LAWS

OF THE

STATE OF NEW YORK,

PASSED AT THE

EIGHTY-FIRST REGULAR SESSION OF THE LEGISLATURE, BEGUN

THE FIFTH DAY OF JANUARY, AND ENDED THE

NINETEENTH DAY OF APRIL, 1858,

AT THE CITY OF ALBANY,

Chap. 1.

AN ACT to amend an act entitled "An act to

authorize the city of Utica to take stock in

the Black River and Utica Railroad, and to

sell its bonds to provide for the payment

thereof," passed May twenty-seventh, eighteen

hundred and fifty-three.

Passed February 3d, 1858, three-fifths being present.

The People of the State of New York, represented

in Senate and Assembly, do enact as follows:

borrow

SECTION 1. The common council of the city of Utica, common

are hereby authorized and required to borrow on the bonds council to
of said city, to be executed under the corporate seal, and to $15,000.
be signed by the mayor and clerk, the sum of fifteen thou-
sand dollars, and such further sum as may be necessary for
the purpose of satisfying and discharging the interest which

Bonds.

became payable on the first day of May and the first day of November, eighteen hundred and fifty-seven, upon the sum of two hundred and fifty thousand dollars, heretofore borrowed by the said city, pursuant to the act hereby amended, and for the purpose of satisfying the interest on the said arrears of interest from the time the same became payable. The bonds to be executed pursuant to this section, to be made payable at such time or times as shall be determined upon by the common council, not exceeding in regard to any of them, the period of five years from the time of the Interest on passage of this act. They shall have such interest as shall be agreed upon between the said common council and the lenders of said money, not exceeding seven per cent per annum, and such interest may be made payable periodically at such times as shall be agreed upon as aforesaid. The said bonds shall not be sold below par by the city of Utica.

bonds.

Tax.

Common council to borrow money.

§ 2. The principal moneys and the interest to become payable upon the bonds to be executed pursuant to the first section of this act, shall be levied and collected upon and out of the taxable property of the said city in season to pay the same according to the exigency of said bonds, in the same manner as other city taxes are by law required to be levied and collected.

§3. The said common council of the city of Utica, is hereby authorized and required annually hereafter, while the moneys borrowed pursuant to the act hereby amended shall remain unpaid, to cause to be levied and collected upon and out of the said taxable property in manner aforesaid, the sum of fifteen thousand dollars, for the purpose of a satisfying and discharging the interest upon the said debt of two hundred and fifty thousand dollars, and also such sum as shall be necessary to pay the interest on any moneys to be borrowed to satisfy the interest which shall become payable on the first day of May preceding the time of the collecting the said interest moneys in each year. And the said common council is hereby authorized and required annually to borrow upon the bonds of the said city, to be executed in the manner aforesaid, the amounts which may be necessary to make the aforesaid payments of interest to become due on the first day of May aforesaid; but the bonds to be issued pursuant to this section shall be made payable on or before the first day of December next after the same shall be issued.

§ 4. The moneys to be borrowed and the moneys to be