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New York, L. 1869, Chap. 592.
change the same, in whole or in part, for the bonds issued under the authority of this act; and in such case they shall cancel the bonds so received by them or they may dispose of such stock in their discretion to any purchaser or purchasers for cash, but shall not sell or dispose of such stock at less than par except at public sale, of which twenty days' notice shall be given in two newspapers published in their respective counties; but no such sale shall be made except by consent obtained to the extent and in the manner provided in the second section of this act; and in case of sale of said stock, either at public or private sale, the proceeds thereof shall be applied by said commissioners respectively to the purchase or redemption of the bonds authorized to be issued by this act, and for no other purpose whatever.
Sec. 7. After the expiration of twenty-tive years from the passage of this act, it shall be and it is hereby made the duty of the said board of supervisors and they are hereby authorized, unless the payment of said bonds is otherwise provided for, to cause to be assessed and levied and collected on the real and personal estate of each of, said towns at the time and in the same manner as other taxes are assessed, levied and collected, the som due on the said bonds so issued in pursuance of this act, together with the interest on said principal sum, or so much thereof as may remain unpaid by reason of the deficiency of the dividends and sale arising from the said stock. The amount so to be raised by the said board of supervisors for the payment of the principal or interest, shall be determined by the report of said commissioners respectively to the said board of supervisors as herein before authorized by this act.
SEC. 8. The said commissioners shall also provide within five years from the time of issuing said bonds for the annual payment of at least five per cent of the same, so as to insure the final liquidation of said bonds within twenty-five years after their date, and for that purpose they shall receive and apply annually the surplus dividends on the stock held by said towns over the amount necessary to pay the annual interest on said bonds; and if the amount of such surplus dividends is not sufficient for the annual payment of said five per cent, and the said commissioner shall not have received sufficient from the sale of stock as herein provided to pay the same, then the deficiency shall be reported by the said commissioners to the board of supervisors, to be levied and raised annually in the manner herein provided for paying the interest on said bonds.
New York, L. 1869, Chap. 592.
SEC. 9. 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 supervisors of their respective towns a bond in the penal sum equal to the amount to be issued by said towns, under and by virtue of this act, conditioned for the faithful discharge of their duties as commissioners under this act and for the just and honest application by them of all moneys, stocks or bonds issued by them coming into their hands, according to the true intent and meaning of this act. The sufficiency of said sureties shall be determined by the supervisors of the said towns respectively, or by the county judge of Oneida county, to be indorsed on said bonds. The said bonds shall immediately thereafter be deposited with the supervisor of each of said towns, to be collected by him, or his successor in office, for the use and benefit of said town 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 bopd collectible.
Sec. 10. In case a vacancy shall happen by reason of death, removal from said town, resignation or refusal to serve or otherwise of either of said commissioners provided for in this act, the vacancy shall be filled by the remaining commissioners of the town in which the vacancy so exists by appointment in writing, to be deposited with the supervisor of said town. Each and every person thus appointed shall before he enters upon the discharge of his duties execute and deliver to said supervisor a bond in like amount, with like conditions and securities as hereivbefore provided ; and all provisions of this act shall apply to the successors of the commissioners provided for in this act, whose powers and duties and liabilities shall be the same as those of the commissioners first appointed under this act.
Sec. 11. Each of the said commissioners shall receive the sum of three dollars per day for each day actually engaged in the discharge of his duties under this act, and his necessary disbursements, to be audited and paid by the said town the same as other town expenses.
SEC. 12. The commissioners in each of said towns shall constitute a board to act for their said town respectively, and a majority of the said commissioners in each of said boards shall constitute a quorum to do any business authorized by this act.
SEC. 13. On the expiration of the term of office of either of the commissioners provided for in this act, or of their successors, bis New York, L. 1869, Chap. 592.
place shall be filled in the manner provided in the first section of this act. And the commissioners so appointed, as well as those to be appointed, under the tenth section of this act, shall be residents and freeholders of the town for which they are to act as such commissioners.
Sec. 14. All bonds issued in accordance with the provisions of this act shall be registered in the office of the county clerk of Oneida county, and the words “registered in the county clerk's office," shall be written or printed across the back of each bond, attested by the signature of the county clerk when so registered ; and no bond shall be valid unless so registered.
SEC. 15. This act shall take effect immediately.
NEW YORK, LAWS OF 1870, CHAP. 505.
AN ACT TO MAKE CERTAIN PROVISIONS OF AN ACT ENTITLED “ AN
ACT TO AUTHORIZE THE TOWNS OF KIRKLAND), WESTMORE-
THIS ACT, FOR THE PURPOSE OF BUILDING A
Passed April 28, 1870; three-fifths being present.
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
SECTION 1. All the provisions of the act entitled "An act to authorize the towus of Kirkland, Westmoreland and Rome, in Oneida county, to issue bonds and take stock in any company vow organized or thai may bereafter be organized within two years after the passage of this act, for the purpose of building a railroad from Clinton, Oveida county, to Rome in said county," passed May fifth, eighteen hundred and sixty-nine, applicable to the town of Rome, shall be applicable to the city of Rome, and all proceedings bad under this act before the said town became the city of Rome shall be valid and effectual for every purpose, and may be continued and carried out with such change only as the change in the corporate character of the town has made necessary; and any bond required by said act to be executed to or approved by the supervisor of said town, may be executed to or approved by the mayor of said city.
SEC. 2. This act shall take effect immediately.
AGREEMENT BETWEEN THE NEW YORK AND OSWEGO
MIDLAND R. R. CO. AND THE DEL. AND HUD. C.
FOR GUARANTY BY THE D. & H. C. Co. OF THE PAYMENT OF THE
RENT UNDER THE LEASE OF THE ROME AND CLINTON TO THE
AGREED BY AND BETWEEN THE NEW YORK AND OSWEGO MIDLAND RAILROAD COMPANY AND THE DELAWARE AND HUDSON CANAL COMPANY, AS FOLLOWS :
THE NEW YORK AND OSWEGO MIDLAND RAILROAD COMPANY, in consideration of the guaranty by the DELAWARE AND Hudson CANAL COMPANY, of the annual rent agreed to be paid by the New York and Oswego Midland Railroad Company to the ROME AND CLINTON RAILROAD COMPANY, agrees
FIRST. - That they will execute, on or before the execution of the proposed lease with the Rome and Clinton Railroad Company, a paper or contract which shall place the coal business of the Delaware and Hudson Canal Company upon the railroad leased as aforesaid, upon the same basis as has been agreed upou by the parties hereto, for the business to be done by the Delaware and Hudson Canal Company upon the main line of the said New York and Oswego Midland Railroad Company and its branches.
SECOND.— That they will, by good and sufficient agreement or assignment, transfer to the Delaware and Hudson Canal Company the lease of the said Rome and Clinton Railroad Company, as collateral security to the guaranty of said lease ; said transfer or agreement to contain a clause or covenant sufficient in law that they, the New York and Oswego Midland Railroad Company, will yield up full, quiet and peaceable possession of the said leased railroad and its appurtenances to the Delaware and Hudson Canal Company, its successors and assigns, if they, the said New York and Oswego Midland Railroad Company, default at any time, during the continuance of the aforesaid lease, in the payment of the semi-annual rent for ninety days after the same becomes due and payable, which is to be guaranteed by the said Delaware and Hudson Canal Company. It being