The Bridgeport evening farmer., 1913-05-21
HOW SERIAL NOTES
 MAY BE EXPENDED
Text of Law Providing improve nent Bonds For Bridge
 port
S42O,OOO To Be Spent

Below will be found the text of the bill which has passed the Legislature providing for the issuance of serial notes for Improvement bonds for this city. The avaiis of the notes are to- be expended for permanent pavement, sewers and schools:
 An Act Authorizing the City of
 Bridgeport to Borrow Money on
 Serial Notes,
 Be 1t enacted by the Senate and House
 of Representatives in General As
 sembly convened:
 Section 1. The common council or the city of. Bridgeport is hereby att thorized, in legal meeting assembled, by vote of Q majority of all the mem bers of said body, subject to the ap- proval of the mayor of said city as provided in the charter of said city, to borrow on the credit of said city, an amount not exceeding twenty thousr and dollars for the purpose Of city sewers, and to issue notes therefor, in the name of the city. Such money shall be applied by vote of said com mon council to the purpose of con- strueting and laying sewers in such places in the city as may be designat- ed by said common council Said notes shall be so made and issued that the money so borrowed shall be paid by the city within ten years from the date of the issue of the first note, in equal payments.
 Sec. 2. The common council of said city is hereby authorozed by vote of a majority of all the members of said body in legal meeting assem- bled, sub ject to the approval of the mayor as provided in the charter of said city, to borrow, on the credit of said city, an amount not exceeding two hundred thousand dollars for pavement other n thaI7T7d YnQCAdana. and to issue notes therefor in the name of said city. Money so borrowed shall be applied, by vote of said common council, for the purpose of laying pavement. other than water bound macadan, upon such streets as may be designated by said common coun- ciI but not more than one-half of said sum shall be expended for other than permanent pavement and not more than one hundred thousand dol lars of said sum shall be expended in any year. The type of pavement so laid shall be specified in each case by the paving and sewer commission of said city, and said money shall be ex- pended under the supervision of said commission Said pavement notes shall be so made and issued that the money so borrowed shall be paid by the city within five years from the date of issue of the first note, in equal annual payments.
 Sec. 3. Said notes authorized in sections one and two hereof shall bear interest at such rate, not exceed ing four and one-ha1f per centum per annun, payable semi-annua1ly, as
 may be determined by vote of said common council, and shall be signed by the mayor. treasurer, and auditor of said city. The provisions of this act shall not authorize said city to issue more than one series of sewer notes, the total amount of which will not exceed twenty thousand dollars, nor to issue more than one series of pavement notes, the total amount of which shall not exceed two hundred thousand dollars.
 Sec. 4. The board of education of the city of Bridgeport Is hereby au- tborized, in legal meeting assembled, | by vote of majority of all the mem bers of said body, to borrow, on the credit of said city, an amount not ex- ceeding two hundred thousand dol l lars for school buildings, and to issue 1 notes therefor in the name of the city. Such money shall be used for the cree | tion of new school buildings, as said 1 board of education may determine. Said notes shall be so made and issued l that the money so borrowed shall be paid by the city within fifteen years l from the date of the issue of the frs. | note, in equal annual payments. Said | notes shall bear interest at such rate i not exceeding four and one-half per centum per annum, payable semi-an- l nual1y, as may be determined by said ] board of education, and shall be sign i ed by the president of the board of