Chap. 570. AN ACT to authorize certain towns and villages in the counties of Onondaga, Madison and Chenango, to issue bonds to take stock in the Syracuse and Chenango Valley Railroad Company. Passed May 4, 1868; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: judges to sioners. SECTION 1. On the application in writing of twelve or County more freeholders, residents of any village or town in appoint the counties of Onondaga, Madison and Chenango, it comesshall be the duty of the county judge of the county wherein such town or village is situated, within ten days after receiving such application to appoint, under his hand and seal, a freeholder and resident of such town or village, as commissioner for said town or village, to carry into effect the purposes and provisions of this act, who shall hold his office for the term of five years, and Terms of until another commissioner shall be appointed, and shall office. have been duly qualified. To what and when commis-1 &mount, sioners may bor interest. § 2. It shall be lawful for said commissioner to issue bonds under his hand and seal, to an amount not exceed ing twenty per cent of the assessed valuation of the real and personal property of such town or village, appear now ing from the assessment roll of eighteen hundred and money. sixty-seven; said bonds shall be issued on the faith and credit of such town or village, payable in such sums, When and at such times (not exceeding thirty years), and payable. places as said commissioner may deem expedient, and Rate of bearing seven per cent interest, payable semi-annually. The said commissioner may subscribe for and purchase in the corporate name of such town or village, of the capital stock of said company, to the full amount of the bonds issued by him, and upon receiving certificates, or the transfer of certificates, to the amount of stock so subscribed or purchased, the said commissioner shall deliver said bonds to said company in payment of said stock, to be disposed of by said company upon such terms as they shall deem most advantageous, but not for of." Commismay subcribe for sioners and purchase stock. How to Be disposed Avails thereof; how applied. less than par, and the avails thereof shall be employed and used in the construction of said railroad, its buildings and necessary appurtenances, and for no other purposes whatever. The said town or village, upon the receipt of said stock, as aforesaid, shall acquire all the rights and privileges, and be liable to the same responsibility as other stockholders of said company. And it insurance shall be lawful for any trust company, savings bank, or comes insurance company, of this State, to purchase, hold, or Own said bonds, to loan money upon them, to sell or dispose of the same in the same manner as other securities now held by them. Savings banks etc., may invest in inch bonds. Bonds not to be issued until consent of tax payers is obtained. Consents to be acknowledged, filed and recorded. § 3. The said bonds herein provided for, shall not be issued, and said subscription for stock shall not be made as aforesaid, until the consent in writing, specifying the amount of such subscription and bonds to be issued, be first obtained of a majority of the tax payers or their legal representatives, appearing upon the assessment roll of such town or village for the year eighteen hundred and sixty-seven, representing a majority of the taxable property therein, which consent shall be proved or acknowledged in the same manner as signatures to the conveyance of real estate, and shall be filed and recorded in the clerk's office of the county in which the said town or village is situated, and which fact that a majority of Affidavit of the tax payers have so consented, shall be ascertained by the affidavit of the assessors, or one of them, in said town or village, indorsed upon or annexed to said con sent. The original consent and affidavit, or a copy thereof, certified by the clerk of the county in whose office it is filed, shall be legal evidence of the facts contained therein before any court in this State, or any judge or justice thereof. assessors to be an. nexed to consent. Commissioners to supervisors moneys to 4. The said commissioners shall report to the board report to of supervisors of the county wherein said town or vilannually, lage is situated, within three days after the commenceamount of ment of their regular session in each year, the amount be raised. of money required to pay the principal and interest on the bonds thus issued, due or to become due and paya Dividends ble during the next ensuing year, after directing any sums received by dividends on the stock of said com on stock, to be applied to payment pany, held by said town or village, which must be first and princi to be levied applied to the payment of such principal and interest; of interest and the said board of supervisors shall thereupon cause pal. to be assessed, levied and collected upon such of the Tax: how real and personal property of the said town or village and colat the same time and in the same manner of other taxes, such amount of money as shall be thus reported as necessary to pay said principal and interest, and such amount when collected shall be paid to and applied by said commissioners to the payment of the said principal and interest of the bonds aforesaid. lected. bonds of sioners. §5. Before any commissioner shall enter upon the Official discharge of his duties under this act, he shall execute commis a bond to the president of the board of trustees of a village, and the supervisors of a town, signed by himself and two or more sureties in the penal sum of onethird the amount of the bonds authorized as aforesaid, conditioned for the faithful discharge of his duties as commissioner under this act, and for the just and honest application by him of all bonds, stock or moneys coming into his hands as such commissioner, to the true intent and meaning of this act. The sufficiency of said sureties How to be shall be determined by the county judge of the county and dewherein such town or village is situated, to be certified by him on the bond. The said bond shall be delivered immediately thereafter to the officer to whom the same was executed, to be collected (if the same shall become necessary) by him or his successor in office, for the use and benefit of said town or village, as the case may be, represented by such commissioner. § 6. In case a vacancy shall happen by reason of death, removal from town or village, resignation or refusal to serve, or otherwise, of either of said commissioners provided for in this act, the same shall be filled by appointment, to be made by the judge of the county; and such commissioner so appointed shall, before he enters upon the discharge of his duties, execute and deliver the like bond, to be approved in the same manner as hereinbefore provided. If a question shall arise as to whether there is a vacancy or not, the fact shall be determined by the county judge of the county in which the question arises, upon proof by affidavit or otherwise. approved livered. Vacancies in commis sion; how filled. § 7. In case of neglect or refusal by said commissioner Neglect to report or levy amounts; how punished. Bonds issued, to be valid and bind ing. to make the report hereinbefore provided to the board 8. The bonds issued by said commissioners shall be valid and binding upon the town or village represented by such commissioner in the hands of bona fide holders or owners thereof, and in case of an error, fraud or willful violation of duty on the part of any commissioner in the issue of such bonds, the town or village which he represents shall have redress on his official bond to the Liability of extent provided therein; but no commissioner shall be held personally liable when he shall act in good faith in the discharge of his duties. commis sioners. Compensation of commissioners. Commissioners may exchange stocks for bonds, or 9. Each of said commissioners shall receive the sum of three dollars for each day actually engaged in the discharge of his duties under this act and his necessary disbursements, to be audited and paid by said town or village. § 10. Upon obtaining the consent in writing of the tax payers of said village or town to the extent and in the manner required to authorize the subscription to said sell stocks. stock and issue of bonds, and be filed as aforesaid, the said commissioner may, at any time after acquiring said stock, exchange the same, in whole or in part, for the bonds issued under the authority of this act, and in such case he shall cancel the bonds received by him on such exchange, or he may dispose of said stock in his discretion to any purchaser for cash, but he shall not sell or dispose of the same at less than par; and in case of sale the proceeds shall be applied to the purchase or regold: how demption of said bonds, and to no other purpose what Not to be sold at less than par. Proceeds of stock applied. ever, until the whole of said bonds are received, when, § 11. This act shall take effect immediately. 2 and princi pal." Tax: how and col to be levied lected. applied to the payment of such principal and interest; of interest bonds of sioners. approved livered. $5. Before any commissioner shall enter upon the Official discharge of his duties under this act, he shall execute commisa bond to the president of the board of trustees of a village, and the supervisors of a town, signed by himself and two or more sureties in the penal sum of onethird the amount of the bonds authorized as aforesaid, conditioned for the faithful discharge of his duties as commissioner under this act, and for the just and honest application by him of all bonds, stock or moneys coming into his hands as such commissioner, to the true intent and meaning of this act. The sufficiency of said sureties How to be shall be determined by the county judge of the county and dewherein such town or village is situated, to be certified by him on the bond. The said bond shall be delivered immediately thereafter to the officer to whom the same was executed, to be collected (if the same shall become necessary) by him or his successor in office, for the use and benefit of said town or village, as the case may be, represented by such commissioner. 6. In case a vacancy shall happen by reason of death, Vacancies removal from town or village, resignation or refusal to sion; how serve, or otherwise, of either of said commissioners provided for in this act, the same shall be filled by appointment, to be made by the judge of the county; and such commissioner so appointed shall, before he enters upon discharge of his duties, execute and deliver the like bond, to be approved in the same manner as hereinbefore provided. If a question shall arise as to whether there is a vacancy or not, the fact shall be determined by the county judge of the county in which the question arises, upon proof by affidavit or otherwise. the in commis filled. §7. In case of neglect or refusal by said commissioner Neglect to |