Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-11

aio II any, otherwise in one pub
ciaISsS in the county, II any, and IL
ns then in the state paper. II such
nv...inv deposit book Is not present.
o. to said treasurer within sixty
60 "a. ~ after the last advertisement,
day n he shall issue a duplicate book
tne"a anosit to the person thus re-
o.sting the same. and such delivery
duplicate relieves said bank
o. DIV all liability on account OF the
original book Of deposit SO adver-
n; Sec. a. Savings banks and insti-
...s;nns for savings may hereafter in
..t their funds as follows. and not
' GOVERNMENT OBLIGATIONS
In the bonds and other interest
..sr,ng obligations OF the United
States, including those for the pay
o".nt Of the principal and interest OF
mich the faith and credit of the
vW,nnitsa states government is pledged.
CTMIn bonds constituting a direct
~ urinary obligation of the Do
s nu OF Canada. the principal and
interest OF which are payable in
United States funds.
IT OBLIGATIONS OF STATES
n the bonds or other interest
,.ar;ng obligations OF any state in
!ss United States that has not. for
a.ariod of more than ninety days. de-
{suited in the payment of the princi-
naI or interest OF any obligation
p.;thin a period of ten years imme-
lately preceding the investment.
Tn. OBLIGATIONS OF COUNTIES
I'm the bonds or other interest
..arjnc obligations of any county in
'h-In the bonds or other interest
hoarnr obligations OF any county in
INV other state in the United States
which at the date of the investment
ne more than fifty thousand inhabi-
,ants and whose net debt does not
.@reed three per cent of the last pre-
csding valuation of the taxable prop
erty therein; provided. however. that
raither such county nor the state in
which it is situated shall have de-
faulted for more than ninety days
in payment of principal or interest
NJ anv obligation within a period of
ten Years Immediately preceding the
investment. that all issues for high
way purposes shall be payable serial
Nv 70 mature in not more than TWEEN
~ years and that the principal and
interest are payable from direct tax
70 be levied on all the taxable prop
erty within such county; provided.
however. that only such portion of
,nch highway issue shall he legal as
will he due and payable in not less
than fifteen wears from date of issue.
c-The term met debt" shall be
construed to include all bonds which
are direct obligation of the county.
less the amount of any sinking fund
available in the reduction of such
debt.
". MUNICIPAL OBLIGATIONS
AIN the bonds or other interest
hearing obligations of any municipal
or quasi municipal corporation of
this state. provided such securities
are direct obligation on all the tax
able property thereof.
L--In the bonds or other interest
bearing obligations of any city or
town in any other state in the United
States, incorporated at least twenty
five years prior to the date of in
yestment. and having, according to
each of the last two censuses OF the
Federal Government. population of
not less than ten thousand; provided
that neither such municipality nor
the state in which it is situated shall.
for more than ninety days. have de-
fauted in the payment of principal
or interest of any obligation within
period of ten years Immediately
preceding the investment. that the
net debt of any such municipality
whose population is less than five
hundred thousand shall not exceed
five per cent of the assessed valua-
ton of the taxable property therein.
and that the net debt of any such
municipality whose population is in
excess of five hundred thousand shall
not exceed eight per cent of the as
sessed valuation of the taxable prop
erty therein. The obligations of any
municipality which comply with the
provisions of this section except for
the fact that such municipality has
been incorporated within twenty-five
years of the date of the investment
shall be held to be legal for the pur-
poses of this section if the territory
comprising such municipality shall
for more than twenty years have had
a population of not less than ten
thousand, and have been during said
time a part of one or more towns or
cities having a population of not less
than ten thousand. or have contained
within its limits n municipality hav-
ing population of not less than ten
thousand.
c--In the bonds or other interest
bearing obligations of any quasi
municipal corporation. other than an
irrigation or drainage district. with
in the territorial limits of any city or
town whose obligations are eligible
under the provisions of subsection b,
of this section, or comprising within
its limits one or more such munich
palities: provided. however that the
population and valuation of any. such
quasi municipal corporation incor-
porated within a single city or town
shall be at least seventyfive per
cent of the population and valuation
of the city or town in which it is
located: and provided. further. that
by. a direct tax levied on all the tax
able property within such corpora
ton.
d-The term met debt as applied
to municipality shall he construed
to include not only all bonds which
are direct obligation of the muni-
cipality. but also all bonds of quasi
muniCiDa1 cOrnoratjonS within the
same, exclusive of any such debt ere
ated for water supply and OF the
amount of any sinking fund avail
able In reduction of such debt, The
securities OF any municipality or
quasi-municipal corporation shall not
be held to he direct obligation on
all the taxable property thereof with
IN the meaning OF the foregoing pro-
visions in any state which by stat
ute or constitutional provision pre-
vents the levying of sufficient taxes
70 meet such obligations.
" FEDERAL LAND BANKS
In the bonds or other interest.
eearing obligations of any federal
land bank or joint stock land bank
organized under any act of congress
enacted prior to the passage OF this
act.
VI. OBLIGATIONS OF STEAM
RAILROADS
AIN the bonds, notes or other in
terest-bearing obligations of any
Malne corporation owning and oper-
atlng steam railroad located prin-
cipally within this state, having a
mileage of not less than Ave hundred
miles of road, exclusive of sldlngs,
including all obligations assumed or
guaranteed by such railroad. and is
sued by subsidiary or lessor steam
railroad corporations.
BIN the bonds or notes issued. or
assumed, by any steam railroad cor.
poration organized under the laws or
any other State in the United States.
provided
l. Such carnaratinn shall own