The Republican journal. [volume] (Belfast, Me.) 1829-current, 1895-12-26
- lnssseizs n plaes

ssnc1. lea SaviaSi banks and institutaons
for savings are rssa5ose4 to and hereafter may
II e NJ , .. a nd So ss
SsSo nds uessd ses ana BIZ
iSt q oolnmb;s = he stooh e any bark OF
or banking assoclataon Incorporated under the
authority q The 0nited States. 4 located Within
the New England statesj "A tha public funds Of
the states Of New York. Pennsylvania, Mary
land, OHIO, indians. 1sntaoiX, , nichifsn. Wis
municipal purposes. which are direct obliga-
ton ON all the taxnble property, Of any city OF
ten thousand inhabitants or more, or OF any
more; except when issued In aid Of railroads,
In the above named states, and In the refunding
bonds Of counties and cities otherwise comply.
take up at maturity bonds which were legal
and stitutional whom issued, on which the
interest has been fully paid, and for at least
the bonds and OBLIGATIONS OF Of school district
boards, boards Of education, and other corpor-
ate bodies authorized to issue bonds within
such cities, payable primarily from take. levied
provided. that the population Of the. district 10
ten thousand or moro, and the population and
assessed valuation Of the district arc equal TO
at least ninety per cent Of the population and
assessed valuation Of the city: provided, that
NO Investment shall be made in the bonds of
any counties, cities or distxicts OF the states
above named except cities and districts having
population Of seventy I've Thousand or more,
where the net municipal indebtedness Of such
county, city or district exceeds i've per cent Of
therein for the assessment of taxes. Tho term
net municipal Indebtedness Of counties AZ used
in this section, shall be construed to include
county less the amount Of any sinking fund
available In the reduction Of such debt. The
term net municipal indebtedness Of cities and
strued to include In the case Of either not only
all bonds which are direct obligation OF the
cities, but also all bonds Of the districts or
boards within the same e above enums Grated.
supply and OF the amount Of any sinking fund
available in tho 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 and Northern
Pacific Railroads, and In the railroad bonds OF
railroad in New England; and In the stock and
mortgage bonds Of any other railroad leased
to such dividend paying railroad. upon terms
dividend upon the stock OF such leased road
and the interest on its bonds; u the stocks Of
any railroad company Of this state. unincum-
railroads excepting those already constructed
in this state, shall be purchased, unless an
amount Of capital stock equal to thirty three
ana ono-third per cent of the mortgage debt
upon the road, evidenced by certificate Of the
railroad commissioners, fled 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 VI villages or other municipal corpora
tons, water for domestic use and for the e1tin-
punishment OF fres, whenever such company 10
earning more thnn Its fixed charges, interest
on its debts, and its running expenses; in the
corporated under authority OF this state, which
earn and are paying regular dividends
of not less than five per cent q 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
and may loan on notes with pledge as col
lateral Of any Of the Aforesaid securities, in.
GLIDING 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 can't Of the market value of such stock;
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 10 safe and for the interest of
the bank to accept. The number OF inhabi-
tants Of ci1es and counties shall be determined
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
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 1t goes
into effect Approved March g.