AN ACT TO AUTHORIZE THE TOWN OF LINCOLN TO MAKE AN ADDI- Chap.337 TIONAL WATER LOAN. Be it enacted, etc., as follows: coln may make water loan, SECTION 1. The town of Lincoln, for the purposes Town of Linmentioned in chapter one hundred and eighty-eight of an additional the acts of the year eighteen hundred and seventy-two, issue bonds, and subject to its terms and provisions, except as herein etc. otherwise provided, may from time to time issue bonds, notes or scrip to an amount not exceeding twenty-five thousand dollars in addition to the amount which the said town has heretofore been authorized to issue for said purposes. Such bonds, notes or scrip shall bear interest, payable semi-annually, at a rate not exceeding four per cent per annum ; shall be signed by the treasurer of the town and countersigned by a majority of the selectmen, and may be sold at public auction or at private sale. SECTION 2. Such bonds, notes or scrip may be made Payment of payable in periods not exceeding thirty years from the loan, etc. date of issue; and if not made payable in the manner provided in the following section the said town shall annually raise by taxation a sum sufficient to pay the interest on the said loan as it accrues, and shall establish a sinking fund and contribute thereto an amount, raised annually by taxation, sufficient with the accumulations thereof to extinguish the said loan at maturity; and the said sinking fund shall be applied to the payment of the principal of the said loan until the same is discharged and paid, and shall be used for no other purpose. The sinking fund commissioners of the said town shall be trustees of the said sinking fund, and shall report the condition of the same and render an account of their doings in relation thereto annually to the town. SECTION 3. Instead of providing for the payment of the said bonds, notes or scrip in the manner required by the previous section the town may make any of the issues of such bonds, notes or scrip payable in annual payments of such sums as will in the aggregate extinguish the whole of such issue within a term not exceeding thirty years; and the amount required therefor shall without further vote be assessed in each year thereafter until the debt so contracted shall be extinguished. May provide ments on loan. for annual pay Payment of interest, etc. R. L. 27 to apply. SECTION 4. The said town shall each year apply the net income and receipts derived from the use of water to the payment of the said interest, and the remainder, if any, of such net income and receipts it shall apply to the payment of the said bonds, notes or scrip, or it shall pay such remainder into the said sinking fund, and the amount so applied shall be deducted from the sums which would otherwise be required to be raised by taxation. The provisions of chapter twenty-seven of the Revised Laws, except as otherwise herein provided, shall apply to the issue of the said bonds, notes or scrip, and to the establishment and maintenance of said sinking fund. SECTION 5. This act shall take effect upon its passage. Approved April 23, 1902. Chap.338 AN ACT TO AUTHORIZE THE CITY OF MEDFORD TO INCUR Medford Park Loan, Act of 1902. Proviso. Not to be reckoned in determining debt limit, etc. TIONAL INDEBTEDNESS FOR PARK PURPOSES. Be it enacted, etc., as follows: ADDI SECTION 1. The city of Medford, for the purpose of defraying the cost and expenses of lands already acquired for park purposes on, along or near Mystic river, and for improving the same under the authority of chapter twentyeight of the Revised Laws, may incur indebtedness to an amount not exceeding twenty thousand dollars in addition to the amount heretofore authorized by law to be incurred by the said city for such purposes; and may from time to time, by a vote passed in the manner provided by section eight of chapter twenty-seven of the Revised Laws, issue and sell bonds or scrip therefor. Such bonds or scrip shall be designated on the face thereof, Medford Park Loan, Act of 1902, shall be signed by the mayor and city treasurer and countersigned by the city auditor, shall be payable in periods not exceeding thirty years from the dates of issue, and shall bear interest at a rate not exceeding four per cent per annum, payable semiannually provided, that the whole amount of such bonds or scrip issued by said city, together with the bonds or scrip heretofore authorized to be issued by the city for the same purposes, shall not in any event exceed the amount of seventy thousand dollars. SECTION 2. The debt and loan authorized by this act, and the bonds or scrip issued therefor, shall not be reckoned in determining the limit of indebtedness of said city under the provisions of section three of chapter twenty-seven of the Revised Laws; but said city shall establish a sinking fund as provided in said chapter, sufficient with its accumulations for the payment at maturity of the said debt, and of the bonds or scrip hereby authorized to be issued. SECTION 3. This act shall take effect upon its passage. Approved April 23, 1902. AN ACT TO AUTHORIZE THE CITY OF LOWELL TO SUPPLY THE IN- Be it enacted, etc., as follows: Chap.339 town of Chelms etc. SECTION 1. The city of Lowell may supply the in- City of Lowell habitants of the town of Chelmsford with water for the may supply extinguishment of fires and for domestic and other ford with water, purposes, and may construct and lay conduits, pipes and other works, under or over any lands, water courses, railroads, railways and public or private ways, and along any such ways in the town of Chelmsford in such manner as not unnecessarily to obstruct the same; and for the purpose of constructing, maintaining and repairing such conduits, pipes and other works, and for all proper purposes of this act, the city of Lowell may enter upon and dig up any such lands and ways: provided, however, that the Provisos. city of Lowell shall not enter upon or dig up any public ways in the town of Chelmsford, except with the consent of the selectmen thereof; and the city of Lowell shall restore to the satisfaction of the said selectmen the public ways dug up or otherwise disturbed in said town, and shall pay all damages sustained by any person in consequence of any act or neglect upon the part of the city of Lowell, its agents or employees, in digging up or otherwise disturbing any lands or public or private ways within the town of Chelmsford; and provided, further, that said city shall not enter upon, construct or lay conduits, pipes or other works, within the location of any railroad corporation, except at such time and in such manner as it may agree upon with such corporation, or, in case of failure. so to agree, as may be approved by the board of railroad commissioners. SECTION 2. The city of Lowell may distribute water May distribute through the town of Chelmsford or any part thereof, and water, fix and may regulate the use of such water and fix and collect etc. collect rates, Town of erty, rights, etc. rates for the use of the same; and the said town or any fire district now or hereafter established therein, or any individual or corporation, may make such contract with the city of Lowell for the extinguishment of fires and for other purposes as may be agreed upon between said town, fire district, individual or corporation, and the city of Lowell; and the said city may establish and maintain fountains and hydrants and relocate or discontinue the same. SECTION 3. The town of Chelmsford shall have the may take prop right at any time to take, by purchase or otherwise, the property and all the rights and privileges of the city of Lowell held under the provisions of this act within the town of Chelmsford, on payment to said city of the actual cost of the same. The city of Lowell shall keep a separate account of the construction expenses and receipts of its plant within the town of Chelmsford, which account shall be open to the selectmen or other committee appointed by the said town. In case said town shall vote to purchase said property, rights and privileges, and cannot agree with the city of Lowell upon the amount of the total actual cost thereof, then in a suit in equity brought either by the city or by the town the supreme judicial court shall ascertain and fix such total cost in accordance with the foregoing provisions, and shall enforce the right of the town of Chelmsford to take possession of said property, rights and privileges, upon the payment of such cost to the city of Lowell. When to take effect, etc. Chap.340 Certain compa. nies may insure against loss or damage by SECTION 4. This act shall take effect upon its passage, but shall become void unless the city of Lowell shall begin to distribute water through its pipes to consumers in the town of Chelmsford within three years after the date of the passage of this act. Approved April 23, 1902. AN ACT TO AUTHORIZE CERTAIN GUARANTY AND SURETY COM- Be it enacted, etc., as follows: SECTION 1. Any insurance company authorized to do business in this Commonwealth under the third clause of burglary, theft, section twenty-nine of chapter one hundred and eighteen of the Revised Laws may in connection therewith engage etc. in the business authorized under the eleventh clause of companies to before being SECTION 2. A foreign insurance company, if incor- Certain foreign porated or associated under the laws of any government make a deposit or state other than the United States, or one of the United admitted to do States, shall not be admitted to do the business in this business, etc. Commonwealth authorized in the preceding section until it has made a deposit with the treasurer and receiver general or with the financial officer of some other state of the United States of an amount not less than the capital required of like companies under this act. Such deposit must be in exclusive trust for the benefit and security of all the company's policy holders and creditors in the United States, and may be made in the securities but subject to the limitations specified in section thirty-four of chapter one hundred and eighteen of the Revised Laws, and such deposit shall be for all purposes of the insurance laws the capital of the company making it. insurance to contained policy. SECTION 3. Contracts of insurance against loss or dam- Contracts of age by burglary, theft or housebreaking shall not be in- against loss by corporated in any contract of insurance guaranteeing the brained fidelity of persons in positions of trust, private or public, in a separate or on any bond on which a fidelity company is surety, but shall be contained in a separate and distinct policy. SECTION 4. This act shall take effect upon its passage. Approved April 23, 1902. AN ACT MAKING APPROPRIATIONS FOR IMPROVEMENTS AT THE IZED BY LAW. Be it enacted, etc., as follows: Chap.341 SECTION 1. The sums hereinafter mentioned are ap- Appropriations. propriated, to be paid out of the treasury of the Commonwealth from the ordinary revenue, for the purposes specified in certain acts and resolves of the present year, and for certain other expenses authorized by law, to wit: cock. For Annie M. Babcock, as authorized by chapter thirty Annie M. Babof the resolves of the present year, the sum of one hundred dollars. |
