Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1902-04-24
CHAPTER 4.
AN ACT


rect the County Commissioners oi
st. Mary's County TO issue Bonds
for the purpose of raising money
to pay for the erection of the Court
House in said County.
Section 1. Be il enacted by the
General Assembly OF Maryland, that
the County Commissioners of st.
Mary's County are hereby authoriz-
ed and directed to issue Coupon
Bonds Of said County to the amount
OF twenty-five Thousand Dollars
($22. .OO0 in sums as follows; Ten,
Two Hundred Dollar Bonds, Ten.
Five Hundred Dollar Bonds, and
Fifteen One Thousand Dollar Bonds.
to be signed by the President and
countersigned by the Clerk of their
Board with the Seal Of said Board
thereto affixed, bearing interest at
the rate of four percent "a per cent.
Annum, payable semi-annually on
the 1st days of March and Septem-
ber in each and every year said
Bonds remain unpaid, and which
Bonds shall be payable as follows:
The Ten Two Hundred Dollar Bonds,
and the. Ten Five Hundred Dol
lar Bonds in fifteen years from the
date of their issue, The Seven One
Thousand Dollar Bonds in Twenty
years from the date of their issue,
and the Eight One Thousand Dollar
Bonds in Twenty-Five years from
the date of their issue. Said Bonds
shall be exempt from County and
Municipal Taxation, and shall be
receivable by the County Treasurer
in payment of County Taxes.
L Section 2. And be il enacted.
That the said County Commissioners
are authorized and required to sell
said Bonds at public auction to the
highest bidder for Cash after giving
not less than Twenty days notice of
such sale by advertisement inserted
in one or more newspapers publish
ed in the Cities of Baltimore and
Washington, also in the st. Mary s
Beacon and st. Mary's Enterprise
and such other notice as they may
deem necessary; Provided, that said
Bonds shall not be sold for less than
their par value, and that any prem
ium that may be derirvd from their
sale shall be applied to the payment
of theinterestfirst accruing thereon.
Section 3. And be it enacted that
the money arising from the sale oi
said Bonds excepting the Premium
as aforesaid, shall be applied as far
as may be necessary tothe payment
OF the Indebtedness incurred by said
Commissioners in the erection and
furnishing of the Court House in
said County; and the balance, after
paying the expenses incident to the
issue and sale OF said Bonds, shall
be applied to other improvements ia
connection with said Court House CT
Court House grounds.
Section 4. And be it enacted, that
the said County Commissioners shall
levy annually upon the assessable
property OF said county such sum oi
money as may be required to pay
the interest on said Bonds as il may
become due and also the principle
of said Bonds at their maturity; and
If required to levy in order to pay
the principle of said Bonds, they
shall in addition to the sum required
for the payment of the interest, an.
nually levy a sum of money, which
being invested or deposited as here
matter required, will produce a suf
ficient fund for the payment of the
principle of said Bonds as the same
may become due and payable; Pro
vided. that after the present Bonded
Indebtedness of said County author
lied by Chapter 407 of the Acts o
the Assembly passed in 1894 ha.
been extinguished, that the balanc,
of the money that may be in th'
hands OF the County Commissioner
derived from the sale of Liquor Ii
cences in said County together
with the amount Of money that ma,
be thereafter annually received b,
said County Commissioners from
said licences, shall first be applies
to the payment of the interest ant
principleof the Bonds authorized b.
this Act; and, for the purpose O
creating q sinking fund for the pay
ment of said Bondsa at their maturity
any amount Of money that may be II
the hands OF said County Commits
siouers, derived either from sai'
liquor licences or from levy upoI