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

dated ..--.....-...
Treasurer.
REFUNDING BONDS.
Sec. Il. A municipal corporation that
has outstanding and unpaid orders, notes,
bonds, or coupons, lawfully issued, may
issue other negotiable notes or bonds to
pay or retire the same.
Sec. Is. Such municipal corporation
by its legislative branch, by resolution
or ordinance, shall determine the neces-
sity for issuing refunding bonds, the
amount of legal outstanding indebted
ness to be refunded, what amount of
new notes or bonds shall be issued, at
what time and place they shall be pay
able, the rate of interest thereon and
when payable, the form of bond, which
shall be substantially in the form pro-
vided in this act, and whether the bonds
shall be registered or have interest
coupons attached. Such new notes or
bonds shall not exceed in amount such
outstanding obligations, nor shall they
be used or sold except to provide means
for paying or retiring said outstanding
indebtedness
Sec 10. Such bonds shall be signed,
sold, made payable, and mature in the
same manner as an original issue of
bonds of a municipal corporation are
signed, sold, made payable, and mature,
as provided in this act.
Sec. II. The treasurer of the mt
nicipal corporation shall keep record of
every note or bond issued under this
act, stating therein the number and de-
nomination of each note or bond, when
issued, and the rate of interest thereon,
and shall also keep a record of payments
nF az
are taken up, shall record the fact and
deface the same
Sec. Is When old notes or bonds are
taken up, as provided in this act, the
treasurer of the municipal corporation
shall keep a record of the same, and such
Iold notes and bonds shall be cancelled
Sec. 70 All ordinances or resolutions
required by this act to be enacted by
the legislative branch of a municipal cor
poration shall be duly recorded in the
Office of the clerk of said municipal cor
Iporation.
REGISTERED OBLIGATIONS.
Sec. 20. A municipal corporation, as
herein defined, may issue registered
bonds, and if an original issue of bonds
by such municipal corporation is regis
tered, they shall be registered as herein
after provided.
Sec. Fl. A municipal corporation may,
at the written request, duly acknowl-
edged, of the owner or holder of one or
more bonds, promissory notes or certifi-
/ Gates of Indebtedness issued by it and
payable to bearer or to person or cor
poration named, or bearer, chance such
bonds, notes or certificates into regis
/ tered obligations, payable only to the
/ person or corporation whose name is
properly endorsed thereon, as hereinafter
provided.
| Sec n. If it shall be determined by a
municipal corporation to issue registered
bonds, then and in that event the 1egis-
latIye branch of the municipal corpora
/ ton shall direct the treasurer of such
municipal corporation, as the case NAV
/ be, to endorse upon the back of each of
4 such bonds over his official signature a
certificate OF registration in substantially
the form hereinafter provided, inserting
IN the appropriate places the date of such
registration, the name and address of the
registered holder, and his own sigma
ture as transfer agent, and thereafter
Isuch bond shall be transferable ONLY upon
the books of such municipality upon
presentation to the treasurer thereof
with written assignment duly acknowl-
edged or proved
Sec. p. In case a municipal corpora
!tlon shall have issued coupon bonds and
the owner or holder thereof has re-
lquested that said bonds be changed to
Registered bonds, as herein provided.
then upon written request for such
change, duly acknowledged, the treasurer
of such a municipal corporation shall.
1T directed by the city council of the
lefty, selectnen of the town, school direc-
ltors OF the town school district, or other
OK - a.
corporation of which he is such treasurer
as the case may be, cut off and DESTROY
the coupons on the bonds presented for
registration and endorse upon the back
iof each of such bonds over his official
signature a certificate of registration In
substantially the following form, insert
ing IN the appropriate places the date
OF such registration, the name and adj
Idress OF the registered holder, and his
own signature as transfer agent, and
thereafter such bond shall be transfer
able onlv upon the books of such rnu-
nIcIpallty upon presentation to the treas
: urer thereof with a written assignment
: duly acknowledged or proved.
Sec. "a In all cases where bonds are
, registered the following shall be ths
: form of
CERTIFICATE OF REGISTRATION
It is hereby certified that upon thu
written request of the holder OF ths
within bond, the coupons attached there
. 10, being .....-.. IN number, d
.--.-.--. each, have been this da,
! cut off and destroyed and that the within
) bond is hereby converted into a regis
: tered bond with the interest thereon pay
: able ...... annually, and that suci
: interest. as we'll as the principal, is pay
! able to the registered holder thereof, hi.
/ legal representatives, successors OF
! assigns ar the time and place expressed
on the face OF said bond.
: The within bond when registered i
transferable only upon the books of tn
treasurer of - upon presenta
ton 10 said treasurer with a Writter