Chap. 87.—An ACT Authorizing the Trustees of the Town of Manchester
to Renew and Extend the Period of Payment of Certain Outstanding
Bonds, and Renew the Existing Mortgages to Secure the Same.

Approved March 4, 1871.

Whereas, there are now outstanding certain bonds of the
town of Manchester for loans made at different times, from the
year eighteen hundred and forty-five to the year eighteen hun-
dred and fifty-five, both years inclusive, the aggregate whereof
amounts to the principal sum of fifty thousand dollars, the pay-
ment of the whole of which is secured by trust deeds on cer-
tain property of the town; and whereas, certain of said bonds,
amounting to thirty-seven thousand dollars, have already be-
come due, and the others, for thirteen thousand dollars, will
mature in the years eighteen hundred and seventy-two, eighteen
hundred and seventy-three, and eighteen hundred and seventy-
five; and whereas, it is represented that the holders of said
bonds are willing to renew the same, including such as have
not yet matured, and to extend the time or times of redemp-
tion to a period or periods not exceeding thirty-four years,
taking bonds, bearing interest at the rate of eight per centum
per annum, payable semi-annually, to be secured by a renewal
of the liens now held for the existing bonds; and that the au-
thorities of the town of Manchester deem it prudent to renew
said bond on the terms aforesaid: therefore,

1. Be it enacted by the general assembly, That the trustees
of the town of Manchester are hereby authorized to renew the
outstanding bonds of said town, amounting to fifty thousand
dollars, in the preamble described, to be divided into any sums
that may be deemed convenient, executing bonds bearing any
rate of interest not exceeding eight per centum per annum,
payable semi-annually, redeemable at any period or periods
not exceeding thirty-four years from the date of said bonds,
with authority to secure the payment thereof by renewing the
liens now held for the existing debt: provided, that bonds exe-
cuted in renewal of such as have not matured at the time of
renewal, shall not bear any rate of interest greater than the
rate of the existing bond (being six per centum per annum),
until the period arrives at which such existing bond would
have matured; but thereafter, on such bonds the rate may be
eight per centum per annum.
2, The renewal provided for in the foregoing section may be
effected either with the holders of the existing bonds, or by
giving like bonds and security to other parties who may loan
the money to pay off the existing debt referred to.

3. This act shall be in force from its passage.