The Republican. [volume] (Oakland, Md.) 1877-current, 1890-05-10
Public Local Law.
CHAPTER $50.
AN ACT


To authorize the Mayor and Council of Oak
land to issue coupon iTtereSt- bearing bonds
Tor the purpoSgof providing a fund to pay
the floating deeaAy4pt the Mayor and Council
said town Srlavy a tax on the ass es., a.
bic property NfeflF said town to pay said
bonds and the Interest thereon.
WHEREAS, Prior to1he year eighteen hun
dredand 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
a floating debt unavoidable, and preventing
the town authorities from making greatly
needed improvements to the public streets AS
requested from time to time by the tax-pay-
ers of said town; and Whereas, 1t is desir-
able to fund said floating Indebtedness and
provide for improving the streets of said
town, and also to provide for the gradual pay
ment oi the debt thus incurred therefore
SECTION |. Be it enacted by the General
Assembly Of Maryland, That the Mayor and
Council be and il is hereby authorized and
empowered, i'll 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 collars nor more than
fA 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 it shall be to aifiX to each
and every bond so isSun ID, the seal ofsald cor
pOration, and said bonds shall draw interest
at a rate not to exceed six per cent per an
nam. payable semi-annually on the first days
ofJuly and January respectively in each and
every year until said bonds are fully paid
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 he made I'M
til the question of such issue shall have been
submit, ed to the qualified voters OF the said
town Of Oakland 10y the Mayor and Council
thereof by al least ten days notice by hHnd-
bills or otherwise. of such election, and a ma
jority OF such qualified votes so east shall
have deterta ned in favor of suck issue of
bonds
bonds shah be sold under and by the author
ity of the Mayor and Council of Oakland at
not less than their par value.
SEC 3. 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-
termne, to mature at such date az 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 1t enacted. That to redeem
said bonds the the Mayor and Council OF
levy upon the assessable property in town u
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-
spective 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
streets in said town and said fund shall be
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 their
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 powers
granted by this act.
SEC. 0. And be it enacted, That this act shall
take effect on the first day of May next.
1885, Approved April Sth, 1890