hundred dollars, for the purpose Of retiring the
| bonds of said city outstanding. And for the
payment of this loan they shall issue the bonds of
said city in such denominations as they may deem
advisable, payable at any time after ten years from
the 10Th day Of August A. D. 1882, and within forty
years thereof at the option of said city, with semi
annual coupons attached, to pay the interest there
on, after said 18th day of August ID. 1882 at four
per cent per annum. And said bonds shall be made
payable in the city of Boston at the Treasurer's
office III said Belfast, and Shall be registered by the
city clerk of said Belfast, in Register OF Bonds is
sued and shall be countersgne,l bv said clerk and
signed by the Mayor and Treasurer in their official
capacities, and sealed with the corporate seal of
sad Belfast upon the face of said bonds but the
coupons attached shall require only the signature
Of the Treasurer And thai the Mayor and Treas
nrer be further authorized and empowered to con-
yey to Edward johnson, of Belfast, Josiah H.
| Drummond, of Portland, and Frederick ROBBIE, of
Gorham, all in the state of Maine all the stock both
| preferred and non-preferred in the Belfast and
Moosehead Lake Railroad Company, now owned by
said city of Belfast in trust, to secure the payment
of said bonds and the interest thereon; also to
cute the proper declaration of trust And that said
| Mayor and Treasurer be further authorized to sell
said bonds at not less than their par value, and with
| tine proceeds arising from such sale to purchase
said outstanding bonds at heir par value, or to
change any of said bonds for an equal amount Of
said outstanding bonds And that said Mayor be
authorized to procure the necessary blanks for said
bonds also Register of Bonds issued, for the use
of the city clerk.
The committee recommend that the conveyance Of
said stock be in the form following, to wit:
Belfast and Moosehead Lake Railroad Company,
ono. Of shares 1860 For value received, the city
Of Belfast hereby transfers to Edward johnson, of
Belfast, i'll the county of Waldo, Josiah ii. Drum
mond of Portland, and Frederick Robbie of Gorham,
IN the county Of Cumberland, or the survivor or
survivors of them, and their successors in trust,
be held as security for the payment of certain bonds
to be issued Tx said CITY in accordance with vote
of the city council passed the 22d day of April, A.
ID. lSe2, thirteen hundred and ninety six shares of
tbs capital stock (prefeTed) Of the Belfast and
Mooschead Lake Railroad Company, subject t. the
provisions Of the charter and the bylaws of the
poration.
Dated Belfast this 22d day of April A. d. 1892.
And for the conveyance of the non preferred
stock that the form he the same the foregoing
making the proper changes for the number Of shares
and description of the stock. The committee also
recommend that the declaration of trust be in form
a. follows:
DECLARATI0N or TRUST Memorandum Of an
agreement made and entered into this 22d day of
April \. D. l~S2, by and between Edward Johnson,
of Belfast, in the county of Waldo, Josiah H. Drum
mond of Portland, and Frederick Robe, of Cor
ham, in the county Of Cumberland trustees of the
first part and the city of Belfast, acting by its
Mayor and Treasurer, thereunto duly authorized
by the city council on the I'D day of April A. ID.
lsS2 of the second part. Witncseeth, that whereas
salt party of the second part, in accordance with
All uct By the Legislature approved the ninth ,lav Of
a - M n IA nrf}p thp
city council passed the 22d day of April, A. D. 1882,
proposes to issue its bonds to an amount not ex-
ceeding in the whole, six hundred and ninety nine
thousand, seven hundred dollars, payable at the
rrasurer- office in the city Of Belfast or in the city
of Boston, after ten years from the fifteenth day of
August y. ID. lSS2, and within forty years thereof
al the option of said city of Belfast with interest
after said fifteenth day of August A. ID. 1882, at the
rate Of four Per cent. per annum, payable semi an
nually on the fifteenth day of February and Au-
gust in each year, at the Treasurer's Office in the
city of Belfast or in the city of Boston according to
the coupons annexed to each bond each of which
bond i TO be signed by the Mayor and Treasurer
and conntcr~ncl by the clerk of said city of Bel.
fast, IN its behalf, and countersigncd on the back
thereof bv the trustees herein before named
And whereas, for the purpose of securing the
bonds aforesaid and the coupons thereuntO annex
ed Sail party of the second part has transferred
and conveyed i'll trust, to said party of the first
part thirteen hundred and ninety six shares of the
preferred stock in the Belfast and Mooschead Lake
Railroad Company, TO wit as per certificate num-
bcred iiftecn and thirty-siX hundred and four
shares 0f the non-prcferred stock III said Railroad
(ttIlh morn ,rtifi 81
IL hild I'm trrst il, aiI marty, of thn Grst nart tbn
su,,i, -. nv snr,i,. NJ t.;, ma t,a;r s,inea ee
i'm sa triis os nit tnnants az nrov;(iod
=. i'e'
NoW u + agreed between said parties as follows: :
IL. said party Of the first part hereby accepts
said trust, and agrees hold said stock for the ben
eft Of the holders of said bonds and execute the
trust faithfully. according to the stipulations of
this instrument and the provisions of law
2l. Ii said party Of the second part shall fail to
pay any Of said coupons or bonds as they become
due. upon aspiration of any party holding a dis
honorGd coupon or bond said party of the first
part after DAYS notice to said party OF the sec
onh part that such coupons or bonds are overdue
and unpaid, shall proceed to sell enough Of said
stock 1T public aurIion to paw such COUPONS or
bonds and the purchaser of such stock shall hold the
same absolutely and DISCHARGED of said trust
The party of the first part shall give notice of the
time and place Of such sale by publishing the same
paper published in the city of Belfast The decision
VI $40 parry OF e lIst part that such coupon or
were rivcn A. herein proyi'ied sha I've connInSive
upon sald party Of the second part provided that
% TIL, ,,1 'ttci Ivy u'u sne, tile putty oi tne
by themselves. and file Il certified copy thereof
WIN te ctfk OF the city OF Belfast, which record
laii ne ~ l'ehtt OF ttG larts therein stated as
"S'tIhst VIE pirtS OF the seconil part ana parties
'l.llllH y. uitI thcm.
"'; heheNer vacancy occurs Ill the trustees,
~ sIall DE lhG duty OF the survivors to apply to
Tue supreme Judicial Court at its term then next
The yorairr If bnr lbu All t1 I NJ sb " , ~,
lit party OF the second part holder OF bond