CITY OF TROY
AND
SCHENECTADY AND TROY RAIL-ROAD.
To authorize the Corporation of the city of Troy to bor¬
row money for the purposes therein mentioned.
The People of the State of New-York, represented in
Senate and Assembly, do enact as follows:
§ 1. It shall be lawful for the mayor, recorder, al¬
dermen and commonalty of the city of Troy, to borrow,
on the faith and credit of said city, any sum of money
not exceeding five hundred thousand dollars, for a term
not exceeding twenty-five years, at a rate of interest not
exceeding six per cent, per annum; and to execute bonds
therefor under the common seal of the corporation of
said city, and the signature of the mayor, or recorder.
And as further security for the money so to be borrowed,
the said mayor, recorder, aldermen and commonalty
may pledge, hypothecate or mortgage, any real or per¬
sonal property belonging to said city, or to which they
may become entitled under the provisions of this act:
That the bonds so to be executed, may be for sums not
less than five hundred dollars each, and not exceeding in
the aggregate the said sum of five hundred thousand dol-
alrs; ihe said bonds to be in such form, and the principal
and interest made payable at such places and times, not
exceeding twenty-five years, as may be agreed upon with
the lenders.
AN ACT
Passed March 28, 1837.
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LIBRARY
®UR£AU OF RAILWAY ECONO
WASK1NCTOW, D. C
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§ 2. The moneys to be borrowed by authority of this
act, shall be invested in the'stock of the Schenectady and
Troy Rail-Road company, and employed and used in the
construction of the said road, its buildings and necessary
appurtenances, and for no other purposes whatever : and
for that purpose, the mayor, recorder, aldermen and com¬
monalty of the city of Troy, in their corporate name,
may subscribe for or purchase stock of the said company,
to the amount of the said sum of five hundred thousand^
dollars; and by virtue of said subscription, or purchase
of stock, and upon receiving certificates, or the transfer
of certificates, for the amount of said stock so by them to
be subscribed for or purchased, the said mayor, recorder,
aldermen and commonalty of said city, shall acquire all
the rights and privileges, and be liable to the same re¬
sponsibilities, as other stockholders in said company.
§ 3. It shall be lawful for the mayor, recorder, al¬
dermen and commonalty of the city of Troy, to loan to
any of the incorporated banks in the cities of Troy, Al¬
bany or Schenectady, during the time allowed by law for
constructing the said Rail-Road, any portion of said sum
of five hundred thousand dollars, which may not be im¬
mediately wanted for the payment of the stock so to be
subscribed for or purchased by them, or in the construc¬
tion of the said Rail-Road.
§ 4. In case the dividends arising from the stock so
to be subscribed for or purchased by the said mayor,
recorder, aldermen and commonalty of said city, shall
not be sufficient in any one or more years to pay inci¬
dental expenses and the interest of the moneys to be
borrowed by virtue of this act, it shall be and hereby is
made the duty of the said mayor, recorder, aldermen
and commonalty, and ;the said mayor, recorder, alder¬
men and commonalty of said city are hereby authorized
to cause to be assessed, levied and collected at the same
time and in the same5 manner as other contingent ex¬
penses of said city are assessed, levied and collected, such
sum or sums of money as may be necessary to make
good such deficiency, and to apply the same to the pay¬
ment of such interest. '
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i « '•<
AN ACT
Authorizing the Corporation of the city of Troy to create
a Sinking Fund.
Passed May 25, 1841, by a two-third vote.
The1 People of the State of New-York, represented in
Senate and Assembly, do enact as follows:
9 1. The common council of Troy shall annually
appoint a committee, to consist of six members, three of
whom shall be members of the common council, one
of whom shall be the mayor of the city and president of
the board, and another of whom shall be the chamber¬
lain of said city, to be called " The board of commis*
sioners of the Sinking Fund of the city of Troy," who
shall be a body corporate, and whose duty it shall be to
receive such funds as shall be placed in their hands by
the corporation of said city, and to deposit the same in
one or more of the safety fund specie-paying banks of
said city, provided such banks will pay interest therefor
at and after the rate of at least six per cent, per annum;
but in case neither of said banks will take said moneys
and pay interest for the use thereof at the rate of not less
than six per cent, per annum, then it shall be the duty of
said commissioners, with the consent of the common coun¬
cil, to make such other investment or disposition of the
funds entrusted to them under and by virtue of this act, as
they shall deem most conducive to the interests of said city;
and the said commissioners are hereby expressly prohib¬
ited from using or appropriating such funds for any pur¬
pose except in the payment of the debts of said city, by
the purchase or payment of its bonds, under the direction
of the common council thereof, or in pursuance of legis¬
lative enactments ; and said commissioners shall not di¬
rectly or indirectly receive any compensation for their ser¬
vices, and may be removed at any time by a majority of
the common council.
§ 2. The mayor, recorder, aldermen and common¬
alty of the city of Troy may raise annually by tax in said
city, a sum of money equal to one per cent, upon all
moneys borrowed or to be borrowed by them for the
construction of the Schenectady and Troy Rail-Road, 16
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create a sinking fund for the ultimate payment of the
money borrowed for that purpose. And the chamberlain
of said city shall from year to year pay over said moneys
to be raised by tax as aforesaid, whenever the same shall
be received by him, to the said Commissioners of the
sinking fund, to be by them invested and used for the
payment of the principal of the debt created for the
construction of said Rail-Road, and for no other purpose
whatever.
AN ACT
To amend " An Act authorizing' the Corporation of the
city of Troy to create a Sinking Fundf passed May 25,
1841, and for other purposes.
Passed March 24, 1842, by a two-third vote.
The People of the State of New-York, represented
in Senate and Assembly, do enact as follows:
§ 1. It shall be the duty of the mayor, recorder, alder¬
men and commonalty of the city of Troy, to raise annu¬
ally by tax, in the same manner that the taxes for the
ordinary contingent expenses of said city are raised, the
sum of twenty thousand dollars, in lieu of the one per
cent, authorized to be raised by the second section of the
act hereby amended, to be added to the sinking fund
created for the ultimate redemption of the debt contracted
or to be contracted for the construction of the Schenec¬
tady and Troy Rail-Road, to be managed, applied and dis¬
posed of in the same manner as is provided for in and
by the act hereby amended, in respect to the said one per
cent, and not otherwise ; provided that the commissioners
shall not be authorized to divert any portion of the money
raised by the provisions of the act hereby amended for
the purpose of creating said sinking fund, to any other
purpose than in the purchase by and with the consent of
the common council of said city, of any bond or bonds
issued by said city for the construction of said road; nor
shall the said commissioners be authorized to loan any
part of said moneys so as aforesaid to be raised for the
purpose of creating said sinking fund to the said city, or
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any other person or persons : and provided, also, that no
portion of the said sinking fund authorized by this act, shall
be raised on that part of the city of Troy which lies south
of the north line of the farm of Thomas Bumsted.
§ 2. And whereas doubts have arisen whether the said
mayor, recorder, aldermen and commonalty of the said
city of Troy, are now authorized by law to dispose of the
bonds which they were empowered to issue by the act en¬
titled "an act to authorize the corporation of the city of
Troy to borrow money for the purposes therein mentioned,"
passed March 28, 1837, when bearing an interest of six per
cent, per annum, below the par value thereof: Be it fur¬
ther enacted, that it shall be lawful for the said mayor, re¬
corder, aldermen and commonalty of the city of Troy, to
dispose of said bonds upon the best terms which can be
obtained for them, any law of this state to the contrary
notwithstanding.
§ 3. It shall be lawful for the said mayor, recorder, al¬
dermen and commonalty of the city of Troy to issue tem¬
porary bonds in such sums and for such terms as they may
think proper, not exceeding in the whole two hundred
thousand dollars, to bear interest at the rate of seven per
cent, per annum, in anticipation of the proceeds to arise
from the negotiation of the bonds authorized by the act
entitled " an act to authorize the corporation of the city
of Troy to borrow money for the purposes therein men¬
tioned," passed March 28, 1837, the proceeds whereof to
be applied towards the construction of the Schenectady
and Troy Rail-Road, and to no other purpose whatever.
§ 4. This act shall take effect immediately.
AN ACT
In addition to an act entitled " An Act to amend an act au¬
thorizing the Corporation of the city of Troy to create a
Sinking Fundf passed May 25, 1841, and for other
purposes, passed March 24, 1842.
Passed April 11, 1842, by a two-third vote.
The People of the State of New-York, represented in
Senate and Assembly, do enact as follows:
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' § 1., That nothing in the act to which this is an addition,'
or in the act to which that is an amendment, shall be so
construed as to prevent the commissioners of the sinking
fund from using any money which has been or may here¬
after be received by them in the purchase of the stock of
this state, or from depositing the same in such one or more
of the safety-fund specie paying banks in the city of Troy,
as shall agree to pay an interest therefor at and after the
rate of at least six per cent, per annum, until such money
can, in the opinion of the said commissioners, be advanta¬
geously used in the purchase of such bonds of the city of
Troy, as the said money is intended ultimately to pay, or
until such bonds become due and payable.
RESOLUTIONS.
IN COMMON COUNCIL, May 18, 1842.
The following Resolutions, offered by his, Honor the
Mayor, agreed to:
Resolved, That this board authorize a sale of the tempo¬
rary bonds of the city, not exceeding one hundred thou¬
sand dollars in the whole, in conformity with the act pass¬
ed by the legislature of the state on the 24th of March,
1842, entitled " An act to amend an act authorizing the
city of Troy to create a sinking fund," passed May 25th,
1841, in such sums and payable at such periods as may
suit the lenders, and bearing an interest of seven per cent,
per annum, payable semiannually.
Resolved, That this board will authorize a negotiation
for the sale of the bonds—six per cent., with coupons at¬
tached—of this city, not exceeding one hundred and fifty
thousand dollars, for the construction of the Schenectady
and Troy Rail-Road; the principal payable at such period
or periods as may be agreed on by the representatives of
this board and the party or parties offering for said bonds:
no such negotiation or sale to be binding on the city, until
confirmed by a resolution of the common council at a stat¬
ed meeting thereof; and that the coupons, to such bonds
as may be sold, shall be received, when due and payable,
for city taxes.
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The following Resolution, by the Alderman of the 8th*
ward, adopted: :: »
Resolved, That such a sum as shall be necessary for thaf
purpose, not exceeding fourteen thousand dollars, be any
nually set apart from the monies to be raised by the city;'
for city purposes, for the payment of the interest upon the
monies which may be borrowed upon the bonds of the city
for the purpose of completing the Schenectady and' Troy1
Raid-Road, authorized to be issued by the common coun¬
cil this day, until some other adequate provision be made
for the payment thereof. )
' C.0
A LAW {
For the creation of the office of Comptroller of the Sche¬
nectady and Troy Rail-Road, and defining his duties.
Passed %'M May, 1842; 13
The mayor, recorder, aldermen and commonalt^'df
the city of Troy, in common council convened, do ordain
as follows:
§ 1. There shall be appointed by the common coun¬
cil a suitable and proper person, who shall be called the
comptroller of the Schenectady and Troy Rail-Road, who
shall receive a compensation for his services, at the rate of
five hundred dollars per annum, and who shall hold his
office during the pleasure of the common council.
§ 2. It shall be the duty of such comptroller to take
the entire supervision of the moneys raised or expended
for the benefit of the said road—to keep a full and minute
record of all the moneys received or expended in the con¬
struction of the road, and of the purposes for which ex¬
pended—to countersign or endorse all bonds issued by the
city for the benefit of the road—to keep an account of the
date and amount of such bonds and to whom issued, the
time when due, and the place where payable, and the times
when and the places at which the interest shall be payable
—to negotiate all loans for the purposes of said road, not
otherwise directed to be negotiated—to report from time
to time the state of his accounts whenever required by the
common council so to do, and to report the state thereof
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to this board at least once in six months, whether requir¬
ed by the board or not—to keep his accounts at all times
open to the inspection of the members of the common
council, and to keep his records and papers in such safe
depository as shall be provided by the Common Council.
§ 3. The said comptroller shall not pay out any
moneys for the purposes of said road, except upon the
requisition of the engineer, countersigned by the secre¬
tary of the Rail-Road company, who shall be a director
of said company, or upon the certificate of a majority
of the committee of said company upon finance and ac¬
counts countersigned by such secretary.
§ 4. The said comptroller shall give a bond to the
city in the penal sum of five thousand dollars, conditioned
for the faithful performance of the duties hereby and here¬
after imposed on him as such comptroller, while in office,
and for his faithful accounting for and paying over all
city moneys which shall come to his hands as such Comp¬
troller, when required by the common council so to do.
Gaylord Bros.
Makers
Syracuse, N. Y.
PAT. JAN. 21, 1908