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Annual
payments.
1893, 454,
$9.
1894, 182.

SECTION 8. Instead of issuing the bonds authorized by the preceding section, a city or town may provide for the payment of the debt incurred by it under the provisions of this chapter by such annual payments as will extinguish such debt within thirty years, and may issue bonds, notes or scrip therefor. The amount required for such annual payments shall, without further vote, be annually assessed by the assessors until said debt shall be extinguished, in the same manner as taxes are assessed under the provisions of section thirty-seven of chapter twelve.

Annual pay.
ments in lieu
of sinking
fund.
1882, 133,
§ 1.
Amended.
1908, 341,
§ 1.

Revised Laws, Chapter 27, § 13. SECTION 13. A city or town, instead of establishing a sinking fund, may vote to provide for the payment of any debt by such [annual proportionate] payments as will extinguish the same at maturity, but so that the amount of such annual payment in any year and the whole interest of such debt payable in the same year shall not together be less than the aggregate amount of principal and interest payable in any subsequent year, and thereupon such annual (proportion] amount shall, without further vote, be assessed under the provisions of section thirty-seven of chapter twelve until such debt is extinguished.

to be made of

Acts of 1910, Chapter 379.
An Act to Determine the Disposition to be made of Premiums

upon Municipal Bonds. Disposition SECTION 1. Whenever a city, town, fire district, or water dispremiums

trict shall issue and sell bonds to pay for the construction, purupon municipal bonds

chase or extension of water works, sewerage or sewage disposal determined.

systems, electric lighting plants, street pavements or other public improvements, or for the refunding of any debt previously contracted for any such purpose, any premium received upon such bonds, less the cost of preparing, issuing and marketing them, shall be applied to the payment of the principal of the bonds in the manner prescribed in the following sections.

SECTION 2. When a sinking fund has been or is to be estabsinking fund

lished to pay said bonds at maturity, the premium shall be added forthwith to the sinking fund, and the amount of the annual contribution to be made to the sinking fund shall be reduced

correspondingly. To be applied SECTION 3. In case no sinking fund is established for the to the payment of principal of retirement of the bonds, but in lieu thereof certain of the bonds first bond to

mature and are to be paid at fixed periods, any premium received certain cases,

To be added to

in certain cases, etc.

mature in

etc.

the bureau of statistics to

as set forth in section one shall be applied to the payment of the principal of the first bond or bonds so to mature; and the contributions from other sources for the payment of said bonds shall be reduced correspondingly.

SECTION 4. This act shall take effect upon its passage. [Approved April 8, 1910.

Acts of 1910, Chapter 616.
An Act Relative to the Form of Notes to be issued by Towns for

Money Borrowed. SECTION 1. The director of the bureau of statistics shall fur- Director of nish to the treasurer of every town within the commonwealth a book of forms for the issue of notes for money borrowed by the issue book of town. The note shall state the amount thereof, the date of issue, town notes, the interest which it bears, and the date when it will become due for payment, and a record of every note so issued shall be kept by the treasurer of the town in such form as the director of the bureau of statistics may designate.

SECTION 2. Whenever a town votes to raise money otherwise Issue of notes than by the issue of bonds to be paid for from a sinking fund by towns, etc. or by the serial method, so-called, the treasurer shall make a note or notes for the amount of the proposed loan, and shall use one or more in serial order of the forms furnished as hereinbefore provided, with the blank spaces properly filled in, and shall sign the same in the space or spaces provided, and a majority of the selectmen shall countersign and approve each note in the presence of the town clerk, who shall certify to the fact on the face of the note and affix thereon the town seal in a space to be provided therefor. The treasurer, after making a record of the transaction in accordance with the provisions of section one, shall forward every such note to the director of the bureau of statistics, together with a copy of said record, and a copy of the vote authorizing the loan, certified by the town clerk, and a certification by the town clerk that the person whose signature appears upon the note as that of the treasurer was the duly authorized treasurer of the town at the date when such signature was made, and that the persons whose signatures appear upon the note as those of a majority of the selectmen were duly qualified selectmen when such signatures were made, and he shall at the same time forward the fee provided for by section four of this act. If upon examination said director finds that the note appears to have been duly issued in accordance with the vote of the town, and to have been signed by the duly qualified officials thereof, as herein provided, he shall so certify, and the director shall

Director to
be notified of
payment, etc.

Fee.

thereupon return the note by registered mail to the treasurer of the town.

SECTION 3. Whenever any note issued by a town within the commonwealth, whether such note was issued before or after the passage of this act, shall have become due and shall have been paid, the town treasurer shall immediately notify the director of the bureau of statistics of such payment, stating the source from which the money to pay the same was obtained.

SECTION 4. The director of the bureau of statistics shall establish a reasonable fee to be charged for every note certified, and shall turn over monthly to the treasurer of the commonwealth all such fees.

SECTION 5. A town treasurer who violates any provision of this act shall be liable to a fine of not less than one hundred nor more than five hundred dollars.

SECTION 6. This act shall take effect on the first day of January in the year nineteen hundred and eleven. [Approved June 10, 1910.

Penalty.

Time of taking effect.

Enlargement
of plant.
1891, 370,
§ 5.

Purchase of
established
plant.
1891, 370,
§ 12.
1893, 454,
§ 5.
1894, 538.

SECTION 9. A city or town which owns such a plant shall not, except by a vote taken in the manner prescribed in section eight of chapter twenty-seven, reconstruct, enlarge or extend the same beyond the necessary and ordinary maintenance, repair and replacement thereof, or the provision of increased appliances necessary to distribute gas or electricity to new consumers.

SECTION 10. If, when a city or town votes to establish a municipal lighting plant, any person or corporation engaged at the time of the first vote required by sections two

and three of this chapter in the business of generating or 179 Mass. 382. distributing gas or electricity for sale for lighting pur

poses in such city or town shall elect to sell in the manner hereinafter provided, the city or town shall purchase of him or it such portion of his or its plant and property within the limits of such city or town as is suitable for and is used in connection with such business. Such purchase shall be required to include both a gas and electric lighting plant only if a single corporation owns or operates both such plants. If the main gas works or the central electric lighting station lie within the city or town limits, such city or town shall purchase the whole of such plant and the property used in connection therewith, lying within

1903, 255.

such limits, at its fair market value for the purposes of its use; but no portion of such plant shall be estimated at less than its fair market value for any other purpose, including, as an element of value, [locations or similar rights Amended. and] the damages, if any, caused by the severance of any portion of such plant lying outside such city or town limits, if they are not purchased by the city or town, and excluding any mortgage or other encumbrance or lien to which such plant or any part thereof may be subject at the time of such purchase. The city or town may require the plant and property to be transferred to it free of any mortgage or lien unless the commissioners appointed under the provisions of the following section otherwise determine. Such value shall be estimated without enhancement on account of future earning capacity or good will or of exclusive privileges derived from rights in the public streets. If the main gas works or central electric lighting station of such plant lie without the city or town limits, the city or town shall purchase only that portion of the plant or property within its limits, estimating its value as above provided, but without allowance of damages on account of severance of plant. No city or town shall be required to buy any apparatus or appliances which are covered by letters patent of the United States or embody a patentable invention unless a complete right to use the same and all other apparatus or appliances necessary for its use, to such extent as such city or town shall reasonably require, shall be assigned or granted to it at a cost as low as it would be to the person or corporation whose plant is purchased. No city or town shall be required to buy any property unnecessarily added to a plant after the passage of its first vote under the provisions of sections two or three, nor any property except such as would be suitable for the ordinary business of the vendor. If any property or plant which the city or town would be entitled or required to buy would not be available to it if purchased, by reason of liens, interests of third parties, private contracts or other causes whereby the city or town would be at a greater disadvantage in its use than the vendor, it may be released from buying the same, or it may be allowed an equitable discount from the purchase price as the commissioners provided for in the following section determine.

Enforcement
of purchase.
1891, 370,
$ 13.
1893, 454,
§ 4.

1905, 410, § 1.

[SECTION 11. Any person, or corporation who desires to enforce the obligation of a city or town under the pro

visions of the preceding section to purchase any property 16i Mass. 432. shall, within thirty days after the passage of the final vote kepenties: 346. of such city or town to establish a plant, file with its clerk

a detailed schedule of the property and a statement of the proposed terms of sale. If the parties fail to agree as to what property shall be sold, or as to the terms of sale and delivery, either party may, within sixty days after the filing of the schedule, apply by petition to the supreme judicial court which, after a hearing, shall appoint one or more commissioners who shall determine what property, real or personal, including rights and easements, shall be sold by the one and purchased by the other, and what the price, time and other conditions of the sale and delivery thereof shall be. Such commissioners shall file their report in the supreme judicial court for revision or confirmation. No commissioner shall be appointed until the expiration of sixty days after the filing of the schedule named in section fifteen unless the vote authorized by section sixteen has been passed, or unless it appears that the person or corporation filing the schedule owns no plant in an adjoining city or town which may be the subject of adjudication.]

Section 11. The owner of any plant for the manufacture or distribution of gas or electricity for light, heat or power in the city or town, who desires to sell the same under the provisions of this chapter, shall within sixty days after the passage of the final vote of the city or town required by section three of this chapter, file with; the clerk of the city or town a good and sufficient conveyance duly executed of such parts of his plant as defined in section ten of this chapter as he desires to sell, together with a detailed schedule of the plant included in the conveyance and a statement of the price which he is willing to accept in payment for the same. Upon the filing of this conveyance the property thereby conveyed shall vest in the city or town, which shall be entitled to the immediate possession and use of the property conveyed; and the owner shall surrender possession of the same upon request.

A city by vote of the city council, and a town by vote of the selectmen, may agree with the owner upon the price to be paid for the plant conveyed; but said agreement as to price shall not be binding in towns until ratified by a majority

Plants for
the manufac-
ture or dis-
tribution of
gas or elec
tricity may
be conveyed
to cities
towns, etc.
1905, 410,
§ 1.

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