Chap. 0435 An Act to authorize the town of whitman to make an additional water loan.

Be it enacted, etc., as follows:

Section 1. The town of Whitman, for the purpose of extending and improving its water service, may borrow money from time to time and issue therefor negotiable 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 the town for water purposes. Such bonds, notes or scrip shall be signed by the treasurer of the town and countersigned by the water commissioners, shall be denominated on the face thereof, Whitman Additional Water Loan, Act of 1907, shall be payable at the expiration of periods not exceeding twenty-five years from the dates of issue, and shall bear such rate of interest, not exceeding four per cent per annum, as the town may determine. The town may sell such securities at public or private sale or pledge the same for not less than the par value thereof for money borrowed for the purposes aforesaid upon such terms and conditions as it may deem proper, and shall provide for the payment thereof in such annual proportionate payments, beginning not more than five years after the date of issue, as will extinguish the same within the time prescribed in this act. At the time of issuing the said loan the town shall provide for raising by taxation the amount necessary to meet the interest and the proportion of the principal which becomes payable annually; and when a vote to that effect has been passed the said amount shall be raised annually by taxation in the same manner in which other taxes are assessed and collected, without further vote or action by the town.
Section 2.   This act shall take effect upon its passage.
Approved May 20, 1907.