Слике страница
PDF
ePub
[ocr errors]

supervisor
to recover

the sureties in all such bonds, and all bonds required by section seven of this act, shall be approved by the county judge of Fulton county, and his approval 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 therein approved as required by this act, all such bonds shall

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

such bonds so delivered to him, and to deliver the penalty.

same over to his successor in office. And whenever any liability of the obligors shall occur upon any such bond, by any default in the performance of, or 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 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.

Consent of
taxable

to be ob-
tained,

[ocr errors]

3 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."

35. 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 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.

96. Such bonds shall bear interest at a rate not Interest and 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 Fear 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

bonds.

payment of sioners for security of bonds.

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.

$ 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 Montgomery, to the village of Glovers ville 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

>

sball esecnte a bond with two or more sureties, which shall be approved by said county judge of Fulton county, and his approval indorsed thereon, to the supervisor of said town, in the penal sum equal to the amount of the bonds to be received by him as in this act provided, conditioned for the faithful performance of all duties imposed upon him by law in respect to such bonds and in respect to the avails thereof, and for a faithful performance of all duties imposed upon him by this act, according to the true intent and meaning of the provisions thereof.

3 8. Upon the receipt of such town bonds, as provided by this act, the treasurer of said railroad company is hereby authorized and required to sell said Sale of bonds at not less than par value, and receive the arails thereof; and in making such sale he shall proceed as directed by said company, and shall have and keep possession of said avails of said bonds until disbursed by him as hereinafter directed. Said treasurer shall pay from the avails of such bonds under the direction of said railroad company, and not otherwise, all proper claims and demauds against said railroad company for labor and services performed and mate- Application rials furnished in constructing and equipping the railroad of said company from the village of Fonda to the village of Gloversville, and to the railroad commissioners of the town of Johnstown such sums as sball fall due from time to time upon such town bonds, and shall in all cases demand and receive upon any such payment a proper receipt therefor, and no evidence of such payment shall be deemed sufficient for any purpose where the taking of such receipt shall be omitted ; and no avails of said bonds shall be disbursed by such treasurer for any purpose except Treasurer le as in this section provided ; and said treasurer shall, account to after he shall receive such bonds as aforesaid, present sales de la to the board of town auditors of said town, at their annual meeting to audit town accounts, in each and every year, an account in writing verified by his oath, of the moneys received by him from the sale of such bonds, with a statement of the bonds sold by him, and the amount of each such bond, and the amount obtained therefor, and the time when, and to whom

bonds.

of proceeds.

company to

of ,

make statement to

[ocr errors]

Report of commissioners to

sold, and the amount, with the items of such proceeds disbursed by him, accompanied by an exhibit of the vouchers therefor, which vouchers may be examined and a copy taken, if desired, by such board.

S 9. The treasurer of said railroad company shall present a like statement, verified as aforesaid, and accompanied by the vouchers as aforesaid, to the board of supervisors of the county of Fulton, at their

regular meeting in each and every year, after he shall Treasurer to receive such bonds as aforesaid, and the clerk of said

board of supervisors shall, at the close of such meetsupervisors. ing of such board, cause such statement, with the

accompanying vouchers, to be filed in the office of the clerk of Fulton county.

$ 10. In the year eighteen hundred and sixty-eight and every year thereafter, said railroad commissioners shall report in writing to the board of supervisors of

the county of Fulton, at their regular meeting within supervisors, three days after the commencement of such session,

the amount of the town bonds issued to said railroad company in pursuance of this act, the amount received by such commissioners from the treasurer of said company upon such bonds, and what disposition they have made of the money so received from said

treasurer, accompanied by proper vouchers for all Contents of such moneys disbursed by them; such report shall

also show what amount has fallen due upon such bonds, and whether the full amount that has fallen due upon such bonds has been paid to them by the treasurer of said railroad company, or otherwise, and what amount, if any, that has fallen due upon said bonds has not been paid to them by such treasurer, or otherwise, and how much of such deficiency is for interest, and how much thereof is principal, and when the same fell due; and such report shall contain a statement of such other matters as said commissioners shall see fit to insert. Such report shall be verified

by such commissioners and with the vouchers accomWhere to be panying the same shall be filed by the clerk of said

board in the office of the clerk of Fulton county.

$ 11. Upon the receipt of such report from said levy tax on commissioners, verified as aforesaid, it shall be the

duty of such board of supervisors to cause to be levied

report.

filed.

When supervisors to

« ПретходнаНастави »