The Republican. [volume] (Oakland, Md.) 1877-current, 1898-03-10

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 desirable to fund said float
ing Indebtedness and provide for improving
the streets Of said town end also
provide for the purchase and operation of an
electric light pant tor tn" use aud benefit of
said town and also TO provide for the gradual
payment ofthe debt thuS incurred; therefore,
SECTION Be it enacted by the General As
sembly of Maryland, That the Mayor and
Town Council of OAK land be and it is hereby
authorized and empowered in its discretion
to issue coupon interest bearing bonds of said
corporation to an amount not exceeding the
sum oftwenty-tive thousand dollars in the
aggregate each bond to be of the denomina-
ton and in sum not less than one hundred
nor more than one thousand dollars and all
of said bonds to be signed by the Mayor ana
the president of the town council and to be
attested by the town clerk whose duty il shall
be to aff1X q each and every bond so issued
the seal of said corporation. and said bonds
shall draw interest at a rate not to exceed six
per cent, per annum, payable semi-annually
on the first days Of July and January respect
lively, in each and every year until said bonds
and fully paid; and the interest coupons at
tached 10 said bonds shall be received if tend
cred in payment of municipal taxes Tue from
the holder thereof provided, however, that
no such issue Ofbonds BY the Mayor and Town
Council of Oakland as above set forth, shall
be made until the question of such issues
shall have been submitted to the qualified
voters OF the said town of Oakland by the
Mayor and Town Council thereof by at least
ten days notice by handouts or otherwise of
such election. ana "A majority OF Sucn quarneu
votes so cast shall have determined in favor
OF such issue of bonds.
SEC, 9 And be it enacted, That the said
bonds shall be sold under and by the author
ity fthe Mayor and Town Council of Oakland
at not less than their par value.
SEC. 3 And be it enacted That the said
bonds may be issued at such time as the
Mayor end Town Council OF Oakland in its
discretion may determine to mature at such
date as shall not require the payment in any
one year of more than one thousand dollars
of the principle sum Thereof. and the said
bonds shall be redeemable at the pleasure of
the Mayor and Town Council of Oakland at
or before their maturity, and said bonds shall
be issued so that none of them Will mature
before the drst day of July in the year nine
teen hundred and three.
SEC T. And be it enacted. That to redeem
said bonds the Mayor and Town Council is
authorized and shall annually levy upon the
assessable property in said town n tax sufflc-
ent to pay tn ! interest upon the bonds so is
sued under the provisions of this act, and so
much of principal thereof as shall annually
mature according to the respective tenor of
the aforesaid bonds and said levy shall be
designated as the Bonded Debt
SEC. 5. And be it enacted That the proceeds
arising from the sale of said bonds shall as
soon as received be retained and kept as fund
for the payment of the floating debt of said
town, and the Improvement of the public
streets in said town. and the purchase and
operation of an electric light plant for the
benefit of said town, and shall be used for
no other purposes.
SEC. g. 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. I. 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 ii enacted, That the Mayor
and Town Council Of Oakland is hereby au-
thorized to pass all such ordinances as may
be necessary to give full force and effect to
the powers granted BY this act
SEC 8. And be it enacted, That this act
shall take effect on the first day of April
next. l-3t.