Catoctin clarion. [volume] (Mechanicstown, Md.) 1871-1940, 1878-05-23
Ma.y23-3t.
HAPTER 296.
an ACT.

AN ACT.
To authorize the Mayor, Aldermen ant
Common Council of Frederick to issu
bonds tor the purpose of redecming thu
present outstanding bonds of said mum
cipal corporation.
SECTION l.. BE it enacted By the Genera
assembly Of Muylund, That the Mayor
Aldermen and Common Council Of Fred
erick, be and they are hereby authorized tC
issue bonds in the name of the said NUM-
cpal corporation to an amount not exceed
ing five hundred and forty eight thousand
dollars, the amount Of I'll. prcsent 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 years
after date to bearer, redeemablc, 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 per annum. payable semi anlu-
ally, according to the tenor of the coupons,
for said interest to be attached to said bonds
and the bonds to be issued under the pro.
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. 9 and be 1t enacted. That the pro.
ceeds of the sale of the bonds hereby au-
thorized to be issued shall he applied to the
payment and satisfaction of the present
bonded Indebtedness of said municipal
corporation, consisting of bonds known aS
"Rallr, ad Bonds amounting to two hun
bred and fifty thousand dollars; of bonds
known as Bank Bonds" amounting to
one hundred and twenty three thou sand
dollars; OF bonds known rs 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 as "Carrol
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 bt
issued solely and alone tor the purpose OF
rcdecmlng the present outstanding bonds
heretofore issued by said municipal corpo
ration rs the same may be or Income due
or payable, and for no other purpose what.
ever And nothing co tanned in The pro
visions of this act shall he 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. and be 1t 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 Ia
be issued, and for the payment of the pr'n
cipal thereof at the maturity thereof, and
shall create IL sinking fund for that purpose
and levy the necessary taxes therefor.
SEC. T. -ind be it enactod, That this act
shall take effect from the day of its passage
We hereby certify, That the foregoing Is
a correct copy of an Act Of Assembly pass
ed January Session 1873.
Approved April 9Th. 1873.
MILTON Y. KIDD,
Chief Clerk Of the House OF Delegates.
AUGUSTUS GASSAWAY,
Secretary of the Senate.