CHAPTER II. THE GENERAL MUNICIPAL LAW. AN ACT in relation to municipal corporations, constituting Chapter XVII of the General Laws (L. 1892, ch. 685.) SECTION 1. Short title and use of terms. 2. Limitation of indebtedness. 3. Investigation of expenditures of towns and villages. 4. Temporary loans. 5. Funded debt. 6. Payment of municipal bonds. 7. Funding of bonded debts. 8. Issuance of municipal bonds. 9. Registry of municipal bonds. 10. Conversion of coupon into registered bonds. treasurer. 13. Abolition of office of railroad commissioners. bonds. 18. Accounts and loans by commissioners. 20. Payment of judgments against municipal corpo rations. 21. Liability for damages by mobs and riots. 22. Condemnation of real property. 23. Insurance of property. 24. Free public libraries. 25. Acquisition of lands for erection of monuments. 26. Leases of public buildings to Grand Army posts. 27. Discrimination against non-residents. 28. Peddling and hawking farm produce. 29. Laws repealed. 30. When to take effect. § 1. Short title and use of terms. This chapter shall be known as the general municipal law. The term municipal corporation, as used in this chapter, includes only a county, town, city and village. The term governing board includes the board of supervisors of a county, the town board of a town, the common council of a city, and the board of trustees of a village. § 2. Limitation of indebtedness. No county containing a city of more than 100,000 inhabitants, nor any such city, shall contract any debt, the amount of which, exclusive of its outstanding debt, shall exceed a sum equal to five per centum of the aggregate valuation of the real property within its bounds, as assessed for state and county purposes upon the then last corrected assessment roll, nor shall it contract any such debt if the amount thereof, inclusive of its outstanding debts, shall exceed a sum equal to ten per centum of such valuation. This section shall not be construed to prevent the issuing of certificates of indebtedness or revenue bonds issued in anticipation of the collection of taxes of amounts actually contained or to be contained in the taxes for the year when such certificates or revenue bonds are issued and payable out of such taxes. Nor shall this section be construed to prevent the issuing of bonds to provide for the supply of water, but the term of the bonds issued to provide for the supply of water shall not exceed twenty years and the sinking fund shall be created on the issuing of said bonds for their redemption by raising annually a sum which will produce an amount equal to the amount of the |