Sinking Fund. 6. In order to provide a sinking fund for the payment of debentures authorized to be issued under this Act, the Council of the said town shall annually add to the amount of the estimates to be rated and levied upon the town for general purposes, such sum as may be by resolution determined by the Council, not, however, to be less than two per cent. of the amount borrowed under the provisions of this Act, and said sum shall also be rated and collected in the same manner and with the same remedies as other rates and taxes in the said town are rated and collected. CHAPTER 78. An Act to Enable the Town of Amherst to Borrow Authority to borrow money. Debentures. Be it enacted by the Governor, Council, and Assembly, as follows: 1. The Town of Amherst is hereby authorized to borrow, on the credit of the town, a sum of money, not exceeding ($75,000.00) seventy-five thousand dollars, to be appropriated for the purchase of lands in the said town, and erecting and equipping thereon a new school building; and also for the erecting and equipping one or more new school buildings on lands already owned by the town, as the Council of said town may decide; and for the incidental expenses in connection with such school buildings, including the fitting up and equipment of such buildings for school purposes. 2. For the purpose of effecting said loan, the Council of the said town is empowered to make and issue, subject to the provisions of "The Municipal De bentures Act," debentures in the sum of one hundred dollars or a multiple thereof,, bearing interest at such rate as the Council shall determine, not exceeding, however, five per centum per annum, and redeemable at a period not exceeding thirty years from the issue thereof. Such debentures shall form a lien upon and be Debentures to a charge upon all the property liable to taxation with-form a lien. in the Town of Amherst, and all the revenues of the 3. town. 4. The Council of the said town shall annually Interest. add to the amount of the estimates to be levied upon the town for general purposes, a sum sufficient to pay the annual interest accruing upon the moneys borrowed under the authority of this Act, and such sum shall be rated and collected in the same manner, and with the same remedies as other rates and taxes in said town are rated and collected. expended. 5. The money so borrowed under the provisions Money, how of this Act shall be paid into the hands of the Treasurer of the Town of Amherst, and shall be by him paid out for the purposes mentioned in this Act, and for no other purpose. 6. In order to provide a sinking fund for the Sinking Fund. payment of the debentures authorized to be issued under this Act, the Town Council shall annually include in the estimates of the sums required for the purposes of the said town, such sum as may by resolution be determined by the Council, not, however, to be less than two per cent. of the amount borrowed under the provisions of this Act, and such sum shall be rated and collected in the same manner and with the same remedies as other rates and taxes. ratepayers. 7. This Act shall not take effect until the same Meeting of is adopted by a meeting of the ratepayers of the town, duly convened in accordance with the provisions of sections 143 and 144 of "The Towns' Incorporation Act." And it shall be lawful for the said meeting to direct the Town Council to borrow the whole or, from time to time, any part of the sum mentioned in this Act. Certificate. 8. A certificate under the hand of the Mayor and Town Clerk, and under the corporate seal of the town, of a resolution passed under the next preceding section of this Act, shall be conclusive evidence of the adoption of the Act, and of the passing of the resolution provided for in said section. CHAPTER 79. An Act to Authorize the Town of Amherst to Borrow Authority to borrow. Outlay increased how meet. Sewer boundaries. Be it enacted by the Governor, Council, and Assembly, as follows: 1. The Town of Amherst is hereby authorized to borrow, on the credit of the town, such sums of money, not exceeding twenty-five thousand dollars in the whole, as may be required for the purpose of extending the sewerage system of the town, as may be directed by the Town Council of the said town. 2. Any outlay incurred by the town under this Act, including the annual interest on the debentures authorized to be issued by this Act (including sinking fund requirements), shall be met as provided for by section 3 of Chapter 114 of the Acts of 1906, and subsequent Acts passed in relation to the sewerage system of the town, including section 7 of Chapter 107 of the Acts of 1907, and section 6 of Chapter 59 of the Acts of 1909; and the town may construct sewers under this Act beyond the boundaries of the sewerage district as defined by Chapter 91 of the Acts of 1902, and in case of sewers so constructed beyond the boundaries of the said sewerage district, said district shall be deemed to be enlarged so as to include, for the purpose of general assessment on sewerage account and for frontage tax as provided for by said section 3 of Chapter 114 of the Acts of 1906, and subsequent Acts passed in relation to the sewerage system of the town all persons residing within the limits of said enlarged sewerage district, and all property in front of which said sewer passes, and the provisions generally of said Chapter 91 of the said Acts of 1902, and the Acts in amendment thereof, shall be applicable to said sewers. 3. For the purpose of effecting any loans under Debentures. the authority of this Act, the town is empowered to make and issue, subject to the provisions of "The Municipal Debentures Act, 1902," at any one time or from time to time as the Council may deem expedient, the town's debentures, each in the sum of one hundred dollars or multiple thereof, bearing interest at such rate as the Council shall determine, not exceeding, however, five per centum per annum, said debentures to be redeemable within such period, not exceeding thirty years from the date hereof, as the Council may determine. 4. The Council of the town shall annually add to Interest. the estimates to be rated each year upon the town, for general purposes, a sum sufficient to pay the annual interest accruing upon the moneys borrowed under the authority of this Act, and such sums shall be rated and collected in the same manner and with the same remedies as the other rates and taxes in said town. ratepayers. 5. This Act shall not take effect until the same is Meeting of adopted by a meeting of the ratepayers of the town, duly convened in accordance with the provisions of Sections 143 and 144 of "The Towns' Incorporation Act." And it shall be lawful for the said meeting to direct the Town Council to borrow the whole or, from time to time, any part of the sum mentioned in this Act. 6. A certificate under the hand of the Mayor and certificate. Town Clerk, and under the corporate seal of the town, of a resolution passed under the next preceding section of this Act, shall be conclusive evidence of the adoption of the Act, and of the passing of the resolution provided for in said section. Authority to borrow. Moneys bor rowed, how bor and levied. CHAPTER 80. An Act to Enable the Town of Amherst to Borrow an Be it enacted by the Governor, Council, and Assembly, as follows: 1. The Town of Amherst is hereby authorized to borrow, on the credit of the town, at one time or from time to time, a sum of money, not exceeding ($85,000.00) eighty-five thousand dollars, for the purpose of constructing such permanent streets and sidewalks in the town as the Town Council may determine, in addition to the sum which the town has heretofore been empowered to borrow for like purposes by Chapter 94 of the Acts of 1912. 2. The said moneys shall be borrowed, expended rowed expended and levied in accordance with the provisions of said Chapter 94 of the Acts of 1912, and the provisions thereof, except sections 2 and 11, to apply thereto, in all respects as if the borrowing of the full sum of eighty-five thousand ($85,000.00) dollars had been authorized by the said Act. Meeting of ratepayers. Certificate. 3. This Act shall not go into operation unless and until the ratepayers of the town shall have approved the same at a meeting duly convened in accordance with the provisions of Sections 143 and 144 of the "Towns' Incorporation Act." 4. The certificate, under the hand of the Mayor and Town Clerk, and under the corporate seal of the town, of a resolution passed under the next preceding section of this Act, shall be conclusive evidence of the adoption of the Act, and of the passing of the resolution provided for in said section. |