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of this State, and being assessed on real or personal property therein, shall have all the rights and privileges under this act so far as property representation is concerned, as other taxpayers. And the board of directors or trustees of any such corporation or company may apply to the county judge by petition in the same manner as herein provided for other taxpayers. The words“ municipal corporation,” when used in this act, shall be construed to mean any city, town or incorporated village in this State. But nothing herein contained shall be construed as to include the city or counties of New York, Kings, Erie, Greene, Albany, Westchester, Ontario, Seneca, Yates, Onondaga, and Niagara.
§ 2. It shall be the duty of the said judge at the time and place named in the said notice to proceed to take proof as to the said allegations in said petition; and if it shall appear satisfactorily to him that the said petitioners, or the said petitioners and such other taxpayers of said town as may then and there appear before him and express a desire to join as petitioners in said petition do represent a majority of the taxpayers of said municipal corporation as shown by the last preceding tax list or assessment roll, and do represent a majority of the taxable property upon said list or roll, he shall so adjudge and determine and cause the same to be entered of record. And such judgment and the record thereof shall have the same force and effect as other judgments and records in courts of record in this State.
§ 3. If the said judge shall adjudge and determine that such petitioners do represent a majority of such taxpayers as aforesaid, and a majority of such taxable property, as aforesaid, it shall be his duty forthwith to appoint and commission three persons who shall be freeholders, residents and taxpayers within the corporate limits of such corporation, to be commissioners for the purposes hereinafter named. The said commissioners shall hold their offices for five years and until others are appointed by the county judge of said county, and shall, before entering upon the duties of their office, each make oath faithfully to discharge all the duties thereof. All vacancies in such commission shall also be filled by such county judge as they occur.
Said commissioners shall each receive the sum of three dollars per day for each day actually engaged in the discharge of their duties, and their necessary disbursements to be audited and paid by the usual disbursing officer of such municipal corporation. A majority of such commissioners, at a meeting of which all have notice, shall constitute a quorum and may exercise the powers of the commission.
4. It shall be the duty of such commissioner, with all reasonable dispatch, to cause to be made and executed the bonds of such municipal corporation, attested by the seal of such corporation affixed thereto, if such corporation has a common seal, and if not, then by their individual seals, and signed and certified by said commissioners, who are hereby authorized and empowered to affix such common seal thereto and to so sign and certify such bonds. Such bonds shall become due and payable at the expiration of thirty years from their date, and shall bear interest at the rate of seven per cent per annum, payable semi-annually, and shall not exceed in amount twenty per cent of the entire taxable property within the bounds of said municipal corporation as shown by said tax list, nor shall they exceed in amount the amount set forth in such petition. The said bonds shall also bear interest warrants corresponding in number and amounts with the several payments of interest to become due thereon, but the commissioners may agree with any holders to register any such bonds, in which case the interest warrants on the registered bonds shall be surrendered, and the interest shall be payable only on the production of the registered bond, which shall then be transferable only on the commissioners' records. The savings banks of this State are authorized to invest in said bonds not to exceed ten per cent of their deposits. All taxes except school and road taxes, collected for the next thirty years, or so much thereof as may be necessary, in any town, village or city on the assessed valuation of any railroad in said town, village or city, for which said town, village or city has issued or shall issue bonds to aid in the construction of said railroad, shall be paid over to the treasurer of the county in which said town, village or city lies, and said money so paid over, including interest collected on bonds held by said treasurer as a sinking fund, shall be invested by said treasurer in State, city, town, county or village bonds, issued pursuant to law of this State on United States bonds, within sixty days after receiving the same, and shall be held by said county treasurer as a sinking fund for the redemption and payment of the bonds issued or to be issued by said town, village or city, to aid in the construction of said railroad.
8 5. Such commissioners are further empowered and directed to subscribe in the name of the municipal corporation which they represent to the stock of bonds of the railroad company named in such petition (as the petition may direct), to an amount equal to the amount of bonds so created by them, and to pay for the same by exchanging the said bonds therefor at par; or they may, at their discretion, sell
and dispose of the said municipal corporation bonds so created by them at rates not less than par, and invest the proceeds thereof in such stock or bonds of such railroad company as may be directed in said petition. They shall represent, either in person or by proxy, such municipal corporation at all meetings of such railroad bondholders or stockholders. Such stock or bonds so purchased by said commissioners may be sold by them before the maturing of the bonds of such municipal corporation only upon the order of the county judge of the county, made upon the petition of a majority of the tax payers of said municipal corporation representing a majority of the taxable property thereof, as shown by the last preceding tax list or assessment roll; and the proceeds from such sale shall be forthwith paid by them to the treasurer (or other proper officer) of such municipal corporation, to be by him invested in a sinking fund, as hereinafter provided. Such commissioners may vote for directors on the stock of such town, village or city.
8 6. The bonds of any municipal corporation, issued pursuant to the provisions of this act, shall be a charge upon the real and personal estate within the limits thereof, and the principal and interest thereof when due (or so much thereof as shall fail to be met by the interest on such railroad bonds or the dividends on such railroad stock, or the sinking fund herein provided for), shall be collected and paid in like manner as other debts, obligations and charges against the said municipal corporation. The said commissioners shall also provide within three years from the time of issuing said bonds, for the annual payment of at least one per cent of the same to constitute a sinking fund, so as to secure the final liquidation of said bonds within twentyfive years after their date, and for that purpose they shall receive and apply annually the surplus dividends on the stock held by said towns over the amount necessary to pay the annual interest on said bonds, and if the amount of such surplus dividends is not sufficient for the annual payment of said one per cent, and the said commissioners shall not have received sufficient from the sale of the stock belonging to the town to pay the same, and from other sources as herein provided, then the deficiency shall be reported by said commissioners to the board of supervisors, to be levied and raised annually in the manner herein provided for paying the interest on said bonds. The treasurer (or other proper officer of such municipal corporation) shall have the custody of any railroad bonds or certificates of stock that may be subscribed for as aforesaid, and shall collect the interest upon any such bonds or the dividends upon such stock as it becomes due or is
made payable, and shall apply the same towards the payment of the interest from time to time becoming due upon the said bonds of said municipal corporation; any surplus of interest or dividends, after providing for the interest upon the bonds of said municipal corporation, shall go to make up a sinking fund for the redemption of the principal of said corporation bonds. In case the stock or bonds purchased as aforesaid are sold by said commissioners, such treasurer or other officer shall also invest the proceeds thereof in a like sinking fund; and in case the same are not sold when the said bonds hereby authorized to be created and issued by said commissioners shall mature and the principal thereof become payable, the commissioners shall sell the same or so much thereof as shall be necessary to pay the outstanding principal sum due on such bonds in full, and shall pay the proceeds thereof to such treasurer or other proper officer, to be by him applied to the redemption and payment of such bonds.
37. The moneys received by any railroad company from any such commissioners, or from the sale of any bonds of any municipal corporation which they may receive under the provisions of this act, shall be by the said company faithfully applied to the construction and equipment of such railroad, and to no other purpose; and any other use thereof by any officer or agent of such company shall be deemed to be a misdemeanor, and shall be punished on conviction by imprisonment in the county jail for a term not exceeding five years.
§ 8. The bonds of any municipal corporation which may be issued under the provisions of this act shall be registered in the office of the county clerk of the county in which such corporation is situated, and shall have the words “registered in the county-clerk's office” written or printed upon them, attested by the official seal of said clerk; and said clerk shall receive for each attestation the sum of twenty cents.
8 9. Whenever any municipal corporation in this State that has heretofore issued its bonds in aid of any railroad, upon the written consent of taxpayers, or whenever any holder. of such bonds so heretofore issued shall desire to perpetuate the proof of such consent in the manner herein before provided for the perpetuation of the proof of such consent, as to bonds which may be issued under the provisions of this act, application for that purpose may be made to the county judge of the county in which such municipal corporation is situated; and it shall be lawful for such judge, after notice to whom it may concern in manner as herein before provided, to proceed to take proof concerning the allegations in such petition; and if it shall be proved to his satisfaction that all the consents necessary to be
obtained before such bonds could be lawfully issued were obtained, he shall find the facts and so adjudge and determine; and such judg. ment, and the record thereof, shall have the same force and effect as other judgments and records in other courts of record in this State.
§ 10. Nothing herein contained shall be construed as permitting any municipal corporation, in or through which a railroad has already been constructed and is in operation, to aid in the construction of any road or competing railroad, under the provisions of this act, unless the railroad already built appears by its corporate name upon the assessment roll specified in this act.
§ 11. This act shall take effect immediately.
Chap. 917. AN ACT authorizing the consolidation of certain railroad
Passed May 20, 1869. The People of the State of New York, represented in Senate and Assembly, do enact as follows : SECTION 1. It shall and may be lawful for any
company or other corporation organized under the laws of this State, or of this State and any other State, and operating a railroad or bridge, either wholly within, or partly within and partly without this State, to merge and consolidate its capital stock, franchises and property with the capital stock, franchises and property of any other railroad company or companies organized under the laws of this State, or under the laws of this State and any other State, or under the laws of any other State or States, whenever the two or more railroads of the companies or corporations so to be consolidated shall or may form a continuous line of railroad with each other, or by means of any
intervening railroad, bridge or ferry.
§ 2. Said consolidation shall be made under the conditions, provisions and restrictions, and with the powers hereinafter in this act mentioned and contained, that is to say:
1. The directors of the companies proposing to consolidate may enter into a joint agreement under the corporate seal of each company for the consolidation of said companies and railroads, and prescribing the terms and conditions thereof, the mode of carrying the same into effect, the name of the new corporation, the number and names of the directors and other officers thereof, and who shall be