Bond issue for paving streets.

therefor by the issue of bonds, as amended by chapter fifty-one of the laws of nineteen hundred and seven," is hereby amended so as to read as follows:

§ 1. The common council of the city of Mount Vernon is hereby authorized and empowered, by resolution adopted by it, to issue and sell bonds in the name, in behalf and upon the credit of said city, in an amount not exceeding in the aggregate under this act two hundred thousand dollars,1 not more than forty thousand dollars of which shall be issued in any one year, for the purpose of paying one-third of the cost of paving or grading such streets of the city as may be directed by the common council.

§ 2. All acts or parts of acts inconsistent with the provisions of this act, are hereby repealed.

§ 3. This act shall take effect immediately.

L. 1907, ch

Chap. 22.

AN ACT to amend chapter three hundred and fifty-six of the laws of nineteen hundred and seven, as amended by chapter one hundred and seven of the laws of nineteen hundred and nine, entitled "An act to provide for the construction of intercepting sewers in and for the city of Syracuse, in relation to the issue and payment of bonds." *

Became a law March 16, 1911, with the approval of the Governor. Passed, three-fifths being present.

Accepted by the City.

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Section eleven of chapter three hundred and fifty356, amended six of the laws of nineteen hundred and seven, as amended by . 107,1909. chapter one hundred and seven of the laws of nineteen hundred

as

ch. amended.

and nine, entitled "An act to provide for the construction of intercepting sewers in and for the city of Syracuse," is hereby further amended so as to read as follows:

§ 11. Whenever such board shall consider it necessary that any bonds of the city of Syracuse shall be issued for the purposes of this act, it shall certify to the mayor and common council of the city the amount so desired and the purpose or purposes for which required, whereupon it shall be the duty of the common council and the mayor, by ordinance duly adopted, which shall be duly approved by the board of estimate and apportionment of the city, to cause registered or coupon bonds of the city for the amount so certified to be issued in the name and upon the credit of the city of Syracuse, which shall be signed by the mayor and treasurer under the corporate seal of the city and countersigned by the comptroller thereof. Provided, however, that the aggregate amount of bonds issued under the provisions of this act shall not in any event exceed the sum of one million one hundred thousand dollars,1 and any bonds so issued shall be payable in twenty equal annual payments, and the first payment of any such issue shall be made one year after the date of issue; and all such bonds shall bear interest at a rate to be determined by such board not exceeding four and one-half per centum per annum, payable semi-annually. The comptroller of the city shall duly advertise for proposals for the purchase of any bonds so issued and shall sell them to the party or parties offering to pay the highest price therefor, but not less than par; and the comptroller may reject all bids and readvertise, if, in his opinion, the price offered is inadequate. Such bonds when so sold and delivered shall become valid obligations of the city of Syracuse, and the faith and credit of the city is hereby pledged for the payment thereof and the interest thereon. The avails thereof and all interest which Interceptmay accrue thereon shall be placed by said comptroller in fund. such bank or trust company as shall be designated by the board of estimate and apportionment of the city to the credit of the city of Syracuse intercepting sewer fund. No part of such moneys Payments shall be paid out, except upon the written order of the Syracuse intercepting sewer board, signed by the chairman thereof and countersigned by said comptroller and city treasurer. No order for the payment of such moneys shall be issued, except upon resolution of such board duly entered upon its minutes, a certified copy whereof shall be filed with the comptroller of the city. The voucher or other paper on account of which such order is issued shall be filed with the secretary of the board and shall bear a number corresponding with the number of the order issued

Transfer

of funds.

Notice to

board and city clerk of bond

issue.

thereon.

The board may, however, at any time by resolution transfer any funds from any bank or trust company to any other bank or trust company which shall have been approved by such board of estimate and apportionment as depositories of the funds of the Syracuse intercepting sewer board. The funds so transferred and all interest accruing thereon shall be held or paid out by such bank or banks or trust company only in the manner above provided. Upon the passage of any ordinance authorizing an issue of bonds under this act, the city clerk shall forthwith transmit a certified copy thereof to the secretary of such board. Upon the sale of any such bonds, the comptroller of the city shall forthwith transmit to the secretary of such board a statement showing the amount of bonds sold and the amount realized thereon, and shall also furnish to the city clerk a detailed statement showing the date, number and denomination of each bond sold and the price realized, the name of the purchaser and the expenses of such sale.

2. This act shall take effect immediately.

L. 1909, ch. 431, §§ 2-4 amended.

Supervisors

Chap. 23.

AN ACT to amend chapter four hundred and thirty-one of the laws of nineteen hundred and nine, entitled "An act to establish a public school teachers' retirement fund in Westchester county," in relation to the sources of said fund, payments into and from the same, persons entitled to annuities and other moneys payable therefrom and the amount of any such annuity. Became a law March 16, 1911, with the approval of the Governor. Passed, three-fifths being present.

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Sections two, three and four of chapter four hundred and thirty-one of the laws of nineteen hundred and nine, entitled "An act to establish a public school teachers' retirement fund in Westchester county," are hereby amended to read, respectively, as follows:

2. The board of supervisors of such county may provide by vide for an- resolution annually for the payment into the said teachers' retire

may pro

ment to

thereof.

ment fund of a sum not exceeding the amount annually con- nual paytributed to such fund as provided in subdivision "c" of1 section fund. one of this act. Whenever such provision is made the board of Assessment supervisors shall assess the amount to be paid into such fund upon the several towns and cities in the county not maintaining a separate teachers' pension system ratably according to the corrected valuations of real and personal property liable to taxation in such towns and cities. The amount so assessed shall be a charge upon such towns and cities and shall be paid by the proper officer to the county treasurer to be held by him as a part of the said teachers' retirement fund.

Custodian

urer.

ments.

treas

financial

§ 3. The treasurer of said county shall be the custodian of the and funds and treasurer of the association. All orders made payable Payment of from said fund shall be made upon vote of a majority of the orders. board of trustees, and said orders shall be signed by the president and secretary2 of said board. The treasurer shall, upon Investdirection of the board of trustees, invest for the benefit of the retirement fund, all moneys not necessary for the payment of annuities. Such investment shall be made only in securities. in which the savings banks of the state of New York are authorized by law to invest. Such treasurer shall report to the board Annual annually in the month of October the condition and disposition report. of the funds, and the items of receipts and disbursement during the year ending on the first of August preceding. Boards of education and school trustees, in making payrolls for November Deductions and March in each year, for superintendents, supervisors, prin- ries. cipals and teachers hereinbefore mentioned, shall deduct from the salaries payable for each of the said months, to each of the persons named who shall be members of the association, the sum of onehalf of one per centum of his or her annual salary. Such boards. of education or school trustees shall thereupon issue a certificate to the treasurer, stating the total sum so deducted. Such amount so deducted shall be paid into the retirement fund and duly credited thereto by the treasurer.

from sala

of retire

§ 4. A board of education or school trustee shall have power Conditions to retire from service any superintendent, supervisor, principal ment. or teacher who shall have served in the public schools, in said capacity or capacities, for a period of twenty-five years, but no person so retired shall become an annuitant under this act unless

1 Words "subdivision "c" of," new.
2 Secretary substituted for treasurer.
3 Word "annual" new.

annuities,

the last ten years of such service shall have been rendered in the public schools of Westchester county, and unless he or she shall have come under the provisions of this act as herein provided; or such superintendent, supervisor, principal or teacher may reAmount of quest retirement if entitled to an annuity. Annuities paid in pursuance of this act shall be one-half of the annual salary of the annuitant at the time of retirement from service, except that no annuity shall exceed six hundred dollars other than that of superintendent or principal, whose annuity shall not exceed eight hundred dollars; but if the moneys in the fund, and the receipts of said fund shall be found insufficient to fully carry out the provisions hereinbefore set forth, the board of trustees shall then determine the pro rate* amount which in its judgment each annuitant shall receive in any year, and such amount shall be deemed full payment for the annuity for that year. If, at any time, a superintendent, supervisor, principal or teacher belonging to the association shall be refused re-employment by a board of education or school trustee, or shall be discharged before he or she would become an annuitant under the provisions of this act, then such person shall be entitled to receive from the treasurer, without interest, a sum equal to the total deductions Amount re- from his or her salary in pursuance of this act. No person shall

Refund of deductions when not re-employ

ed.

quired to be contributed.

become an annuitant who has not contributed to the retirement fund an amount equal to at least twenty per centum of his or her annuity; but any such person otherwise qualified may become an annuitant by making a cash payment to the fund before receiving an annuity, of such an amount as his previous contributions may have fallen short of the required twenty per Proportion- centum. A proportionate annuity may be allowed in case of disability after fifteen years' teaching service, provided the last six years of such service have been in Westchester county.

ate annui

ties.

§ 2. This act shall take effect immediately.

* So in original.

4 Words "the last" new.

5 Word "annually" omitted.

• Words "other than that of superintendent or principal, whose annuity