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banks may invest.

Sinking fund creatd.

commissioners may agree with any holders to register any such bonds, in which case the interest warrants on the registered bonds shall be surrendered, and the interest shall be payable only on the production of the registered bond, which

shall then be transferable only on the commissioner's records. Savings The savings banks of this state are authorized to invest in

said bonds not to exceed ten per cent of their deposits. All taxes, except school and road taxes collected for the next

thirty years, or so much thereof as may be necessary, in any Disposition town, village or city, on the assessed valuation of any railtaxes. road in said town, village or city, for which said town, village

or city bas issued or shall issue bonds to aid in the construction of said railroad, shall be paid over to the treasurer of the county in which said town, city or village lies. It shall be the duty of said treasurer, with the money which has heretofore been or shall hereafter be paid to him on said bonds, including the interest thereon, to purchase the bonds of said town, issued by said town to aid in the construction of any railroad or railroads, when the same can be purchased at or below par; the bonds so purchased to be immediately canceled by said treasurer and the county judge, and deposited with the board of supervisors.

In case said bonds so issued cannot be purchased at or below the par value thereof, then it shall be the duty of said treasurer, and he is hereby directed, to invest said money so paid to him as above mentioned, with the accumulated interest thereon, in the bonds of this state, or of any city, county, town or village thereof, issued pursuant to the laws of this state, or in bonds of the United States. The bonds so purchased, with the accumulated interest thereon, shall be held by said county treasurer as a sinking fund for the redemption and payment of the bonds issued or to be issued by said

town, village or city in aid of the construction of said railroad Remedy for or railroads. In case any county treasurer shall unreasonably duty. refuse or neglect to comply with the provisions of this act,

any tax payer in any town, village or city, theretofore having issued bonds in aid of the construction of any railroad or railroads, is hereby authorized to apply to the county judge, on petition, for an order compelling said treasurer to execute the provisions of this act. And it shall be the duty of said county judge, upon a proper case being made, to issue an order directing said county treasurer to execute the provisions of this act.

All provisions of law now in force relating to the enforcement of the decrees or orders of the supreme court are hereby declared to apply to and devolve upon said county judge in the enforcement of said order. The county treasurers of the several counties of this state, in which one or more towns are situated which have issued bonds for railroad purposes, shall execute a bond, with two sufficient sureties, to be approved

neglect of

Bond or county treasurer.

by the county judge of the counties respectively, to the people of the state of New York, in such penal sum as may be prescribed by the board of supervisors of the respective counties, conditioned for the faithful performance of the duties devolving upon him, in pursuance of the provisions of this act.

$ 2. This act shall take effect immediately.

1

CONSTITUTION

OF THE

STATE OF NEW YORK.

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