The Republican journal., 1897-10-21

JOHN H QUIMBY, for Trustees
JAMES tATTEE, City Treasurer.
| CLARENCE o. Poor,
Chairman of Finance Committee.
| The following order was passed:
| Ordered, That the City Treasurer be and
| hereby is authorized and directed to see
| that the citys railroad stock Is transferred
| from the trustees of said stock to the city to
| receipt for the certificate of stock, hold the
same and stamp said certificates as follows ::
! The property of the sinking fund of the
| city of Belfast, Maine, transferable only by
assignment signed by the Mayor and Treas
urer and authorized by vote of the City
| Council"
| The transfer of stock has been made and
| duly recorded. The following vote was
passed
| Voted that for the purpose of refundng
| the bonds Of the city To the amount of $685.
| 700 which become due on AugCst 10Th in the
year 1898 there be issued the bonds of the
| city dated the 18th day OF November in the
| year 1897 and payable on the 10Th day of
| August in the year 1913 to an amount not
exceeding the sum of S49S, GOO said bonds to
| bear interest at the rate of four per centum
| per annum, payable semi-annually on the
| 18th days Of February and August each
| year until and including the date when said
| bonds become due: that the said bonds
! shall be signed by the Treasurer and couu-
| tersigned by the Mayor and shall be III such
| form as the Mayor and Treasurer and FL
nance Committee shall approve, of which
| approval the signatures of the Mayor and
| Treasurer on the bonds shall be sufficient
| evidence.
Voted that a sinking fund for the pay
! ment and redemption of the said bonds be
! and the same IS hereby esta blis he'd in ac-
| cordance with the provisions of chapter pos
| Of the Acts of the Legis lature Of Maine for
4 the wear 1881 that all moneys raised by tax
/ alton Tor the payment of SAID bonds and all
| securities purchased with such money or
| otherwise placed in said sinking fund be
! held by the Treasurer for the time being of
| the city, and that all securities belonging to
! the said sinking-tuna be stamped when ac-
| quired "The property of the sinking fund of
the city of Belfast, Maine, transferable only
| by assignment signed by the Mayor and
Treasurer of the city and authorized by
! vote OF the city council
| Voted that the shares of the capital stock
| of the Belfast & Moosehead Lake Railroad
| Company belonging to the city, to witt
| thirteen hundred and ninety-siX shares of
| the preferred stock and thirty-six hundred
| and four shares of the common stock of the
said company he transferred to the said
| sinking fund, and stamped as required by
| the Vote creating the sipking-fund, but that
/ until the said shares be sold the same shall
stand in tine name of the city of Belfast and
| be represented as heretofore at the meetings
| of the said Railroad Company.
| Voted that the income of any securities
| at any time in the sinking-fund be applied
| as soon as may be after it is received to the
| payment of the next maturing interest on
| the said bonds and that sufficient sum be
| raised by taxation in each year to pay the
remainder of such interest and such remain
| der be paid out of the money raised and
| that when the said bonds shall become due
| and not be renewed a sufficient part of the
securities in the sinking-fund be sold and
| the proceeds applied to the payment of the
| sum due for the principal on such indebted
ness and any sum then due for interest not
| paid as herein before provided.
| Voted that the Finance Committee be au-
| thorized to give notice in such manner as
the Mayor shall approve, that the bolders of
| any OF the citys bonds which will mature
| August Is, 1885, may present the same at the
| office of the City Treasurer on any business
day after the 10Th day of November, 1897,
| and within a certain time to be fixed by
said Finance Committee, and upon the sur
render thereof receive in exchange there
| for refunding bonds issued in accordance
with the votes this day passed. upon such
terms as the Mayor and Finance Committee
| may determine, or if the Mayor and Finance
Committee deem it advisable, they may at
| any time advertise for proposals for the sale
| and exchange of the whole or any part of said
| bonds, or may sell and exchange the same at
private sale, but the said bonds shall only be
| issued in exchange for like amount of the
present out standing bonds or concurrently
| with the payment of such amount so that
the debt of this city shall at no time be in
| creased by the issue of new bonds.
Voted that the Mayor and Finance Com
mittee be authorized to adopt either of the
| foregoing plans or a combination of them,
for the purpose of said refunding, and that
they sell and exchange enough OF the bonds
this day authorized to realize sum sufficient
with any premium that may be realized
therefrom, to pay the sum due on the bonds
maturing August Is, 1898.
Chapter POS of the Acts of the Legislature
of 1897, referred to above, is as follows
An act authorizing towns and cities to
establish Sinking Funds.
Sect. l. Any town or city which has a
funded Indebtedness may create sinking
fund for the payment and redemption Of
such Indebtedness, may raise money by tax
alton for such purpose, and may purchase
its own bonds well as other securities
and place them in such sinking fund.
Sect. 2. Such sinking fund shall be used
for no other purposes than those provided
for in this act, and any town officer who
shall use or appropriate the moneys or Sc
curities which compose such sinking fund in
any other manner or for any other purpose,
than as provided by this act, shall be punish
| ed by fine not exceeding two thousand dol
lars OF by imprisonment for not more than
two years.
IApprOyed Mar g.