The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1902-05-03
debating TO BOND ISSUE
III BY WESTMINSTER
CHAPTER 25s.


AN ACT TO authorize the Mayor and Com
mon Council of Westminster to issue its
bonds or certificates of Indebtedness to the
amount of twenty-five thousand dollars, for
the purpose of providing that amount of
money to enable the said Mayor and Com
mon Council of Westminster TO subscribe
for and purchase capital stock of the Wash
ington. Westminster and Gettysburg Rail
Road Company of Maryland of the par val
ue of fifty dollars per share to the amount
of twenty-five thousand dollars.
Section /. Be it enacted by the General
Assembly of Maryland, That the Mayor and
Common Council of Westminster be and they
are hereby authorized and empowered to issue
bonds in the name of the Mayor and Common
Council of Westminster in sums of not less
than five hundred dollars nor more than one
thousand dollars each, to be signed by the
Mayor and counter-signed by the clerk OF the
Mayor and Common Council of Westminster,
and said bonds shall be sealed with the cor
porate seal of the Common Council OF West
minister to the amount of twenty five thousand
dollars, bearing interest at the rate not exceed
ing FIVE per centum per annum; the interest
thereon TO be paid semi-annually on the first
day of January and July in each and every
year, and each of said bonds be payable thirty
years after date to bearer, redeemable, how
ever, at the pleasure of the. said Mayor and
Common Council at any time after the expi-
ration Of fifteen years from their respective
dates and issuance.
Section 2 And be enacted, That said bonds
shall be disposed of at a price not less than
the par value thereof and said bonds shall be
exempt from county and municipal taxation.
Section 8. And be it enacted, That the sum
of twenty five thousand dollars arising from
the sale of said bonds shall be used and applied
by the Mayor and Common Council of West
minister exclusively in payment for the capital
stock of the Washington, Westminster and
Gettysburg Rail Road Company of MARYLAND
at not more than the par value thereof, which
capital stock said Mayor and Common Coun-
Gil of Westminster are hereby authorized and
empowered to subscribe and pay for.
Section f. And be it enacted, That the
Mayor and Common Council of Westminster
shall not subscribe for, not pay for said capital
stock of the Washington, Westminster and
Gettysburg Rail Road Company of Maryland
or any part thereof until the said Washington.
Westminster and Gettysburg Rail Road Com
pany shall have constructed and completed
its railroad and and have the same in opera
ton through the city of Westminster, Carroll
county, Maryland, from Washington city, in
the District of Columbia to Gettysburg, Adams
county, State of Pennsylvania, and shall also
have constructed and permanently located its
railroad shops at some point within the cor
porate limits of said city of Westminster.
Section 5. And be it enacted, That the
said Mayor and Common Council of West
minister be and they are required in each and
every year to levy and collect special tax,
not exceeding ten cents on every hundred
dollars of the assessed value of the taxable
L.
within the limits of the corporation of the city
of Westminster, for the purpose of paying the
interest on the said bonds issued under the
provisions of this act, as the same shall be
payable and from time to time reduce and re-
tire said bonds after the date provided by this
act until all of them shall be redeemed and
retired.
Section 6. And be it enacted, That the
Mayor and Common Council of Westminster
be and they are hereby authorized and EN-
powered to take the sense of the people of the
city of Westminster in relation to the issuing
of the bonds provided for in this act by SUBJ
hitting the question to the qualified voters at
an election to be held in the city of Westmin-
ster on such day. at such place and between
such hours of the day as said Mayor and Com
mon Council may order and direct at any time
not exceeding thirty days after the passage
anu VI lulS ACT, anu DIT
qualified voters of said city are authorized to
cast ballot for issuing bonds or against issu-
ing bonds, and the result of such election shall
be certified to the said Mayor and Common
Council of Westminster, and if the majority of
the votes cast be for issuing the bonds provid-
ed for by this act then the Mayor and Council
be and they are hereby authorized, directed
and required to exercise the power and au-
thority vested in them by the provisions of
this act.
Section T. And be it enacted That this act
shall take effect from the date of its passage.
Approved April 9Th, 1902.
JOHN WALTER SMITH,
Governor.
JOHN BUBNER,
President of the Senate.
NOBLE l.. MITCHELL,
Speaker of the House of Delegates.
Office of the Secretary of the Senate:
hereby certify That the aforegoing is a
true copy of an Act of the General Assembly
of Maryland, passed at the January Session,
1902
ALFRED RITTER,
apr26 81. Secretary of the Senate.
COUNTY TREASURER AND