The Republican. [volume] (Oakland, Md.) 1877-current, 1898-03-31

OF the town, thereby rendering the creation
of floating debt unavoidable and preventing
the town authorities from making greatly
needed improvements to the public streets rs
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 plant for the use aud benefit of
said town and also to provide for the gradual
payment of the debt thus incurred; therefore,
SECTION l BE it enacted by the General AS
bly, of Maryland, That the Mayor and
Town Council of Oakland be and il is hereby
authorized and empowered in its discretion
to issue coupon interest bearing bonds ofsaid
corporation to an amount not exceeding the
sum oftwenty-fve thousand dollars in the
aggregate each bond To be of the deuomina-
ton and in a sum not less than one hundred
nor more than one thousand dollars and all
oi said bonds to be signed by the Mayor and
the president of the town council and to be
attested by The town clerk whose duty it shall
be to afiX I q each and every bond so issued
the seal of said corporation. and said bonds
shall draw interest at q rate not to exceed six
per cent, per annum, payable semi-annually
on the flfst days Oj July and January respect
iVely,i each ard every year until said bond
and fully paid; and the interest coupons at
tached to said bonds shall be received if tend
cred in payment of municipal taxes que from
tine holder tlereot; provided, however, that
no such issue ofbonds By the Mayor and Town
Council of Oak land as above set forth shall
be made until the question of such issues
shall have been submitted to the qualified
voters Ctthe said town Of Oakland by the
hayor and Town Council thereof by a least
ten days notice by handbillS or otherwise of
such election, ana 81 majority OF sucn quanned
votes SD cast shall have determined in favor
of such issue of bonds.
SEC 2. And be ii enacted, That the said
bonds shall be sold under and by the author
ity ofthe Mayor and Town Council of Oakland
! at not less than their par value.
SEC And b. it. enacted, That the said
bonds may be issued AZ such time as The
Mayor and 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 he redcemable at the pleasure of
the Mayor and Town Council of Oakland at
or before theirmaturity, and said bonds shall
be issued so that none Of them will mature
before the nrSt day of July in the year nine
teen hundred and three.
SEC 1. And lie it enacted, That to redeem
said bonds the Mayor ana Town Council is
authorized and shall annually levy upon the
aSseSsable property in said town n tax sutici-
ent to pay th1 interest uuOu the bonds so is
sued under the provisions of this act, and so
much of principal thereof as shall annually
mature according to tn" respective tenor of
the aforesaid bonds and said levy shall be
| designated as the blended Debt"
SEC. ). And be il enacted. Ghatthe proceeds
arising from the sale of said bonds shall as
soon as received be retained and kept as fund
for the payment OF toe floating debt of said
town, and the Improvement of the public
streets in said town. and the purchase and
operation OF an electric iishi plant for the
benefit of said town, and shall be used for
no other purposes.
SEC. 8. And be it enacted, That said bonds
shall not be taxed for municipal purposes,
but they shall he free and exempt from any
and ali taxes for town purposes whatever.
SEC. :. And be it enacted, That said bonds
shall b. so issued that none of them shall run
longer than twenty-five years after their date
before maturity.