The Republican. [volume] (Oakland, Md.) 1877-current, 1898-03-24

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 as
requested from time to time by the tax paw
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 the use and benefit of
said town and also 10 provide for the gradual
payment of the debt thus incurred; therefore,
SECTION BE it enacted by the General AS
sembly of Maryland, That the Mayor and
Town Council of Oakland be and it 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 twenty-five thousand dollars in the
aggregate each bond to be of the denomina-
tlOn 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 and
the president of the town council and to be
aueSted by the town clerk whose duty it shall
he to afiiX o each and every bond so issued
the seal of said corporation. and said bonds
shall draw interest at n rate not to exceed six
per cent, per anrum, payable semi-annualy
on the first days OF July and January respect
iVely.iu each and every year until said bonds
and fully paid; and the interest coupons at
tached to said bonds shall be received if tend
cred in payment of municipal taxes ,Iue from
the holder thereof provided, however, that
no such issue Ofbonds by the Mayor and Town
Council of Oakland as above set forth shall
ne made unlll the question OF such issues
snail have been submitted to the qualified
voters otthe said town Of Oakland by the
Mayor and Town Council thereof by at least
ten days notice by handbils or otherwise of
Such election, ana majority oisucn quanneu
votes so cast shall have determined in favor
of such issue of bonds.
SEC. 2. And be it enacted, That the said
bonds shall be sold under and by the author
ity the MayOrand Town Council of Oakland
at not less than their par value.
SEC. And BE- it enacted, That the said
bonds may be issued al such time as the
Mayor ind Town Council of Oak land 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 thereo. and the said
bonds shall be redeemable 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 drst day of July in the year nine
teen hundred and three.
SEC 4. And he il enacted. That to redeem
said bonds the Mayor anu Town Council is
authorized and shall annually levy upon the
assessable property in said town tax sufiici-
ent to pay thu interest upon the bonds so is
sued under the provisions ofthis act and so
much ofprincipal thereof rs shall annually
mature according to the respective tenor of
the aforesaid bonds, and said levy shall be
designated as the "Bon3ed Dent
SEC. ). And be it enacted That the proceeds
arising from the sale of said bonds shall as
soon as received berelained and kept as fund
for the payment of the floating debt of said
town, ana the Improvement of the public
streets in said town, ana the purchase and
operation of an electric light plant for the
benefit Of said town, and shall be used for
no other PURPOSES
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,