Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1894-04-26
PUBLIC LOCAL LAWS.
CHAPTER 4O7.


AN ACT to authorize the Comfy Com.
missioners of st. Mary's county To issue
county bonds for the payment of the
current expenses Of said county.
SECTION /. BE IL enacted bV TIE General
assembly Of Maryland, That the County
Commissioners OF ST. Mary's county, be and
they are hereby authorized and directed 10
issue coupon bonds of said county 10 an
amount not exceeding twenty thousand
dollars lSS0OOOl in sums of not less than
one hundred dollars, nor more than one
thousand dollars, 10 be signed by the Pres
ident of said Board of County Commission.
ers, and countersigned by the clerk 10 said
Board, and under the seal of said Board of
County Commissioners, bearing interest At
the rate of five percentum per annum. pay.
able semi annually, on the first d,,y of
January and the first day of july in each
year, which bonds shall be payable in the
following manner, 10 wit: i've thousand
dollars thereof in five years from the date
OF their issue, five thousand in ten years
from the date OF their issue, five thousand
in fifteen years from the date of their issue
and the remaining five thousand in twenty
years from the date of their issue, and shall
be exempted from county and municipal
taxation; the coupons, when they become
due, shall he received by the collectors of
county taxes for said county in payment of
county taxes.
SEC, 2. Said County Commissioners are
hereby authorized and required TO sell said
bonds TO the highest bidder Tor cash at a
pubic letting OF said bonds, % be held by
said County Commissioners, after not less
than twenty days advertisement in one or
more newspapers published in the cities
of Baltimore and Washington, d. G. and
in the 81. Mcry's Enterprise, ana the Sr,
MARY's BEACON, provided, that said com
missioners shall not sell any Of said bonds
for less than their par value; and provided.
also. tina: any premium derived from the
sale of said bonds shall be applied 10 the
interest first ACQUIRING thereon
SEC 3. The money arising from the sale of
said bonds, shall be applied To the payment
OF the expenses Of the repair and improve
ments OF the public roads for the year OF
eighteen hundred aud ninety four to the
extent OF the amount authorized by law for
that purpose; secondly, 10 the payment of
Jurors and witnesses at the terms of the
Circuit Court for said county; thirdly, to
the payment OF ont pensioners and aims.
house expenses, and as TO any balance, to
the payment OF the current expenses OF the
county, in the discretion of the County
Commissioners.
SEU., 4. The County Commissioners of
st. Mary's county Aforesaid shall, i'm each
year, levy upon the assessable property in
said county such sum of money as may
be required 10 pay the interest on said
bonds, as said interest shall become due.
provided, thatsthe said commissioners shall
before levying 10 pay said interest, first ex-
haust the money paid 10 said county for
liquor licenses in the payment Of such in
terest, and If the money thus received shall
exceed the interest on said bonds, the excess
thereof shall be invested as hereinafter pro-
vided for the sinking fund TO meet said
bonds at their maturity. and if the fund
arising from the fees paid for liquor licenses
shall not be sufficient to meet the said bonds
as they respectively mature, then the
county commissioners shall levy sum
annually To meet such deficiency which
sums so levied shall be taken and are hereby
declared set apart for such sinking fund
ana orimmediate investment as hereinafter
provided and no portion of said sinking
fund shall be diverted to any other purpose
than 10 the purchase and liouiiation of
said bonds, aud the said sum shall be a
first lien on such leyies respectively and
free from all insolveneies Said sinking
fund shall be under the control and man.
agement ofsaid County Commissioners, and
the money belonging thereto shall be in.
vested only in the securities Of the United
States, the State Of Maryland, the city of
Baltimore and o. the counties of the State
OF Maryland; provided, that II may in the
discretion ofthc said County Commissioners
be invested IN the bonds hereby authorized
10 be issued, In which event such bonds SO
purchased shall be Immediately cancelled
by said commissioners; the said County
Commissioners shall keep such securities
In which said sinking fund Is inve ted In
some safe deposit company ia the State of
Maryland, IN secure box locked with two
diverse locks, the key of one OF which shall
at all times be kept by The Treasurer 10 the
Board OF County Commissioners, aud the
other by the President Of said Board, and
the money belonging 10 said sinking fund
until rs investment shall be deposited in
some National bank BY the said commits
sioners 30 the credit Of the sinking fund of
81. Mary's county and shall be drawn out
for investment rs aforesaid only by check
or warrant signed by AZ least two members
OF said Board Of County Commissioners and
countersigned hy the Treasurer of said
Board. In making said investments or
changing The same. a majority Of the said
Board OF County Commissioners shall con
cur, and such majority Of the Board of
County Commissioners likewise be present
whenever said box ia said safe deposit
company shall be opened. aud in each
annual statement Of the financial affairs OF
81 Mary's county aforesaid full statement
shall be made OF THE condition Of said sink
ing fund and the securities thereof
SEC 5. The money arising from the sale
OF said bonds shall DO deposited by the
County Commissioners aforesaid ia some
National bank. and the same shall be drawn
out only ~ check Or warrant OF said Board,
countersigned by af least two of said com
missi0neEs and the said Treasurer Of fhG
Bsard Of County Commissioners, and in
drawing checks or warrants relating 70 the