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sball execute 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 sapervisor 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.
38. 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 avails 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 demands against said railroad company for labor and services performed and mate- Application
of proceeds. 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 shall 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 of as in this section provided ; and said treasurer shall, account to after he shall receive such bonds as aforesaid, present sales.com 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
make statement to county
sold, and the amount, with the items of such procee disbursed by him, accompanied by an exhibit of t] vouchers therefor, which vouchers may be examine and a copy taken, if desired, by such board.
S 9. The treasurer of said railroad company sha present a like statement, verified as aforesaid, ar accompanied by the vouchers as aforesaid, to ti board of supervisors of the county of Fulton, at the
regular meeting in each and every year, after he sha Treasurer to receive such bonds as aforesaid, and the clerk of sa
board of supervisors shall, at the close of such mee supervisors. ing of such board, cause such statement, with tl
accompanying vouchers, to be filed in the office the clerk of Fulton county.
S 10. In the year eighteen hundred and sixty-eig]
and every year thereafter, said railroad commissione Report of shall report in writing to the board of supervisors
the county of Fulton, at their regular meeting withi supervisors. three days after the commencement of such sessioi
the amount of the town bonds issued to said railroa company in pursuance of this act, the amount receive by such commissioners from the treasurer of sai company upon such bonds, and what dispositio they have made of the money so received from sai
treasurer, accompanied by proper vouchers for a Contents of such moneys disbursed by them; such report sha report.
also show what amount has fallen due upon suc bonds, and whether the full amount that has falle due upon such bonds has been paid to them by th treasurer of said railroad company, or otherwise, an what amount, if any, that has fallen due upon sai bonds has not been paid to them by such treasure or otherwise, and how much of such deficiency is fi interest, and how much thereof is principal, and whe the same fell due; and such report shall contain statement of such other matters as said commission ers shall see fit to insert. Such report shall be verifie
by such commissioners and with the vouchers accon Where to be panying the same shall be filed by the clerk of sai filed.
board in the office of the clerk of Fulton county.
$ 11. Upon the receipt of such report from sai pervisors to levy tax on commissioners, verified as aforesaid, it shall be th
duty of such board of supervisors to cause to be levie
and collected, upon the taxable real and personal property of said town of Johnstown, at the same time and in the same manner as other taxes are levied and collected, such sum or sums as shall be necessary to make good all arrears of payments upon such town boods that have fallen due and remain up paid, as shown by such report, and the same, when collected, shall be paid to said commissioners, and by them applied, as soon as practicable, to the payment of principal or interest, or both, as the case may be, then due npon said bonds.
$ 12. It shall also be the duty of said railroad commissioners, upon the receipt of any money from the treasurer of said company, or otherwise, upon or on accomt of such town bonds, forthwith, or as soon thereafter as the same shall become due upon such bonds, to pay the same to the bondholders upon such Payment to bonds, and upon the payments then due thereon, and does upon all such payments such commissioners shall demand, and be entitled to receive, from the person receiving such payment, a proper receipt as a voucher
for such payment.
$13. In case of a foreclosure of the mortgage, Proceedings required by the seventh section of this act, upon any foreclosure. sale under such foreclosure, the said railroad commissioners are hereby authorized and required to bid for the mortgaged property a sum equal to the amount then remaining unpaid upon such town bonds, principal and interest, for the benefit of said town of Johnstown, and become the purchaser of said property, if the same shall be awarded or struck off to them upon such bid.
$14. The mortgage mentioned and provided for in and by the seventh section of this act, shall be recorded in the office of the clerk of the counties of Falton and Montgomery, and shall constitute a lien, Upon what according to the provisions thereof, upon all the propean
to be a lien. property and interest assumed to be thereby mortgaged, whether such property or interest existed and belonged to said railroad company at the time of its execution, or shall be created or acquired by said company at any time after the execution of said mortgage, while said mortgage remains operative, not being
in full or foreclosed, such mortgage shall be deeme a mortgage of real property.
$ 15. Such railroad commissioners shall be eligibi to the office of director of said railroad.
S 16. It shall be lawful for said railroad compan to charge and receive, for each passenger transporte or conveyed on said railroad, a sum not exceedin six cents for each mile.
$ 17. This act shall take effect immediately.
Trustees may build
viding for the erection of a Public Hall in th
Passed February 1, 1867; three-fifths being present. The People of the State of New York, represented i Senate and Assembly, do enact as follows:
SECTION 1. Chapter four hundred and eighty of th Laws of eighteen hundred and sixty-six, is hereb amended so as to read as follows:
$ 1. The trustees of the village of Palmyra ar public hall. hereby authorized to erect upon the lot of land no
owned by the said village, a building such as in the opinion shall be suitable for the uses of said villag and for a public hall, at an expense not exceedin twenty thousand dollars; and the said trustees fc this purpose may borrow, upon the faith and credit o said village, such sum, not exceeding twenty thousan
dollars, as they shall deem necessary for the purpos Amount of of erecting and furnishing said building. The amour
borrowed to be paid in yearly installments of on thousand dollars each, together with the interest o the whole sum due and to become due at the time o each payment.
$ 2. The said trustees shall execute the bonds o the said village, not exceeding in the aggregate th sum of twenty thousand dollars, in sums of from on hundred to one thousand dollars each, with coupon
Issue of bonds of village.
attached, bearing interest at the rate of seven per cent per annum, one thousand dollars to be made payable each year, together with the interest on all the bonds due and to become due. The first two thousand dollars issued are to draw interest from the first day of November, eighteen hundred and sixtysir, and the remainder of the bonds to be on interest from the date of their issue. The said bonds shall not be sold by the trustees at less than par, and the avails shall be applied for the purposes mentioned in said first section of this act.
33. The rents and profits of said building, after Application paying all expenses of insurance, repairs, warming, profits of
hall. lighting and taking care of the same, shall be applied each year toward the payment of the said bonds. And the trustees of said village of Palmyra shall each year lery and cause to be collected, in the same manner and at the same time as other village taxes are levied and collected, a tax upon all the taxable property that may from year to year be assessed within said village, which in amount, taken together with the net proceeds of said rents and profits of said building, shall be sufficient to pay the interest on all of said Tax for bonds remaining unpaid, and one thousand dollars Bonds. of the principal of the debt created under the provisions of this act, and the said amount shall be applied anngally toward the extinction of said bonded debt. 34. The collector and treasurer of said village, shall Collector give such securities as said trustees shall deem proper ter to give in view of the increased responsibilities imposed by this act; and any trustees or other officer of said village, into whose keeping shall come any portion of the money raised, collected or borrowed under the provisions of this act, shall execute and deliver to the treasurer of said village a bond with two sufficient sureties, conditioned for the faithful keeping and disbursement of such moneys as provided by this act. 35. This act shall take effect immediately.