Catoctin clarion. [volume] (Mechanicstown, Md.) 1871-1940, 1878-06-06
Nlay23 ii.
( 'lIApTER 2G6.
Il v ll'7,.

1N IrT.
To authorize the Mayor, Aldermen and
Common Council Of Frederick To issue
bonds Tor the purpose OF r,dccming The
present outstanding bonds of said muni.
cip"l corporation
SECTION |, BE 1t rnacted by tie Gcneyuj
.iSmmb3y # N"rWoad, That the Mayor
Aldermen and Common Council Of Fred.
crick, be and they are hereby authorized to
issue bonds in the name OF the said muni-
cpaI corporation to an amount not exceed
ing five hundred and forty eight thousand
dollars, the amount of til. prcscnt outstand.
ing bonds heretofore issued by said mum
cipal corporation. The bonds issued under
the provisions OF this act shall be issued in
sums OF not less than one hundred nor more
than five thousand dollars each. and each
of said bonds shall be payable thirty wears
after date to bearer, rcdcrmahlr, however
at the pleasure OF the said Mayor, Alder
men and Common Council Of Frederick, at
any time after the expiration OF five years
from their respective dates, and shall bear
interest in the meantime at the rate of five
per centum pcrannum, payable semi an. II
ally, according to the tenor of the coupons,
for said interest 10 be attached to said bonds
and the bonds to he issued under the pre-.
visions of this act are hereby exempted
from municipal taxation; provided, how
ever. that said bonds shall not be sold for
less than par or the face value thereof IN
cash current money.
SEC. :. and he 1t cmrted, That the pro.
cccds of the sale of the bonds hereby au.
thorizcd to be issued shall be applied to the
payment and satisfaction of the present
lOndcd Indebtedness of said municlpa
corporation, consisting of bonds known as
"Ral,r al Bonds amounting to two hun
drcd and fifty thousand dollars; IF bonds
SHOWN as Bank Bonds" amounting to
one hundred and twenty three thou sand
dollars; of bonds known us Market house"
bonds, amounting to fifty five thousand
dollars; Of bonds known as Water " orks,
bonds, amounting to seventy thousand dol.
lars; and of bonds known rs "Carroll
Creek bonds, amounting to fifty thousand
dollars; and to no other use or purpose
whatever. And the bonds to be issued
under the provisions Of this act shall be
issued solely and alone tor the purpose of
rcdccmlng the present outstanding bonds
heretofore issued by said municipal corpo
ration as the same may be or become due
or payable, and for no other purpose what
ever. And nothing contained in :he pro
visions of this act shall be construed to
authorize said municipal corporation to-
issue bonds for any greater amount than
the actual present bonded Indebtedness of
said municipal corporation, nor for any
other purpose than that herein specified
SEC. 3. 1nd be it enacted That the said
Mayor, aldermen and Common Council
shall have full power and authority, and
are here required to levy unnecessary taxes
upon the property within the taxable limits
of said corporation for the payment of the
interest on the bonds hereby authorized to
be issued, and for the payment of the prin.
cipal thereof at the maturity thereof, and
shall create sinking fund for that purpose
and levy the necessary taxes therefor.
SEC 4. 1nd be it cnacted, That this act
shah take effect from the day of its passage
We hereby certify, That the foregoing IS
8 correct copy of an Act of Assembly pass
ed January Session, 1878.
Approved April 9Th, 1873.
MILTON Y. KIDD
Chief Clerk of the House of Delegates.
AUGUSTUS GASSAWAY,
Secretary of the Senate.
L|or Dress Goods, 60 to
ROOT'S,