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New York, L. 1852, Chap. 113.

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thereof actually put under contract in the county of Broome, by way of what is termed the northern route, and terminate within or near the corporation of said village of Binghamton, and shall have expended the sum of fifty thousand dollars in grading the road within the county of Broome, the fulfilment or requirements of which condition shall be decided and determined by the said commissioners, whose decision shall be made in writing, signed and filed with the board of trustees previous to the negotiation of said bonds.

Sec. 12. This act shall take effect immediately.

NEW YORK, LAWS OF 1852, CHAP. 373.

AN ACT TO AMEND AN ACT ENTITLED “ AN ACT AUTHORIZING THE PRESI

DENT AND TRUSTEES OF THE VILLAGE OF BINGHAMTON TO TAKE
STOCK IN THE ALBANY AND SUSQUEHANNA RAIL ROAD”, PASSED
MARCH TWENTY-SEVENTH, EIGHTEEN HUNDRED FIFTY-TWO.

Passed April 16th, 1852, three-fifths being present.

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

SEC. 1. The ninth section of said act is hereby amended so as to read as follows :

Within sixty days after the passage of this act due notice shall be given by the said trustees for a special election in said village, to be holden in each ward by the trustees thereof, and conducted in the same manner as the annual charter election in said village, escepting no vote shall be taken from an elector whose name does not appear on the assessment roll as above provided. The said trustees shall provide a box in each ward in which each elector qualified to vote under this act may deposit a vote or ballot on which shall be written or printed the words “ For Albany and Susquehanna Rail Road stock", or the words, " Against Albany and Susquehanna Rail Road stock”. The ballots on wbich shall be writteu or printed the words, “ For Albany and Susquehanna Rail Road stock”, shall be deemed as approving of this act, and those on which are written or printed the words, “ Against Albany and Susquehanna Rail Road stock ”, shall be deemed as not approving of it. The said several boxes in each ward of said village shall be kept open for the receipt of votes from nine o'clock in the forenoon until five o'clock in the afternoon on the day on which said election shall be held. Each of said Trustees after canvassing the said votes in each of the said wards shall immediately thereafter certify and return to the clerk of the board of said trustees, the aggregate number of votes taken, desiguating how many for and how many against taking said rail road stock.

Sec. 2. This act shall take effect immediately.

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NEW YORK, LAWS OF 1852, CHAP. 195.

AN ACT TO AUTHORIZE THE CITY OF ALBANY TO MAKE A LOAN TO

THE ALBANY AND SUSQUEHANNA RAILROAD COMPANY.

Passed April 10, 1852; three-fifths being present.

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

SECTION 1. It shall be lawful for the mayor, aldermen and commonalty of the city of Albany to issue bonds, under their corporate seal, to the amount of one million of dollars, and to loan the same to the Albany aud Susquehanna Railroad Company, the said bonds to be issued in sums of not less than one thousand dollars each, to bear interest at the rate of six per cent per annum, payable semiannually, and the principal reimbursable at the expiration of thirty years from the time of issuing the same.

SEC. 2. No portion of the above recited bonds shall be issued or loaned to the said company until the following requirements shall bave been fully carried into effect, as follows:

1. Satisfactory evidence to be furnished to the common council of the city that the route of the road for its entire length, and depot grounds have been designated and purchased; such depot grounds in Albany to be within that portion of the corporate limits of the city lying south of Hamilton street. The passenger depot is to be located between Gansevoort and Hamilton streets, and the freight depot and work-shops between Ferry and Gansevoort streets, and that said grounds and roadway have been paid for by said company, and are free from incumbrance, so that the mortgage shall be the first lien thereon.

2. The like evidence to be furnished that the company have procured by subscription, and actually expended in the construction of their road, an amount equal to ten thousand dollars per mile, computing the entire line of road from Albany to Binghamton.

3. The like evidence to be furnished that the net avails of the bonds herein authorized to be issued by the city, together with the aid to be procured on the bonds of the company, will complete the road.

4. To execute to the mayor, aldermen and commonalty of the city of Albany, a mortgage on their real estate, road and appurtenances, to secure the payment of the priucipal and interest of the

New York, L. 1852, Chap. 195.

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bonds of the city herein authorized to be issued, and also the payment to the trustees of the sinking fund of the city of Albany of the premiums which the said company may receive on the sale of said bonds, and the further payment to the said trustees of one per cent per annum on the entire loan herein authorized. Sec. 3. Upon the production to and acceptance of the

. evidence and the approval of the mortgage by the common council, as provided for in the preceding section, the mayor of the city shall execute and deliver to the Albany and Susquehanna Railroad Company the bonds of the city, as authorized by the first section of this act; the said bonds shall be issued as the same may from time to time be required by the company, but no issue shall at any time be made exceeding the suin of two hundred and fifty thousand dollars, and after the first issue of bonds shall have been delivered to the company, no subsequent issue shall be demanded or authorized until the company have furnished the same evidence as required by the second section of this act, that they have procured from some other source and actually expended in the construction of their road, or in the procurement of equipments, an amount equal to the bonds of the city previously issued and delivered to said company, and that they have expended the moneys realized on the sale of said bonds in completion of the road, commencing withiu the city of Albany, south of Hamilton street.

Sec. 4. The bonds of the city herein authorized to be issued, may at any time, at the option of the holder, be converted into stock of the company, and when so converted, the said bonds shall be returned to the chamberlain of the city of Albany, and by him be duly canceled.

SEC. 5. The moneys which the trustees of the sinking fund of the city of Albany shall receive from premiums, and the annual percentage recited in the second section of this act shall be by them invested in stocks of the United States or of the State of New York, bonds of the city of Albany, or loaned on bond and mortgage on property in the city of Albany worth at least twice the value of the sum loaned, and shall constitute a sinking fund for the ultimate payment of the bonds of the city herein authorized to be issued.

Sec. 6. The directors of the Albany and Susquehanna Railroad Company shall be at liberty to issue mortgage bonds of the company to the amount of one million of dollars, which shall be a lieu

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on their real estate, road and appurtenances, equal and to the same extent as the mortgage executed to the mayor, aldermen and commonalty of the city of Albany.

Sec. 7. The evidence required by the second and third sections of this act shall be under oath, and when accepted and approved be placed on file in the office of the chamberlain of the city ; and the resolution or evidence of acceptance and approval be recorded in the minutes of proceedings of the common council.

Sec. 8. The common council of the city of Albany shall after the first issue of bonds herein anthorized, appoint one director of the Albany and Susquehanna Railroad Company; the said director shall be a resident of the city, and when so appointed shall possess all the powers now enjoyed by any member of the present board, and shall bold his office during the pleasure of the mon council; and the power of appointment hereby conferred sball continue until the bonds of the city issued to said company shall bave been fully paid and satisfied.

Sec. 9. This act shall not take effect until it shall have been submitted to the electors of the city of Albany qualified to vote at an election for charter officers of said city, at a special election to be held within sixty days from the passage of this act, for the purpose of determining whether it is expedient for the mayor, aldermen and commopalty of said city to loan their corporate bonds to the Albany and Susquehanna Railroad Company as herein provided. The inspectors heretofore chosen in the several election districts of said city, shall hold said special election, and any Vacancy which may exist shall be filled in the manner now provided by law. The said election shall be conducted in the same manner as charter and State elections are conducted in said city, and all the provisions of law relative to the same are hereby extended to and made applicable to said election. The inspectors in each election district shall provide a box in which each elector qualified at the time of said election to vote may deposit a ballot, on which shall be written or printed the words “ For the railroad loan,” or the words “ Against the railroad loan;" those ballots on which shall be written or printed the words “For the railroad loan,” shall be deemed as approving of this act, and those upon which shall be written or printed the words “ Against the railroad loan,” shall be deemed as not approving of it. The said box shall be kept open for the reception of ballots from nine o'clock in the morning until

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