The Republican. [volume] (Oakland, Md.) 1877-current, 1890-04-26
Public Local Law.
CHAPTER $50.

To authorize the Mayor and Council of Oak
land to issue coupon Understanding bonds
for the purpose of providing fund to pay
the floating debt OF the Mayor and COuacil
OF Oakland and to improve the stress Of
said town, and to levy tax on the assessa-
BILE property within said town to pay said
bonds and the interest thereon.
WHEREAS, Prior to the year eighteen hum
bred and ninety the tax rate in the town of
Oakland for municipal purposes has been
limited to the sum OF twenty-five cents on
each one hundred dollars worth of assessable
property in said town, which sum has been
wholly inadequate for the imperative needs
of the town, thereby rendering the creation OF
q floating debt unavoidable, and preventing
the town authorities from making CRAFTY
needed Improvements to the public stress as
requested from time to time by the taxtpay
ers of said town; and Whereas, 1t Is Qesir..
able to fund said floating Indebtedness and
provide for improving the streets OF said
town, and also to provide for the graduafpay.
ment of the debt thus incurred, therefoNe,
SECTION l. Be 1t enacted by the Geheral
Assembly of Maryland, That the "Maydf and
Council" be and 1t Is hereby authorized and
empowered, in its discretion, to issue coupon
interest bearing bonds of said corporation to
an amount not exceeding the sum of ten
thousand dollars in the aggregate, each bond
to be of the denomination and in sum not
less than one hundred dollars nor more than
five hundred dollars, and all of said bonds to
be signed by the Mayor and the President Of
the Council. and to be attested by the town
clerk, whose duty 1t shall be to atfix to each
and every bond so issued, the seal of said COZ.
poration, and said bonds shall draw intered
at n rate not to exceed six per cent perRE-
mum, payable semi-annualIy on the hSs& -
of July and January respectively fn~essss veES
every year until said bonds are fully patd 4
and the interest coupons attached TO said
bonds shall be received If rendered in pay
ment of municipal taxes due from the holder
| thereof; provided, however, that no such is
sue of bonds by the Mayor and Council OF
Oakland as above set forth, shall be made un
til the question of such issue shall have been
submitted to the qualified voters of the said
town Of Oakland by the Mayor and Council
thereof by at least ten days notice by hand
bills or otherwise, OF such election, and ma
tority OF such qualified votes so cast shall
have determined in favor of such issue oil
bonds.
bonds shall be sold under and by the author
ity of the Mayor and Council of Oakland at
not less than their par value.
SEC. 8. And be it enacted, That said bonds
may be issued at such time as the Mayor and
Council of Oakland in its discretion may de-
! term1ne, to mature at such date as shall not
require the payment In any one year Of more
| than one thousand dollars of the principal
sum thereof, and said bonds shall be redeem
| able at the pleasure of the Mayor and Coun.
| Gil of Oakland, at or before their maturity
| and said bonds shall be issued SO that none OF
them will mature before the first day Of June
| in the year nineteen hundred and five.
SEC. 4. And be it enacted, That to redeem
| said bonds the the Mayor and Council OF
Oakland is authorized and shall annually
levy upon the assessable property in town. a
| tax sufficient to pay the interest upon the
bonds so issued under the provisions of this
Act. and so much of the principal thereof as
shall annually mature according to the re-
| spectlve tenor of the aforesaid bonds and said
levy shall be designated as the "bonded debt."
SEC. 5. And be it enacted, That the pro-
| ceeds arising from the sale of said bonds shall
as soon as received be retained and Kept as a
| fund for the payment OF the floating debt OF
! said town, and the Improvement of the public
1 streets in said town and said fund shall be
4 used for no other purpose,
SEC. 6. And be it enacted, That said bonds
shall not be taxed for municipal purposes but
| they shall be free and exempt from any and
all taxes for town purposes whatever.
SEC. 7. And be it enacted, That said bonds
| shall be so issued that none of them shall run
| longer than twenty-five years after theli
date before maturity.
| SEC. s. And be it enacted, That the Mayor
and Council of Oakland is hereby authorized
| to pass all such ordinances as may be neces
sary to give full force and effect to the power
| granted by this act.
SECS. And be it enacted, That this act shall
take effect on the first day of May next - ,
| rs st Approved April Sth 1901