Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1885-01-13
The City Dsh,

We print below bill to he nra.o,
WIG Legislature by Representative Heath
we understand that the committee will DIV.
"nearing to our citizens when all Interested
VIII nave opportunity to make suooe.,;on. %
changes in the bill.
Mr. Heath says the details of HE Hi
nave 10 De changed. and he invites suppestions
from those interested in framing some nlan 70
oe'u'e better management of the CITY debt
''ate Vi MAINE, IN the year of our Lord ono
'nousahd eight hundred and eiyhty-fiye An
" authorize the city of Augusta to fnnd
Ns existing indebtedness and to nrovide a
sinking fund therefor.
u De IL enacted by the Senate and House of
representatives in Legislature assembled 90
| follows: as
section L. 10 meet its bonds now outstand.
ins' d. the maturity thereof, the city of An.
susta Is authorized to issue bonds, not ex
eune e"oo'ooO IN amount, payable at a
not exceeding twenty years after the
uate thereof and bearing interest at a rate
not exceeding four and one half nar con, ra.
ahnum' payable semi-annually. Said bonds
shaii be issued under the seal of the citv and
snail De signed by the mayor and counter
signed by the city treasurer.
section 2. Before issuing said bonds. pro-
posals Tor said loan, or allotments thereof
snail De published in New York city and
Boston, and such other places as the mavor
and aldermen may direct. Said loan. in
whole or by allotments. shall be granted to
the highest bidders therefor. ANY pemium
received thereon shall be applied to the pay
ment OF bonds now outstanding or carried to
the SINKING fund hereinafter provided for after
deducting therefrom the expense of issuing
and negotiating said loan, and loss of interest
if any.
Section 3. On the first Monday in MAY, in
the year 1855 the Mayor, with the advice and
consent OF the Board of Aldermen, shall ap-
point three commissioners to be known az
commissioners Of Sinking Fund" who
snail mold office during good behavior and he
removable, at any time, by the mayor with
the advice and consent of the BOARD of alder
men, tor cause, to be specified in writing and
entered of record. Vacancies occurring in
the board shall be filled in the same manner
as original appointments. The remaining
members, or member, shall, in case of a va
cancy, exercise the powers of the board I'M
til the vacancy is filled The city
treasurer shall not DO eligible as such com
missioner and the ace ptance of the office of
treasurer by commissioner already appoint
nee OF commissioner. Before entering up
the duties OF such office each commissions
shall file with the City Treasurer bond for
the faithful performance of his duties under
tnls act with suretleS, in such sum as the
Mayo and aldermen may direct, the same to
be approved i'll writing BY the Mayor and al
dermen and entered at large in the records of
the Board of Aldermen.
Section 4, To extinguish at maturity thebonds
issued under this act, the city of Augusta
shall establish and maintain a sinking fund
On the first day of January. in the year one
thousand eight hundred and eighty-six
and annually thereafter on the first day of
January OF each year, said city shsll contrib
ute to said sinking fund, at least five thousand
dollars, to be raised by taxation. No such
sinking fund shall be used for any other pur-
pose than the payment and redemption of
such debt.
Section 5. The commissioners shall hold
said fund in trust for the purposes specified
in this act. They shall receive all sums con-
tributed to the sinking fAnd and shall invest
and re-invest the same and the income there
of, as it accrues, in the name of the board,
in the bonds authorized by this act, or in the
securities IN which bv law the funds of saw
ings banks NAV b.. vested Except personal
securetie,) bu, no p,rIIpn of the same shall
vded; and the commissioners may sell and
re-invest such securities when required in
their judgment. They shall keep a record Of
their proceedings, and shall annually, on the
first secular day of January, make written
report to the city council, of the amount and
condition of said fund, and Of the income
thereof for the preceding year. The record
of said fund, and the securities belonging
thereto shall at all times be open to the in
spectiop of the MAYOR and aldermen The
necessary expenses of the commissioners
shall be paid by the city; and they shall re-
ceive such compensation, not exceeding IN the
aggregate three hundred dollars annually. as
shall be fixed by the mayor and aldermen.
When the bonds of the city become part OF
the sinking fund, the commissioners shall
cause to be stamped or written on the face
thereof, notice that they are part OF such
sinking fund, and are not negotiable; and
all coupons thereof "a they become due ana
are paid shall be cancelled.
Section 6. The Supreme Judicial Court,
by mandamus, upon the suit of one or more
taxpayers of said CITY, or of any person hold
ing any bond issued under this act, may COM
pel the city, its assessors, collectors, treas
urer, commissioners, mayor and aldermen,
or other proper officers, to enforce the pro-
visions of this act, and may make such orders
and DEGREES in equity, as may be necessary to
: secure its faithful enforcement.
, Section I. This act shall take effect when
approved.