Chap. 0426 An Act to authorize the town of Winchester to incur indebtedness for school purposes, beyond the limit fixed by law.

Be it enacted, etc., as follows:

Section 1. The town of Winchester, for the purposes of erecting and furnishing a high school building and of building, altering, repairing and furnishing other buildings used for school purposes, may incur indebtedness
beyond the limit fixed by law, to an amount not exceeding one hundred and twenty-five thousand dollars.
Section 2. For the purposes aforesaid the town is authorized to issue from time to time to an amount not exceeding one hundred and twenty-five thousand dollars, negotiable notes, bonds or scrip, the same to be denominated, Town of "Winchester School Loan, and to be payable at periods of not more than thirty years from their respective dates. Said bonds shall bear interest at a rate not exceeding four per cent per annum and shall be signed by the treasurer and countersigned by the selectmen of the town. The town may sell such securities at public or private sale, or pledge the same for money borrowed for the purposes of this act, upon such terms and conditions as it deems proper : provided, that said securities shall not be sold or pledged for less than the par value thereof and the accrued interest.
Section 3.   This act shall take effect upon its passage.
Approved May 28, 1902.