The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1900-05-12
DUBLIC LOCAL Law.
To Issue Bonds to Liquidate the In
debtedness of the School
Commissioners.
CHAPTER 242

CHAPTER 242.
AN ACT TO AUTHORIZE THE COUNTY
COMMISSIONERS OF CARROLL
COUNTY TO ISSUE BONDSTO JJoTI
DATE THE INDEBTEDNESS OF THF
SCHOOL COMMISSIONERS OF sam
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 nav.
ment thereof to the various parties TO whom
the same is respectively due and owing; and
10 accomplish said purpose, are DESTROYS Of
funding said Indebtedness at reduced rate of
interest; therefore,
Section 1. 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 first day
of January, A. d. 1900, and remains unpaid,
and to fund the same at a 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 a rate not
| exceeding four per cent. per annum, payable
| semi-annualy 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. ID. 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-
propria,ed, 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 tC
keep record of the issue of said bonds con
tanning amount vi ponu, u'''e Vi ISSUE ""N
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
1 hereby certify, That the aforegoing is {
true copy of an Act of the General Assembly
of Maryland, passed at the january Session,
B. L. SMITH,
Chief Clerk of the House of Delegates
apr28 st