The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1895-02-28
whole Of said section and inserting in place

Whole OF said section and inserting IN place
thereoI tne 1olowing
SECT. 100. Savings banks and institutions
for savings are restricted to and hereafter may
1nvest tne1r deposits in the public FUNDS OF any
3 t,l sne new england states, 1ncludhg ponds OF
the count1es, cities and towns OF the same; in
the puDnc funds of the United states and Dis
tr1ct OF Columbia; In the stock of any bank or
t phanKslng association incorporated unaer aq-
tnorlty or this state; in the stock OF any bank
or banking association Incorporated under the
authority of the United States, If located within
me me new t England states; in the pubic fnnds of
lana. ONO, Indiana, kentucky, Michigan, Wis
consin, Minnesota, Iowa, Illinois,. Missouri,
Kansas and Nebraska; in the BOMBS issued TOR
municipal purposes which are direct obliga-
ton on all the taxable property, OF any city of
ten thousand inhabitants OF more, or OF any
county OF twenty thousand inhabitants or
more; except when issued In ala OF railroads,
in the above named states, and in the reminding
bonds of counties and cities otherwise comply
Ing with the foregoing conditions, issued to
take up at maturity bonds which were legal
and con Institutional when issued, on which the
interest mas been fully paid, ana for at least
five years last past prior to such refunding; in
boards, boards Of edaaton and other cornor.
ate bodies authorized to issue bonds within
such cities payable primarily from taxes levied
on an the taxable property IN such district,
PROVIDED, that the population OF the district Is
ten thousand OF more, and the population and
assessed valuation of the district are equal to
at least ninety per cent of the population and
no investment shall be made In the bonds of
any counties, cities or districts OF the states
above named except cities and districts having
population OF seventy five thousand or more,
where the net municipal Indebtedness of such
county, city OF district exceeds five per cent of
the last preceding valuation OF the properly
therein for the assessment of taxes. The term
net municipal Indebtedness of counties as used
in this section, shall be construed to include
all bonds which are o direct obligation of the
county less the amount of any sinking fund
available IN the reduction of such debt. The
term net municipal indebtedness of cities and
districts as used in this section, shall be con-
all bonds which are direct obligation of the
cities, but also all bonds of the districts or
boards within the same as above enum erated,
exclusive OF any such debt created for water
supply and OF the amount of any sinking fund
available III the reduction OF such debt; in the
first mortgage bonds of any completed rail
roads OF the states above named, together with
New Jersey, and in the first mortgage bonds of
the Central Pacific, Union Pacific ind Northern
Pacific Railroads, and in the railroad bonds of
this stale; IN the stock of any dividend paying
railroad IN New England; and in the stock and
mortgage bonds of any other railroad leased
to such dividend paying railroad, upon terms
guaranteeing the payment of a regular stated
dividend upon the stock of such leased road
and the interest on its bonds; in the stocks of
any railroad company of this state, unincum-
bered by mortgage; but no bonds of street
railroads excepting those already constructed
in this state, shall be purchased, unless an
amount of capital stock equal to thirty. three
and one-third per cent of the mortgage debt
shall have been paid in, in cash, and expended
upon the road, evidenced by certificate of the
railroad commissioners, filed in the office of
the secretary of state, that said percentage has
been SO paid in and expended, in addition to
the amount of the bonded debt; in the mort
gage bonds of any water company in this
state and New Hampshire actually engaged in
supplying to any city or cities, town or towns,
village OF villages or other municipal corpora
tons, water for domestic use and for the extin-
punishment of fires, whenever such company is
earning more than its fixed charges, interest
on its debts, and it's running expenses; in the
stock and bonds of any other corporations in
corporated under authority of this state, which
earn and are paying regular dividends
of not less than five per cent year; and
may invest by loan on first mortgages OF real
estate in this state and New Hampshire, not
exceeding sixty per cent of its value; and may
loan to any county, city or town in this state /;
and may loan on notes with pledge as col
lateral Of any of the aforesaid securities, in
Guiding savings bank deposit books of any
savings bank in the state, and the stock OF any
of said railroad companies, not over seventy
i've per cent of the market value of such stock (;
and may loan to corporations having real
estate and doing business in this state; and
may also loan on pledge or mortgage of such
other personal property as, in the judgement
of the trustees 1t is safe and for the interest of
the bank to accept. The number of inhabi-
tants of cities and counties shall be determined
by the last previous official census thereof, as
established by the last United States or state
census, or city or county census taken in the
same manner as United States or state census
and duly certified to by the clerk or treasurer
of such city or the auditor or treasurer of such
county. All investments shall be charged and
entered on the books of the bank at their cost
to the bank, or at par when premium is paid
SECT. 2. This act shall not apply to invest
ments made by savings banks before it goes
into effect. Approved March 26]