Annual Report .. 1932
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In addition to the fuU credit of the city, so much of all receipts from tolls and charges for or on account of the use of the tunnel as are required to be expended, by the provisions of this act, for the payment of the principal and interest of the bonds issued under section eight, as and when the same become due and payable, are hereby pledged to such payment subject to the priorities herein pro- vided in favor of the said sixteen million dollars of bonds over the said three million dollars of... bonds; and said provisions are hereby declared to constitute contracts between the city and the holders of said bonds within the meaning of section ten of Article I of the constitution of the United States, and a recital thereof shall appear on the face of said sixteen million dollars of bonds.
Section 5. Said chapter two hundred and ninety-seven is hereby further amended by striking out section twelve and inserting in place thereof the following: — Section 12. Whenever as of the last day of June in any year the receipts from tolls and charges as established under section nine or under this section exceed the operating costs, excluding for this purpose interest and sinking fund requirements in respect of the said three million doUars of bonds but including sinking fund requirements in respect of the said sixteen million dollars of bonds on a basis of the payment of all of the said sixteen million dollars of bonds at the expiration of twenty years after their respective dates, said excess shall be transferred to the general funds of the city so far as necessary to reimburse it for any amounts raised by taxation under section eleven, exclusive of any amounts so raised for interest or sinking fund requirements in respect of the said three million doUars of bonds.
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To quickly assess the difficulty of the text, read a short excerpt:
In addition to the fuU credit of the city, so much of all receipts from tolls and charges for or on account of the use of the tunnel as are required to be expended, by the provisions of this act, for the payment of the principal and interest of the bonds issued under section eight, as and when the same become due and payable, are hereby pledged to such payment subject to the priorities herein pro- vided in favor of the said sixteen million dollars of bonds over the said three million dollars of... bonds; and said provisions are hereby declared to constitute contracts between the city and the holders of said bonds within the meaning of section ten of Article I of the constitution of the United States, and a recital thereof shall appear on the face of said sixteen million dollars of bonds.
Section 5. Said chapter two hundred and ninety-seven is hereby further amended by striking out section twelve and inserting in place thereof the following: — Section 12. Whenever as of the last day of June in any year the receipts from tolls and charges as established under section nine or under this section exceed the operating costs, excluding for this purpose interest and sinking fund requirements in respect of the said three million doUars of bonds but including sinking fund requirements in respect of the said sixteen million dollars of bonds on a basis of the payment of all of the said sixteen million dollars of bonds at the expiration of twenty years after their respective dates, said excess shall be transferred to the general funds of the city so far as necessary to reimburse it for any amounts raised by taxation under section eleven, exclusive of any amounts so raised for interest or sinking fund requirements in respect of the said three million doUars of bonds.
What to read after Annual Report .. 1932?
You can find similar books in the "Read Also" column, or choose other free books by Boston (Mass.). Transit Dept to read onlineMoreLess
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