Chap. 0190 An Act to authorize the town of holbrook to make
an additional water loan.
Be it enacted, etc., as folloivs:
Section 1. The town of Holbrook, for the purposes mentioned in chapter two hundred and seventeen of the acts of the year eighteen hundred and eighty-five, may issue from time to time bonds, notes or scrip to an amount not exceeding twenty thousand dollars in addition to the amounts heretofore authorized by law to be issued by said town for water supply purposes. Such bonds, notes or scrip shall bear on their face the words, Town of Holbrook Additional Water Loan, Act of 1911, and shall be issued upon the terms and conditions and with the powers specified in said chapter two hundred and seventeen: provided, that the amount of bonds, notes or scrip issued under authority of this act and heretofore issued by said town for the same purposes shall not exceed in the aggregate one hundred and sixty-four thousand dollars.
Section 2. Said town shall, at the time of authorizing said loan, provide for the payment thereof in annual payments of one thousand dollars each, beginning in the year nineteen hundred and twenty-four and ending in the year nineteen hundred and twenty-nine, and annual payments of two thousand dollars each, beginning in the year nineteen hundred and thirty; and when a vote to that cifect
has been passed a sum which with the income derived from water rates, will be sufficient to pay the annual expense of operating its water works and the interest as it accrues on the bonds, notes or scrip issued as aforesaid by said town, and to make such payments on the principal as may be required under the provisions of this act, shall without further vote be assessed by the assessors of said town in each year thereafter in a manner similar to that in which other taxes are assessed under the provisions of section thirty-seven of chapter four hundred and ninety, Part I, of the acts of the year nineteen hundred and nine, until the debt incurred by said loan is extinguished.
Section 3.   This act shall take effect upon its passage.