The Republican. [volume] (Oakland, Md.) 1877-current, 1902-07-17
The BONDING ORDINANCE.
Enacted at Recent Council Meeting Pro-
viding For the Sale of Municipal
Bonds,


Bonds.
On Friday night the Council held
special meeting and enacted an ordi-
nance providing for the issuing of
coupon Understanding bonds to pay
for the Improvement of the streets of
the town of Oakland as authorized by
the provisions of Chapter "a OF the
Acts of the General Assembly of
Maryland passed at the January SEES
sion, 1882
Elsewhere in these columns will be
noticed the advertisement inviting
bids for the bonds to be issued.
As the matter is of extreme import
ance to all citizens of the town the
ordinance above referred to is pub
lisbed herewith:
SECTION /. Be it ordained by the
Mayor and Town Council of Oakland.
that coupon Understanding bonds as
provided under the aforesaid Act OF
Assembly, be issued to the amount of
Eight Thousand Dollars for the pur-
pose of improving the streets of said
town, and that the bonds shall be is
sued and signed by the Mayor and
President of the Council, attested by
the Clerk under the seal of said town.
and the coupons attached shall be
signed by the Mayor and payable at
the Garrett County Bank of Oakland,
Maryland, on the irst days of July
and January of each year from the
date Of their issue.
SECTION 2. Be it further ordained,
that said bonds shall be offered to the
highest bona fide bidder by sealed
proposals to said Mayor and Council
in writing within and by the time
specified for the filing of said bids in
the notice hereafter to be given, and
each of said bids shall be accompanied
by check or draft to the amount of
ten per cent. Of said bid, and the bal
ance of said bids, if accepted, shall be
paid upon the delivery of the bonds,
and in the event that said bids are re-
lected then said deposits shall be re-
turned and if the said bidder should
fail to comply with the terms of said
bid, than said amount so deposited
shall be forfeited to said Mayor and
Town Council, and they shall not be
bound to return the same, and that
none of said bonds shall be sold for
less than par and bearing four per
cent. interest, payable as provided in
the aforesaid Act of Assembly, and
that the denomination of said bonds
shall be as follows, viz: Thirty for
the sum of one hundred dollars each,
six for the sum OF five hundred dollars
each and two for the sum of one
| thousand dollars each.
SECTION 3. And be it further en-
acted, that due notice shall be given
Town Council by printed circulars
and otherwise of their intention to
receive sealed proposals for the pur-
chase of said bonds and such other
notice IS they may deem proper, so
as to invite as much competition as
possible in the sale and disposition of
said bonds.
SECTION 4. And be it further or
dained, that if said Mayor and Town
Council shall deem it better to sell
said bonds at public auction rather
than by sealed bids as hereinbefore
provided they shall give such public
notice of the time and place of the
Offering of said bonds as they may
deem sufficient, and said sale shall
| take place in front of the post office
in the town of Oakland between the
hours of ten o'clock a. III. and three
p. M. of the day so fixed and that said
bonds may be sold as an entire lot or
divided up so as to sell to the best adj
vantage for said town.
-
dained, that the proceeds of said bonds
shall be deposited in The Garrett
County Bank to the credit of the
Mayor and Town Council and shall
only be drawn upon for the purpose
| of improving the streets of said town
of Oakland upon the written order of
the Mayor md President of the Coun-
ell attested by the Clerk with the seal
| of the town attached.
SECTION 6. And be it further Or
dained, that it shall be the duty of
the Clerk of the Council to prepare a
proper bond and provide for the
printing of a sufficient number of the
same in the aforesaid denominations,
as provided for in the aforesaid Act
! of Assembly, and the expense of such
printing shall be paid out of the afore-
said funds.
SECTION Z. And be it further or
dained, that the Mayor and Town
Council shall have the right to ap-
point any number of its members or
any other responsible party to act for
them in the sale of said bonds, and in
the event of the appointment of any
such agent he shall only sell said
bonds in accordance with the provis-
ions of this ordinance and the afore-
said Act of Assembly and shall be
guided strictly by said provisions.
| SECTION s. And be it further Or
dained, that in issuing said bonds not
more than one thousand dollars of the
same shall be payable in any one year
and that said bonds shall be so drawn
up and printed so they will express
on their face to be redeemed at the
! NIL 90