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of loan..

Interest,

hundred and sixty-nine, and one thousand dollars i the year eighteen hundred and seventy, and one thou

sand in the year eighteen hundred and seventy-one Application $ 2. The said sum hereby authorized to be borrowe

shall be specifically applied and appropriated to th completion of the fire engine house and jail, in sai village, now in process of erection, and to the furnish ing of said jail.

S 3. The said sum or any part thereof, may b borrowed by the board of trustees of said village from any person or persons, or banking or saving institution, on the best terms that the same can b obtained, at an interest not exceeding seven per cen per annum, payable yearly or half yearly as may b agreed upon by said trustees, and the lender o lenders from whom said money may be obtained and it shall be, and hereby is made the duty of sais

board of trustees, and they are hereby authorized ti Tax for raise by tax upon the real and personal property of payment.

the said village, in the same manner and at the sam time that the general taxes of said village are levier and collected in the years eighteen hundred and sixty nine, eighteen hundred and seventy, and eightee hundred and seventy-one, not to exceed five hundre dollars in the year eighteen hundred and sixty-nine and one thousand dollars annually in each of the othe of said years, and also the interest accruing thereon and to pay over the same in discharge of said loai or portions thereof, and the interest thereon.

$ 4. The board of trustees shall have power to borrow said sum and to raise the same by tax, and t

pay over the same in discharge of said loan, withou No vote of being thereto specifically authorized by a vote, at any

time, of the taxable inhabitants of said village.

$ 5. This act shall take effect immediately.

necessary.

Chap 17. AN ACT to authorize the town of Johnstown, in the county of Fulton, to issue town bonds, and loan the same to the Fonda, Johnstown and Gloversville Railroad Company, and to regulate the rate of charges for carrying passengers upon said road.

Passed February 1, 1867; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows :

SECTION 1. Upon the application of ten freebolders and residents of the town of Johnstown, in the county of Fulton, made to the county judge of County said county, the said judge is hereby authorized, and appoint it shall be his duty, within ten days after such appli- sioners. cation shall be so made, to appoint three persons, who shall be freeholders and residents of said town, to be railroad commissioners of said town of Johnstown, and to fill all vacancies that shall occur, from time to time, in the office of such commissioner, by the expiration of the term of office or otherwise, by like appointments. All such appointments shall be in writing, and filed in the office of the clerk of Fulton comuty. Such commissioners shall hold their office Terms of

office. respectively for five years, and until their successors shall be appointed, and duly qualified by giving secarity, as required by this act.

$ 2. Before entering upon the duties of their office, sich coinmissioners shall jointly and severally, with two or more shreties, execute to the supervisor of said town, for the benefit of said town, a bond in the Bonds of peual sum equal to twenty per cent of the value of sioners. the taxable property of said town appearing upon the assessment roll of said town for the year eighteen hundred and sixty-six, conditioned for the faithful performance of the duties of such office, and for the just and honest application of all bonds issued by them under the provisions of this act, according to the true intent and meaning of its provisions, and

to recover penalty.

the sureties in all such bonds, and all bonds requires by section seven of this act, shall be approved by th county judge of Fulton county, and his approva indorsed thereon, and no such bond shall be received by such supervisor without such approval indorsed as aforesaid, and the execution of such bond shall be proved in the manner provided by law for the proof of deeds, and when so proved, and the sureties thereir approved as required by this act, all such bonds shal

be delivered to the said supervisor, and it shall be the Duty of duty of such supervisor to receive and safely keep al supervisor

such bonds so delivered to him, and to deliver the same over to his successor in office.

And whenevei any liability of the obligors shall occur upon any such bond, by any default in the performance of, oi violation of the conditions of any such bond, it shall be the duty of such supervisor then in office to proceed, without any unnecessary delay, to recover the penalty incurred, by a proper action in his name of office.

S 3. As soon as said commissioners shall be appointed and qualified as required by the preceding sections of this act, they are hereby authorized, and

it shall be their duty, to obtain, if practicable, the Consent of consent in writing of a majority of the taxable inhabinhabitants itants representing a majority of the taxable property

of said town of Johnstown, including lands owned by non-residents of said town, appearing upon the assessment roll of said town for the year eighteen hundred and sixty-six, which consent shall be in form as provided by the next section of this act, and may be given by the owner of such property, or an agent, duly authorized to give such consent, and proof of signing such consent shall in all cases be made in the manner provided by law for the acknowledgment and proof of deeds, which proof shall be indorsed upon or annexed to such consent, and, with such consent, filed in the office of the clerk of Fulton county, and when so filed, such consent so proved shall be admitted in evidence in all proceedings in all courts of this State, and before any judge or justice thereof, shall be evidence prima facie of such signing and consent.

to be obtained.

$ 4. The consent referred to in the last preceding section shall be in substance as follows:

“We, the undersigned, tax payers and residents of Consent. the town of Johnstown, hereby consent that the railroad commissioners of said town issue coupon bonds of said town, in the manner provided by law, not exceeding in amount twenty per cent of the amount of the taxable property of said town appearing upon the assessment roll of said town for the year eighteen hundred and sixty-six, and that said commissioners transfer said bonds to the Fonda, Johnstown and Gloversville Railroad Company, to be sold by such company, and the avails thereof to be applied to the construction and equipment of its railroad, to be constructed from the village of Fonda to the village of Gloversville, in the manner provided by law, and not otherwise."

$5. As soon as such consent shall be obtained, proved and filed as above provided by this act, such commissioners are hereby authorized, and it shall be their duty to issue, upon the faith and credit of the said town of Johnstown, coupon bonds in such sums Town

bonds. as they may deem proper, not exceeding in the aggregate twenty per cent of the value of the taxable property of said town appearing upon the assessment roll of said town for the year eighteen hundred and sixty-six, and it shall be the duty of the town clerk to attest such bonds, not exceeding the amount above specified, and to make and keep in his office, for inspection by the public, a record of such bonds, showing the number of each bond and the amount thereof, when and where payable, and the rate of interest each bears; and a copy of such record, certified by such town clerk, shall be by him filed in the office of the clerk of Fulton county. 36. Such bonds shall bear interest at a rate not Interest and

of exceeding seven per cent per annum and payable bonds. annually, except that the first payment of interest shall fall due on the first day of November, in the year eighteen hundred and sixty-eight, and annually thereafter on the first day of November in each year, and the principal of said bonds shall fall due by installments on the first day of November, but no

Loan and transfer of books to company.

installment of the principal shall fall due sooner than twenty years nor later than thirty years, from the first day of November in the year eighteen hundred and sixty-eight, and not less than one-tenth or more than one-fifth of the aggregate amount of the principal of such bonds shall fall due in any year. Such bonds may be payable at such place in the town of Johnstown as said commissioners may desire.

S 7. In behalf of the said town, said commissioners shall loan and transfer said bonds to said railroad company, as soon as the following terms, conditions and requirements are complied with and not before -and sball then deliver such bonds to the treasurer of said company, whose duty it shall be to take, hold and dispose of the same in the manner prescribed by this act and not otherwise. Before said company shall be entitled to receive said bonds as aforesaid, said company shall procure the right of way and the right and title thereto free from incumbrance, over and upon which they propose to build their railroad from the village of Fonda in the county of Moutgomery, to the village of Gloversville in said town of Johnstown; and second, shall execute by their

treasurer to said commissioners, a proper and suffiMortgage of cient mortgage upon such right of way, and upon all property to the real property, railroad equipage and franchises

then belonging to said company or which they may afterwards acquire, and deliver the same to said commissioners for the benefit of the said town of Johnstown, as a security for the payment of the principal and interest of said town bonds, loaned and transferred to said company in pursuance of this act, at the time and times at which the same shall fall due, to be paid to the said commissioners, which mortgage shall be conditioned, further, that in case of default in any payment of principal or interest, or any part thereof, said mortgage may be foreclosed, and upon such foreclosure said commissioners may demand and enforce the payment of such proportion of the amount then remaining unpaid upon such bonds as the aggregate amount of such bonds shall bear to the aggregate cost of constructing and equipping said railroad, and no more; and third, the treasurer of said company

sioners for security of bonds.

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