United States Statutes at Large/Volume 4/20th Congress/1st Session/Chapter 87
Chap. LXXXVII.—An Act to enlarge the powers of the several corporations of the District of Columbia, and for other purposes.
Corporation of Washington, Georgetown, and Alexandria, to have severally, full power, &c., to subscribe, &c.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the corporation of Washington, the corporation of Georgetown, and the corporation of Alexandria, within the District of Columbia, shall, severally, have full power and authority to subscribe and pay for shares of the stock of the Chesapeake and Ohio Canal Company; and all such subscriptions as shall have been already made by either of the said corporations, shall, and the same are hereby declared to be valid and binding on the said corporations, respectively.
Corporations, severally authorized to borrow money, at any rate of interest not exceeding six per cent. per annum.Sec. 2. And be it further enacted, That the said corporations shall, severally, have power and authority, from time to time, as the same may be deemed by them, respectively, either necessary or expedient, to borrow money, at any rate of interest, not exceeding six per centum per annum, to pay their respective subscriptions, and the interest accruing thereon, to the amount which they have subscribed, or shall hereafter subscribe.
Certificates of stock for the sums borrowed to be constituted.Sec. 3. And be it further enacted, That the said corporations shall be, and the same are hereby, respectively, empowered to cause to be constituted certificates of stock for the sums borrowed, in pursuance of the authority severally vested in them by this act; each of said certificates shall be of the form following, to wit:
Form.City or town of [here insert the title of the city or town.]
Be it known, That there is due from the corporation of the city of town of [here insert the title of the city or town of] unto [here insert the name of the creditor,] or ———— assigns, the sum of [here insert the amount in dollars] bearing interest at [here insert the rate of interest] per centum per annum, from the day of ——, eighteen hundred and ——, inclusively, payable quarter yearly; the principal sum above mentioned is to be paid on the ———— day of ————, in the year eighteen hundred and ——, which debt is recorded in this office and is transferable only by appearance in person, or by attorney, at this office. ——, In testimony whereof, I have hereunto subscribed my name, and caused the seal of the said city to be affixed.
—— ——, Register, or other recording officer of the corporation.
A list of such certificates denoting their respective numbers, &c., to be deposited with the Secretary of the Treasury.A list of all such certificates, denoting their respective numbers, dates, and sums, and the persons to whom the same shall have been issued, authenticated by the mayor, subscribing the same, shall be deposited by said officer at the time of subscribing the same, or within ten days thereafter, with the Secretary of the Treasury of the United States.
The said certificate shall not be issued, in any case, for a less sum each, than one hundred dollars: The forgery of any such certificate, or any transfer thereof, or of any power of attorneyForgery of certificates. purporting to authorize such transfer, shall be punishable in like manner with the forgery of a certificate of the public debt of the United States.
An agent or agents to be employed for the purpose of obtaining subscriptions to the loan or loans authorized by this act.Sec. 4. And be it further enacted, That the said corporations are, respectively, empowered to employ an agent, or agents, for the purpose of obtaining subscriptions to the loan or loans authorized by this act, or of selling from time to time, the certificates of stock which may be created in pursuance thereof, and to fix the compensation of such agent or agents, which they shall respectively pay, as well as all other expenses attending the said loans, out of the proceeds thereof, or of any other funds which they may respectively provide.
A tax at the rate of one per centum per annum and thirteen hundredths of one per centum levied on the assessed value of the real, &c. estates within the cities of Washington, Georgetown.Sec. 5. And be it further enacted, That a tax, at the rate of one per centum and thirteen-hundredths of one per centum on the assessed value of the real and personal estates within the city of Washington, as shall appear by the appraisement thereof, made under the authority of the corporation, or of the several acts of Congress, hereinafter declared to be revived and in force, within the said corporation to be existing, at the time hereinafter limited for the collection of the said tax; and at the rate of fifty-six hundredths of one per centum on the assessed value of the real and personal estate within the town of Georgetown, as shall appear by the appraisement thereof, made under the authority of the corporation, or of the several acts of Congress hereinafter declared to be revived and in force, within the said corporation, to be existing at the time hereinafter limited for the collection of the said tax; and at the rate of fifty-eight hundredthsTax on property in Alexandria. of one per centum on the assessed value of the real and personal estate within the town of Alexandria, as shall appear by the appraisement thereof, made under the authority of the corporation of the said town, or of the several acts of Congress, hereinafter declared to be revived and in force, within the said corporation, to be existing at the time hereinafter limited for the collection of the said tax; be, and the same is hereby, imposed and assessed on the real and personal estate lying and being in the said city and towns: and, upon the failure of the said corporations, or any of them, to pay, into the treasury of the United States, ninety days before the same shall become due, to the holders of the shares or certificates of such loan or loans, as aforesaid, according to the terms and conditions thereof, the sum, or sums which they or any of them shall have, respectively, stipulated to pay at the expiration of the period aforesaid, so that the same shall not be ascertained beforehand to be in readiness to meet the demand or claim about to arise on the shares or certificates of the said loanPresident authorized to appoint a collector or collectors.—the President of the United States shall be, and he is hereby, empowered to appoint a collector or collectors, whose duty it shall be to proceed and collect the tax imposed as above, on the real and personal estate in the said city and towns, or either of them, the corporation or corporations of which shall have so failed to pay as aforesaid, in advance, the sum or sums about to become due and demandable as aforesaid, or any part thereof remaining unpaid, as aforesaid, into the treasury ninety days in advance; such part, in case a part only be so in arrear, to be rateably and equally assessed, levied, and collected, upon the property chargeable, as aforesaid, with the said tax, within the said city and towns, or either of them, making such default in paying as required, ninety days in advance as aforesaid; the appraisement or assessment of the value of the said estates, preparatory to the collection of the said tax, if not previously made by the said corporation, to be made in the mode prescribed, as aforesaid, in the several acts of Congress hereby revived and put in operation:Proviso. Provided, That if satisfactory evidence be afforded the President of the United States, by the several corporations aforesaid, that they are proceeding, in good faith, to raise and pay, in due time, their portions, respectively, of the said loan or loans, and will be competent to raise the same by the means on which they rely, he shall be, and he is hereby, empowered to restrain such collector or collectors from proceeding to collect the said tax within the corporation affording the evidence aforesaid, until the expiration of the ninety days aforesaid, when if the amount of the said tax be not actually paid, the collection thereof shall proceed without further delay, on notice to the collector of such default.
Collector or collectors to be appointed, to give bond, with good and sufficient securities, for the faithful performance of the duties required by this act, &c.
Act of Feb. 27, 1815, ch. 60.Sec. 6. And be it further enacted, That the collector or collectors, who may be appointed as aforesaid, shall give bond, with good and sufficient security, for the faithful performance of the duties required by this act, and shall possess all the powers, in the discharge of his or their duties, in collecting the said tax, as the several collectors possessed, were subject to and were required to do, by an act, entitled “An act to provide additional revenues for defraying the expenses of government, and maintaining the public credit, by laying a direct tax upon the District of Columbia,” approved the twenty-seventh of February, one thousand eight hundred and fifteen, and by the several acts of Congress therein referred to, or which were subsequently passed, in order to alter or amend the same; all of which acts, for the effectual fulfilment of the purpose of this act, according to the tenor and intent thereof, are hereby declared to be revived, and in full force within the limits of the several corporations aforesaid.
Tax to be continued, &c., according to the provisions of this act.
Proviso.Sec. 7. And be it further enacted, That the tax imposed by this act shall be continued and collected from time to time, according to the provisions and conditions of this act, and of the several acts aforesaid, so long as the proceeds thereof may, by any possibility, be required to meet the payment of the several loans authorized as aforesaid: Provided, however, That all or either of the said corporations may, in the negotiation of such loan, or loans, as they, or either of them, shall deem it expedient to make, in pursuance of the authority vested in them by this act, stipulate such terms or conditions for the payment of the interest, or the redemption of the principal sum thereof, as shall dispense with the system of taxation provided by this act.
Where any loan or loans shall be negotiated by the corporation or any one of them.Sec. 8. And be it further enacted, That, in the event that any loan or loans shall be negotiated by the said corporations, or any one of them, to the extent, in whole or in part, of the subscription of one or all of the said corporations, to the stock of the Chesapeake and Ohio Canal company, in conformity with the provisions of this act, and based upon the system of taxation therein provided, a copy or copies of the contract or contracts, for any and all such loans, shall, as soon as practicable after the execution thereof, be deposited, either by the corporation or corporations contracting such loan or loans or by the creditor or creditors interested therein, with the Secretary of the Treasury; and, out of all such sums as shall be paid, by the respective corporations, in advance, as aforesaid, on account of their several contracts, or as shall be levied and collected, in manner hereinbefore provided, the holders of the certificates of any such loan shall be entitled to receive, at the public treasury, such amount as may be due to them, respectively; and, on the occurrence of any deficiency in the sum or sums voluntarily paid in, or assessed and collected, within the said corporations, respectively, for the payment of their resepctive creditors, the extent of such deficiency shall be ascertained by the Secretary of the Treasury, from a reference to the terms of the loan or loans, in relation to which such deficiency may occur; and, being so ascertained and published in some one or more newspapers printed in the District of Columbia, the Secretary of the Treasury shall instruct the proper collector to proceed to collect, and pay into the public treasury, the said amount, with all lawful charges attending the same, according to such farther rateable assessment upon the estates and property within the jurisdiction of the corporation in arrear, according to the provisions of this act, and of the several acts referred to therein, as shall be sufficient to supply such ascertained deficiency; and, on the completion of such collection, the holder or holders of the certificates of the stock of the corporation, shall be entitled to receive such amount as may have been found due, and unprovided for, by the sums before paid in, or collected on account of such corporation.
Approved, May 24, 1828.