Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1917-04-25


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 publ
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
ize 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. ). 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
hcations of voters at annual city and
town meetings.
Sec. 6. All bonds issued under this
act shall be of a denomination not less
than one hundred dollars nor more than
one thousand dollars, and shall draw in
iterest at a rate not to exceed four per
cent per annum, payable semiannually;
said bonds shall be payable serially, the
4 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
lentire debt will be paid in not more than
twenty years from the date of issue. n
Sec. 7. No municipal corporation shall
incur an Indebtedness for public inn
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.
i Sec. s. The legislative branch of any
municipal corporation at any regular
injecting, or at a 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
ibonds are to be registered, they shall be
registered as provided by this act
Sec. 9. 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
: lsuch bonds are paid of tax sufficient to
! pay the interest on such bonds and such
part of the principal as shall become due
Iprior to the time the taxes are due in
| the next following year.
, Sec. 10 The bonds issued under this
| lact shall be sold to the highest bidder
latter being advertised once week for
three consecutive weeks on the same day
!of the week in a newspaper published
| lin said municipal corporation, or if no
newspaper is published IN said municipal
corporation, then publication shall be
made in some newspaper having general
! circulation IN said municipal corpora
. ton; one publication of said notice shall
lalso be made in some newspaper publish
: ed IN this state having general circula-
ton in the state and IN some financial
: lpaper published in Boston, Massachu-
, sets, or New York, New York. The ad-
Ivertisement shall state the amount and
$ denomination of the bonds, date of ma
turity, rate OF interest, and the time and
: place where the bonds are to be sold.
The legislative branch of any municipal
5 corporation may reject any and all bids
4 and in case all bids are so rejected they
may advertise and call for new bids in
' the manner hereinbefore provided.
t Sec. II Said bonds shall be signed
E by the mayor and treasurer. of an in
Y corporated city, by the selectmen or
r trustees, as the case may be, of town
r or village, by the trustees or prudential
!. committee as the case may be, of an in
e lcorporated school district or of a fire
2 district, and by the board of school di-
!. rectors of town school district
f and the coupons to said bonds shall
f be signed by the treasurer or by
n his photographic signature. If such
municipal corporation has cor
+ Iporate seal, such seal shall be
affixed TO said bonds, otherwise sale
bonds need not be sealed.
Sec. II. In determining the amount
lof municipal indebtedness permitted b,
the preceding sections, obligation:
Icreated for current expenses, for wate1
supply, or for electric lights, and tenn
: lporary loans created in anticipation o.
the collection of taxes and necessary
!, for meeting current expenses shall no
II be taken into account; provided that M
lsuch temporary loan shall be EXTENDED
beyond the fiscal year for which it i
; made and shall not exceed IN amour
l. ninety per cent of the amount OF take
: levied for such year; and provided fur
: ther that sinking funds and othe
4 moneys set aside for the sole purpos'
= of paying outstanding bonds or othe
evidences of Indebtedness permitted
>, under the provisions of the precedin,
: sections; nor shall the provisions of thi
: and the preceding sections apply whel
= the charter of a municipal corporation
: limits its indebtedness.
= Sec 49, The form of bond issues
y under this act shall be substantially a
q follows: