Section 18. Annual report of commissioners and payment of bonds

The
  railroad commissioners of a municipal corporation, having in charge  the
  moneys  received  and collected, and who are responsible for the payment
  of  the  interest  of  the  bonds  lawfully  issued  by  such  municipal
  corporation, in aid of railroads, shall annually report to the governing
  board  of  the  municipal corporation, the total amount of the municipal
  indebtedness of the municipal  corporation  they  represent,  upon  such
  bonds  or such new bonds substituted therefor, the date of the bonds and
  when payable, the rate of interest thereon, the acts  under  which  they
  were  issued,  the amount of principal and interest that will become due
  thereon before the next annual tax levy and collection of taxes for  the
  next  succeeding  year,  and the amount in their hands applicable to the
  payment of the principal or interest thereon. Each year  such  governing
  board  shall  levy  and  collect of the municipal corporation sufficient
  money to pay such principal and interest, as the same shall  become  due
  and  payable. When collected, such moneys, with the unpaid sums on hand,
  shall be forthwith paid over to such commissioners, and applied by  them
  to the purposes for which collected or held. When paid, such bonds shall
  be  presented  by  such railroad commissioners to the governing board of
  the municipal corporation, at least five days  before  the  annual  town
  meeting,   village  or  city  election,  or  meeting  of  the  board  of
  supervisors, next thereafter held, who shall cancel the same,  and  make
  and  file  a  record  thereof  in  the  clerk's  office of the municipal
  corporation, whose bonds were so paid or canceled.