2760 Letter, Smith & Ludden to Selectmen concerning town's right to borrow money without creating a sinking fund, October 15, 1895

Browse Search

E. IRVING SMITH, OFFICE OF CHARLES M. LUDDEN. SMITH & LUDDEN, ATTORNEYS AND COUNSELLORS AT LAW, ROOMS 25 AND 26, 29 PEMBERTON SQUARE. PLEASE ADDRESS ALL CORRESPONDENCE BOSTON, MASS. TO THE FIRM. LONG DISTANCE TELEPHONE, "HAYMARKET 1209-2." BOSTON, Oct. 15, 1895 Board of Selectmen, Lexington, Mans Gentlemen - We have carefully examined the cues ti on of the right of the town to borrow money without creating a sinking fund. We find that there is absolutely no doubt that the town may do so under tyre pro ad visions of chapter 133 of the Acts of 1882 by, a majority vote that the debt: ,.y'- be paid in proportionate annual payments until it is extinguished. The debt. must , however, be extinguished within twenty i years, in accordance with the provisions of chapter 27 of the Public i; Statutes. I In order to provide for the pat, dent of the Lexington TOTater Bonds in th,e manner required by the act of 19.82 it will be necessary for you. to call a town meeting. When tie meeting is called it will also be well to have the contrast ratified as it is drawn and we, therefore, inclose you two articles to insert in tree toinn N,Jarrm- t. At the meeting the tvc articles should be �-in together and a vote passed We also inclose a Formfor you to insert in a newspaper if you wish or as is usual in some cases you can send copies of this notice around to the different brokers. We are not aware that the town has passed any votes which Cover thel ground which we have mentioned. If any such vote has been passed