Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1917-04-25
bearing interest NJ

above described public improvements
If in favor of the bond issue make
cross (X) in this column.
If opposed to the bond issue make
cross (X) in this column.
Sec. 4. The clerk of the municipal
corporation shall cause notice Of such
election to be published in a newspaper
published in said municipal corporation
once week for three consecutive weeks
on the same day of the week, the last
publication to be not less than five days
nor more than ten days before said cleo
ton. If no newspaper Is published in
said municipal corporation, then publi-
cation shall be made in some newspaper
published in this state that has general
circulation in said municipal corpora
tons. Notice of said election shall also
be posted in five public places within
said municipal corporation for the two
weeks Immediately preceding said cleo
ton. If two-thirds of all the voters vot-
ing at said election shall vote to author
izc said public improvements and the
issuance of bonds to pay for the same,
the legislative branch shall be authorized
to make said public improvements and
to issue bonds as hereinafter provided.
| Sec. S. Elections in municipal cor
porations under this act shall be con-
Quoted in the same manner as the annual
city and town meetings are conducted,
and the qualifications of voters at such
elections shall be the same as the quail
fications of voters at annual city and
town meetings.
Sec 6. All bonds issued under this
act shall be of denomination not less
than one hundred dollars nor more than
one thousand dollars, and shall draw in
tcrest at rate not to exceed four per
cent per annunl, payable semannually;
said bonds shall be payable serially, the
first payment to be deferred not later
than from one to five years after the
issuance of the bonds and subsequent
payments to be continued annually in
substantially equal amounts so that the
entire debt will be paid in not more than
twenty years from the date of issue
Sec 7. No municipal corporation shall
incur an indebtedness for public i'm
provements which with the previously
contracted indebtedness, shall in the
aggregate exceed ten times the amount
of the last grand list of such municipal
corporation.
Sec. 8. The legislative branch of any
municipal corporation at any regular
meeting, or at special meeting called
for that purpose, shall by ordinance or
resolution determine the rate of interest
for said bonds, the denomination of said
bonds, the time and place of payment,
the form Of bond to be used, which
shall be substantially as hereinafter pro-
vided, and whether said bonds shall be
registered or have coupons attached. If
bonds are to be registered, they shall be
registered as provided by this act.
Sec g. The legislative branch of said
municipal corporation shall annually at
the time of assessing the general tax
levy, in addition to all other taxes, pro-
vide for the collection each year until
such bonds are paid of tax sufficient to
pay the interest on such bonds and such
part of the principal as shall become due
prior to the time the taxes are due in
the next following year.
Sec. 10. The bonds issued under this
| act shall be sold to the highest bidder
after being advertised once week fol
three consecutive weeks on the same day
of the week in a newspaper published
| in said municipal corporation, or if nc
/ newspaper is published in said municipal
corporation, then publication shall b.
. made in some newspaper having genera
, circulation in said municipal corpora
. ton; one publication of said notice shall
also be made in some newspaper publish
T ed in this state having general circula
ton in the state and in some financia
r paper published in Boston, Massachu
, sets, or New York, New York. The ad
E vertisement shall state the amount ant
S denomination of the bonds, date of ma
turity, rate of interest, and the time ant
: place where the bonds are to be sold
E The legislative branch of any municipa
S corporation may reject any and all bid
a and in case all bids are so rejected the,
:. may advertise and call for new bids il
v the manner hereinbefore provided.
I Sec. II. Said bonds shall be signe,
e by the mayor and treasurer of an in
v corporatcd city, by the selectmen o
r trustees, as the case may be, of tow
r or village, by the trustees or prudential
). committee as the case may be, of an in
e corporated school district or of fir
e district, and by the board of school di
t, rectors of a town school district
4 and the coupons to said bonds shall
# be signed by the treasurer or b
n his photographic signature. If sue
t porate seal, such seal shall b
bonds need not be sealed.
of municipal indebtedness permitted b
the preceding sections, obligation
created for current expenses, for waite
supply, or for electric lights, and ten
j porary loans created in anticipation {
the collection of taxes and necessar
=, for meeting current expenses shall ne
ID be taken into account; provided that I,
such temporary loan shall be cxtendc
beyond the fiscal year for which it
r. made and shall not exceed in amour
L. ninety per cent of the amount of taxi
G. levied for such year; and provided flu
a. ther that sinking funds and oth'
ID moneys set aside for the sole purpo!
- of paying outstanding bonds Or oth'
~ evidences of indebtedness permitte
:" under the provisions of the precedir
IL sections; nor shall the provisions of tn
~ and the preceding sections apply whs
~ the charter of a municipal corporate
- limits its indebtedness.
y, Sec 49, The form of bond issue
al under this act shall be substantially
90 follows
ch FORM OF BOND.
ne The Getty, town, village, fire distri'
On town school district or other school di
its trict, as the case may beg in the coun
r. of ........... and State of Vermo
is, promises to pay to the bearer hereof (
be the ............ day of :........ :.,,. t
ne sum of ............ dollars, with int
mt est at the rate of ..... per cent p