The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1900-04-28
LOCAL Law.
To Issue Bonds to Liquidate the In
debtedness of the School
Commissioners.
CHAPTER PAP.

CHAPTER 242
AN ACT TO AUTHORIZE THE COUNTY
COMMISSIONERS OF CA RR o IL
COUNTY TO ISSUE BONDS TO LIQUI-
DATE THE INDEBTEDNESS OF THE
SCHOOL COMMISSIONERS OF SAID
COUNTY.
Whereas, the Board of School Commission
ers of Carroll County, Maryland, is now in
debted unto sundry persons in various sums
ofmoney. aggregating the sum of Thirty Thou
sand Dollars; and, whereas, the County Com
missioners of said County are willing to assume
said Indebtedness and provide for the pay
ment thereof to the various parties to whom
the same is respectively due and owing; and,
to accomplish said purpose, are deslrous OF
funding said Indebtedness at a reduced rate OF
interest; therefore,
Section l. Be it enacted by the General
Assembly of Maryland, That the County Com
missioners of Carroll County, Maryland, are
hereby authorized and empowered to assume
the payment of the Indebtedness OF the Board
of School Commissioners of Carroll County,
as the same may have existed on the hrst day
of January, A. D. 1900, and remains unpaid,
and TO fund the same at reduced rate of in-
terest, and for that purpose the said County
Commissioners of Carroll County are hereby
authorized and directed to issue bonds, to be
called "Carroll County School Bonds, not
to exceed the sum of Thirty Thousand Dollars,
said bonds to be registered or coupon, IN the
discretion of the said County Commissioners,
and to be issued in sums or denominations OF
not less than one hundred dollars nor more
than one thousand dollars, to be signed by the
President of the said Board of County Com
missioners, and to be countersigned by the
County Treasurer of said county, and have the
corporate seal of said County Commissioners
affixed thereto, bearing interest at rate not
exceeding four per cent. per annum, payable
semi annually on the first day of April and
October, in each year after the issue OF sad
bonds and until the said bonds are paid, and
the said bonds shall be exempt from all taxa
ton.
Section 3 And be it enacted, That said
bonds shall be payable as follows One thou
sand dollars thereof on the first day of April,
A. D. 1905, and one thousand dollars on the
first day of April in each and every year there
after until all the said bonds are fully paid;
provided, however, that all said bonds shall
be redeemable at the pleasure OF the said
County Commissioners on or after the hrst day
of April, A. d. 1905. =,
Section 8. And be it enacted, That said
County Commissioners are hereby authorized
to sell said bonds either at public or private
sale for cash after two weeks notice OF such
sale shall be published in two newspapers pub
lished in said county before the day OF sale,
stating the time when, and the place where,
said bonds shall be sold; provided, however,
that said County Commissioners shall not sell
any bond issued under this act for less than
the par value of said bond.
Section T. And be it further enacted. That
after the issue of said bonds, and until the
same are fully paid the said County Commits
sioners are hereby authorized and directed to
retain from the sum or sums of money appor-
toned and appropriated by them in each year
to the said County School Commissioners for
school purposes a sufficient amount to pay the
interest due on all said bonds which may be
outstanding, and after the year 1904 to retain
from said sum or sums so apportioned and ap-
propriated, the further sum of one thousand
dollars to pay on the principal sum OF said
Indebtedness.
Section 5. And be it further enacted,
That said County Commissioners shall cause
to be prepared the bonds hereinbefore directed
to be issued so that the same may be open to
the inspection of the public on or before the
date fixed for the sale of the same, and they
shall also cause the said County Treasurer TO
keep a record of the issue of said bonds con-
tanning amount of bond, date of issue, and
when payable.
Section 6. And be it enacted, That this
Act shall take effect from the date of its pas
sage.
Approved April 9Th, 1900.
JOHN WALTER SMITH,
Governor.
JOHN HUBNER,
President of the Senate.
LLOYD WILKINSON,
Speaker of the House of Delegates.
Office Of the Chief Clerk House of Delegates:
hereby certify, That the aforegoing is a
true copy of an Act of the General Assembly
of Maryland, passed at the January Session,
1900.
B. L. SMITH,
Chief Clerk of the House of Delegates.
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