act shall be immediately canceled, and a certificate executed by the officers issuing such new bonds shall be forthwith made and filed by them in the county clerk's office of the proper county, which shall state the amount of existing bonds so canceled and of new bonds so issued. This act shall not be so constructed as to authorize the issue of new bonds to supersede or pay existing bonds which have been adjudged invalid by the final judgment of a competent court. The new bonds so to be issued shall be made payable at any period or periods deemed advisable by the officers issuing the same, not less than two years or more than thirty years from their date; and shall bear date and draw interest from the date of the payment of existing bonds, or the receipt of money to pay existing bonds; and shall be issued in no case at less than for their par value. (Thus amended, chap. 453, Laus of 1883.)

New bonds to be valid; recital in same.

§ 2. The bonds issued under the provisions of this act when substituted or sold to retire existing bonds, by any authorized officers of any town, village, city or county, or their successors in office, shall be valid and binding on the town, village, city or county wherein they are issued, and such bonds shall contain a recital that they are issued under the provisions of this act, and such recital shall be conclusive evidence in any court of the validity of said bonds and the regularity of their issue.

New bonds exempt from taxation.

§ 3. All new bonds issued by any village, city, town or county in this state, under the provisions of this act, shall be exempt from taxation for town, county, municipal or state purposes until the period when they are made payable.

Commissioners, supervisors and financial officers required to report annually; to whom to report, and what.

§ 4. It shall be the duty of the railroad commissioners, supervisors and financial officers of towns, villages, cities and counties, having in charge the moneys received and collected, and responsible for the payment of the interest and principal due on bonds issued under this act, and they are hereby required to report annually to the board of supervisors of counties, the trustees of villages and the mayor and board of aldermen or common council of cities, as the case may be, as now required by law, the sum due and payable the succeeding year; both principal and interest on said bonds.

Tax to pay bonds.

§ 5. It shall be the duty of the board of supervisors of counties, the trustees of villages, and the boards of aldermen, and the common councils of cities, and they are hereby required to levy and collect in each year upon the towns, villages, cities or counties severally obligated, moneys sufficient to pay such interest when and as it shall fall du and the principal of such bonds when and as the same shall become due and payable.

CHAP. 316, LAWS OF 1886.

AN ACT in relation to the bonded indebtedness of villages, cities, towns and counties in this state, and to provide means for the payment and refunding thereof.

Bonded indebtedness, how paid up or retired; rate of interest on new bonds; old bonds to be canceled.

SECTION 1. The present bonded indebtedness of any village, city, town or county in this state, including interest past due and unpaid, may be paid up or retired by the issue of new bonds for like amounts by the board of trustees, mayor or common council, town board, board of supervisors or supervisor, or railroad commissioners or officer or officers now having in charge according to law the payment of interest or principal on bonds herein proposed to be paid or retired respectively of such village, city, town or county; provided, however, that such new bonds shall be issued only when existing bonds can be retired by the substitution therefor of such new bonds or can be paid up by money realized on the sale of such new bonds, but where the said bonded indebtedness shall become due within two years from the issue of the said new bonds, then such new bonds may be issued or sold to provide money in advance, with which to pay up such existing bonds, when they shall become due and payable; and provided, further, that such new bonds shall bear interest at a rate not exceeding four per centum per annum, payable semi-annually or quarterly. All existing bonds taken up by the substitution of such new bonds, or paid under the provisions of this act, and all new bonds and coupons, when paid up as herein provided, shall be immediately canceled as now provided by law, and a certificate executed by the officers issuing such new bonds shall be forthwith made and filed by them in the county clerk's office of the proper county, which shall state the amount of existing bonds so canceled and of new bonds so issued. This act shall not be so construed as to authorize the issue of new bonds to supersede or pay existing bonds which have been adjudged invalid by the final judgment of a competent court. The new bonds

so to be issued shall be made payable at any period or periods deemed advisable by the officers issuing the same, not less than one year nor more than forty years from their date; and shall bear date and draw interest from the date of the payment of existing bonds, or the receipt of the money to pay existing bonds; and an amount not less than two per cent of the whole amount of said bonds so issued shall be made payable and shall be paid and retired, each and every year after the issue thereof, and said bonds shall be issued in no case at less than for their par value.

Validity.

82. The bonds issued under the provisions of this act when submitted* or sold to retire existing bonds, by any authorized officers of any town, village, city or county, or their successors in office, shall be valid and binding on the town, village, city or county wherein they are issued, and such bonds shall contain a recital that they are issued under the provisions of this act, and such recital shall be conclusive evidence in any court of the validity of said bonds and the regularity of their issue.

Exempt from taxation.

§ 3. All new bonds issued by any village, city, town or county in this state, under the provisions of this act, shall be exempt from taxation for town, county, municipal or state purposes, until the period when they are made payable.

Duty of railroad commissioners.

§ 4. It shall be the duty of the railroad commissioners, supervisors and financial officers of towns, villages, cities and counties, having in charge the money received and collected, and responsible for the payment of the interest and principal due on bonds issued under this act, and they are hereby required to report annually to the board of supervisors of counties, the trustees of villages and the mayor and board of aldermen, or common council of cities as the case may be, as now required by law, the sum due and payable the succeeding year, both principal and interest, on said bonds.

Duty of boards of supervisors, common councils, etc.

§ 5. It shall be the duty of the boards of supervisors of counties, the trustees of villages, and the board of aldermen and the common council of cities, and they are hereby required to levy and collect in each year upon the towns, villages, cities or counties severally obligated,

*So in original.

money sufficient to pay such interest when, and as it shall fall due and the principal of such bonds when and as the same shall become due

and payable.

Commissioners to give bonds.

§ 6. Before the said commissioners or either of them shall enter upon the discharge of their duties under this act, they shall jointly and severally with two or more sureties execute to the supervisor of said town or city a bond in the penal sum equal to one-fourth the amount to be issued by said town or city under and by virtue of this act, conditioned for the faithful discharge of their duties as commissioners under this act and existing laws, and for the just and honest application by them of all moneys or bonds issued by them or coming into their hands as such commissioners. The sufficiency of said. sureties shall be determined by the supervisor of said town or city, or the county judge of the county wherein said town is situated, or any justice of the supreme court, and shall be indorsed on said bonds. The said bonds shall immediately thereafter be deposited with the supervisor or supervisors of said town or city, to be collected by him or his successors in office for the use and benefit of said town or city, in case the said commissioners, or either of them, are guilty of such a breach of duty or malfeasance in office as to render said bonds collectible; and it is further provided, that any willful appropriation or embezzlement or wrongful conversion of any said town bonds, or the moneys arising from the same, or the moneys to be raised by a sale thereof, as provided by this act, or of moneys to be raised by tax as aforesaid to an amount exceeding $1,000, shall be a felony punishable by imprisonment in the state prison for a term not exceeding ten years.

CHAP. 421, LAWS OF 1875. AN ACT to authorize towns, cities and villages to pay their bonds, issued for railroad purposes, by exchanging therefor their railroad stock or bonds, and to exchange their stock of any railroad corporation for the bonds of such corporation.

Town, city or village may exchange its bonds for railroad bonds or stocks; cancellation of bonds.

SECTION 1. It shall be lawful for any town, city or village to exchange the bonds and stock of any railroad corporation for and in payment of the bonds of any such town, city or village, heretofore issued in aid of any such railroad corporation, and it shall be lawful

for any town, city or village to exchange the stock of any railroad corporation for the bonds of such corporation; and such exchange may be made by the officers of such town, city or village having the lawful charge and custody of such railroad stock and bonds, but the same shall not be thus exchanged for less than the par value thereof; and when any such exchange shall be made, report thereof shall be made, by the officers making the same, to the then next meeting of the board of auditors of their town, the common council of their city, or the board of trustees of their village; and the town, city or village bonds obtained by such exchange shall thereupon be canceled.

CHAP. 124, LAWS OF 1883.

AN ACT to amend chapter five hundred and twenty-two of the laws of eighteen hundred and eighty-one, entitled "An act in relation to the bonded indebtedness of villages, cities, towns and counties in this state, created in aid of railroads."

Indebtedness may be paid by issue of new bonds; proviso; existing bonds to be canceled; construction of act; new bonds, when to be made payable.

SECTION 1. Section 1 of chapter 522 of the Laws of 1881, entitled "An act in relation to the bonded indebtedness of villages, cities, towns and counties in this state, created in aid of railroads," is hereby amended so as to read as follows:

§ 1. The present bonded indebtedness of any village, city, town or county in this state, which was created to aid in the construction of any railroad, or which was created in the renewal or extension of any such indebtedness, or of any part thereof, may be paid up or retired, in whole or in part, whether due or to fall due by the issue of a new bond or bonds by the board of trustees, mayor and common council, town board, board of supervisors, or supervisor or railroad commissioners, or officer or officers now having in charge, according to law, the payment of interest and principal on bonds herein proposed to be paid and retired, respectively, of such village, city, town or county; provided, however, that such new bond or bonds shall be issued only when the existing bond or bonds can be retired by the substitution therefor of such new bond or bonds; or can be paid up by money realized on the sale of such new bond or bonds; and, provided, further, that such new bond or bonds shall bear interest at a rate not exceeding five per centum per annum, payable semi-annually. Any existing bond or bonds taken up by the substitution of such new