The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1913-03-05

tlon shall state the amount of such ,
mortgage or encumbrance and the !
name and address of the MORTGAGE or /
encumDrancer, and, if it has been as
signed, the name of the assignee of ,
the mortgage or encumbrancer, with
ms address. In case of an encum- 4
brance such application shall not be !
finally disposed of until two weeks !
after the mortgage, encumbrancer or !
assignee has been notified of the an !
plication by registered letter sent to !
him by the clerk Of the municipality to
his last known address. But in no
case shall such application be grant
ed II the total encumbrance on said
land, including the loan proposed in
such application, would exceed seven
ty-five pe--Gent of the appraised value
of said land for taxation.
Sec A. If such application is grant
ed debentures may BE- issued for such
sum within the amount authorized by
this act, as the city council. selectmen.
trustees or bailiffs may deem proper.
but not exceeding the sum apDlied
for nor exceeding seventy-five per cent
OF the estimated cost of such drainage.
nor exceeding the sum of one thou
sand dollars to one person.
See. .. The city council of a city
selectmen of town. or trustees or
bailiffs of an incorporated village
shall lend the money so borrowed on
ly for the purpose of tile or cement
pipe drainage and for the term of
twenty years, in sums of one or more
hundreds of dollars to persons entitled
to borrow
Sec. g. Applications for drainage
loans shall be considered in the order
in which they are made and loans
thereon shall be made in the same
order to persons whose applications
have been approved
Sec. Z. A municipality issuing de-
bentures under this act shall employ
drainage inspector who shall have
charge of the laying Of such drains
uhder regulations to be prescribed bv
the commissioner Of agriculture. and
the cost OF whose services and ex
penses shall be apportioned rateablv
against the works carried on under his
inspection and shall be paid ont of
the money borrowed. On completion
OF the work said inspector shall re-
port TO the municipality the number
OF rods of drain laid upon each lot or
parcel OF land, the cost per rod and
such other particulars as may be re.
quired by the council, selectmen. trus-
tees or bailiffs. No money shall be
advanced to the borrower for drainage
purposes until the report of said in
spector OF the due completion of the
work has been so made.
Sec. s. The city council of a city
selectmen of town or trustees or
/ bailifs of an Incorporated village
shall assess, levy and collect for the
term or twenty years except as herein
after provided, over and above all
other rates upon the land in respect
OF which the money is lent, a snecial
| annual rate OF seven dollars and thir-
| ty-six cents for each one hundred
! dollars lent; and this rate shall be
collected in the same manner as other
/ taxes. But the owner of such land
may have said Indebtedness discharged
I by paying to the treasurer Of the mu-
nlcipality the amount due upon the
loan with the interest therein specified
and thereupon the municipality NAV
use such payments for municipal pur-
poses until said debentures are re-
deemed or paid under the provisions
Of this act, by paying the interest on
such debentures until so redeemed or
| paid
| Sec. 8. The treasurer of the mu-
nicipality shall keep an accurate ac-
/ count of all debentures issued under
/ the provisions of this act; of all loans
made Hereunder to land owners: and
/ OF all rates and payments upon loans
| and debentures He shall annually
on or before the first day of October
/ pay the said installments of seven
| dollars and thirty-six cents upon each
one hundred dollars of said debentures
/ al the place therein named for such
I payment, and shall redeem said de-
bentures and interest thereon at anv
I time on or after ten wears from their
/ date. whenever the land owner has
discharged his loan as provided in sec
ton of this act.
Sec. 10. The provisions Of this act
shall not be operative in any city.
town or incorporated village until the
same are accepted by a majority Of
| the legal voters of such municipality
/ present and voting at an annual meet
/ ing or at a special meeting duly warn
ed and held for that purpose.
Sec. H. The form of debenture re-
! ferred to IN section ! Of this act and
I therein called Form /. shall be sub
/ stantially as follows:
TILE DRAINAGE DEBENTURE.
$4,000 No
Inc .....-........ OF ...........
IN the county Of ........... and state
of Vermont, hereby promises to pay
/ 10 the order Of - at the
First National Bank of Boston. Massa
| chusetts the sum of One Hundred Dol
! lars, lawful money Of the United
/ States, and interest thereon az four
/ per cent per annum. in twenty equal
/ annual installments Of Seven Dollars
/ and Thirty-Six Cents each the first
l Of said installments TO be paid on the
/ .......... day or .-...... IL.
This dehenture is issued pursuant
! to the provisions of Act No.. Of the
General Assembly Of the State Of Yer
mont entitled, IAN Act TO Authorize
/ Municipalities to Issue Debentures for
| Tile Drainage Purposes" approved
.......... 1913: and also pursuant
/ 10 a vote of said ........ accept
ing the provisions Of said Act. at a
meeting duly warned and held for
I that purpose on ............, b..
/ and also pursuant 10 a resolution PASS
| ed by tliS-............ Of said munich
palitv on .......... ID. This
/ dchenture is exempt from taxation
and II is hereby certified that in the
/ issuance thereof all requirements OF
tou hava been ror,vffrd NTH r-kf-