Chap. 0112 an act to authorize the town of arlington to issue scrip or bonds for the payment or re-funding of its water debt.

Be it enacted, etc., as follows:

Section I. The town of Arlington, for the purpose of paying and re-funding its water scrip or bonds maturing in January in the year eighteen hundred and ninety-two, is hereby authorized to issue scrip or bonds to the amount of two hundred and seventeen thousand dollars, to be denominated on the face thereof Arlington Water Loan, bearing interest at a rate not exceeding six per centum per annum, payable semi-annually, the' principal to be pa}Table at periods of not more than thirty years from the issuing of such scrip or bonds respectively. Said town is authorized to sell said scrip or bonds, or any part thereof, at public or private sale, provided the same shall not be sold for less than the par value thereof.
Section 2. The surplus of the net income derived from the water works of said town after payment of the semi-annual interest upon said scrip or bonds, not otherwise provided for and after deducting all charges and expenses for and incident to the maintenance and operation of said water works, together with all amounts appropriated from time to time by said town for the payment of the principal sum of said scrip or bonds, shall be set apart as a sinking fund, which with the accumulated interest upon the same shall be devoted to the payment
at maturity of the scrip and bonds heretofore issued by said town and which may be issued by said town under the provisions of this act. Said town is authorized to appro- ' priate and assess yearly, in the same manner as money is appropriated and assessed for other town purposes, a sum sufficient to pay the interest on said scrip or bonds and such amount as it may decide towards paying the principal thereof; and in case said net income derived from the water works and set apart as a sinking fund for the payment of the scrip and bonds hereby authorized, at maturity with accumulated interest, shall be insufficient to meet the requirements of law as to said sinking fund, said town shall raise by taxation annually such sum in addition to said net income and accumulated interest as with its accumulations will be sufficient to meet said requirements. Said sinking fund shall be used for no other purpose than the payment and redemption of said debt. The provisions of sections ten and eleven of chapter twenty-nine of the Public Statutes shall so far as applicable apply to said sinking fund.
Section 3.   This act shall take effect upon its passage.
Approved MarcJi 26, 1891.