The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1900-05-05
DUBLIC LOCAL Law
To Issue Bonds to Liquidate the In
debtedness of the School
Commissioners.
CHAPTER 242.

CHAPTER 242.
AN ACT TO AUTHORIZE THE COJINrv
COMMISSIONERS OF CARROT
COUNTY TO Issue BONDS To TIof;i
DATE THE INDEBTEDNESS OF THp
SCHOOL COMMISSIONERS OF SAN
COUNTY.
Whereas, the Board of School Commiss;on
ers of Carroll County, Maryland, is now IN
debted unto sundry persons in various sum.
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 nav.
ment thereof to the various parties TO whom
the same is respectively due and owing; and
10 accomplish said purpose, are DESTROYS If
funding SAID Indebtedness at reduced rate nc
interest; therefore,
Section l. Be it enacted by the General
Assembly of Maryland, That the County Com
missioners of Carroll County, MARYLAND. arc
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 first dsy
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 he
called Carroll County School Bonds mot
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 nj
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 a 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 said
bonds and until the said bonds are paid, and
the said bonds shall be exempt from all taxa.
ton.
Section 2. 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 first 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 4. And be it further enacted, That
after the issue of said bonds, and until The
same are fully paid, the said County Commis-
sioners are hereby authorized and directed 10
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 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 hereinbelore 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;
l hereby certify, That the aforegoing is
true copy of nm Act of the Gene-nf Asse@aT
of Maryland, passed at the January Session.
1900.
B. L. SMITH,
Chief Clerk of the House of Delegates
anroG ar