Chap. 0093 An Act to authorize the town of north andover to extend its water supply system and to rorrow money therefor.


Be it enacted, etc., as follows:

Section 1. The town of North Andover is hereby authorized to extend the water supply system acquired by it in pursuance of the provisions of chapter two hundred and two of the acts of the year eighteen hundred and ninety-three, and to expend therefor a sum not exceeding thirty thousand dollars.
Section 2. For the aforesaid purpose the town of North Andover is hereby authorized to issue from time to
time bonds, notes or scrip to an amount not exceeding thirty thousand dollars. Such bonds, notes or scrip shall bear on their face the words, Xorth Andover Water Loan, 11104; shall be payable at the expiration of periods not exceeding thirty years from the date of issue, or earlier, at the option of the town ; shall bear interest, payable semi-annually, at a rate not exceeding four per cent per annum, and shall be signed by the treasure]' of the town and countersigned by the board of water commissioners. The town may sell said 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 shall deem proper : provided, that such securities shall not be sold for less than the par value thereof.
Section o. Said town shall at the time of authorizing said loan provide for the pa}rment thereof in such annual proportionate payments as will extinguish the same within the time prescribed in this act; and when a vote to that effect has been passed the amount required thereby shall-without further vote be assessed by the assessors of the town in each year thereafter, in the same manner in which other taxes are assessed under the provisions of section thirty-seven of chapter twelve of the Revised Laws, until the debt incurred by the town under authority of this act shall be extinguished.
Section 4. In addition to the amount which said town is required by the provisions of said chapter two hundred and two annually to raise, the town shall annually raise by taxation a sum which together with the income derived from the water rates will be sufficient to pay the annual expenses of operating its water works and the interest as it accrues on the bonds, notes or scrip issued as aforesaid by the town, and to enable the town to make such payments on the principal as may be required under the provisions of this act.
Section f>.   This act shall take effect upon its passage.
Approved February 10, 100-1.