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Argument for Plaintiffs on Demurrer and on Motion to Continue Preliminary Injunction; New York Sinking Fund Case - Softcover
Inhaltsangabe
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated.1885 Excerpt: ... concurrent vote, and direct the Comptroller to issue and sell or exchange therefor, at not less than par, 'consolidated stock' of said city, payable within a period of not less than twenty nor more than fifty years from the date of issue thereof, and at a rate of interest not exceeding five per cent. per annum, payable semi-annually; and upon the payment and redemption of any portion of said bonded debt the certificate thereof shall be cancel led by said Commissioners. The 'consolidated stock ' of said city, issued as by this section authorized, after fully providing for the preferred bonds and shares of said city, as in the preceding section specified, shall form a charge upon the said Sinking Fund for the city debt, and any part of said bonded debt falling due, nob exchanged for or redeemed from "the proceeds of consolidated stock, as herein "provided, may be paid from said Sinking Fund "_for the redemption of the city debt, provided "such payment shall not in any way impair the "preferred claims thereon, as in the preceding "section specified; and provided also, the Com "missioners of the Sinking Fund shall deem it to "be for the best interests of the city that such "payment should be so made." By this section the bonds referred to therein and issued thereunder were made a second lien, designated in the exhibits annexed to the complaint as Second Preferred Lien. Of these bonds There were outstanding June 3, 1878 None. There are now outstanding 9,700,000 00 The Sinking Fund Commissioners hold None. (Exhibit I of Complaint.) The seventh section of this Act provides that, "from the said Sinking Fund, for the redemption "of the city debts, shall be paid and redeemed, all "preferred bonds and stocks of said city, for the "payment or redemption of which said f...
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