The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1902-04-26
Debating TO BOND ISSUE BY
LII CITY OF WESTMINSTER.
CHAPTER 900.

CHAHIEh bZZ.
AN ACT to authorize The Mayor and Com
mon Council of Westminster to issue Its
Bonds or certificate 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
Common Council of Westminster to sub
scribe for and purchase the capital stock OF
the Baltimore, Westminster and Gettysburg
Railroad Company, Of the par value of
Fifty Dollars per share, to the amount of
Twenty Five Thousand Dollars.
Section /. Be il 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 countersigned by the Clerk of
the s5ayor and Common Council of Westmin-
ster, and said bonds shall be sealed with the
corporate seal Of the Common Council of
Westminster, to the amount of Twenty
Five Thousand Dollars, bearing interest at
the rate not exceeding 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, however, at the pleasure OF the
said Mayor and Common Council at any time,
after the expiration of fifteen years from their
respective dates and issuance.
Section q And be it enacted, That said
bonds shall not be disposed of at price 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, snail be used and
applied by the Mayor and Common Council
of Westminster exclusively in payment for the
Capital Stock of the Baltimore, Westminster
and Gettysburg Railroad Company, at not
more than the par valne thereof, which Capt.
tai Stock said Mayor and Common Council of
Westminster are hereby authorized and en-
powered to subscribe and pay for.
Section A. And be it enacted, That the
Mayor and Common Council of Westminster
shall not subscribe for nor pay for said Capt.
ial Stock of the Baltimore, Westminster and
Gettysburg Railroad Company or any part
thereof until the said The Baltimore, West
minister and Gettysburg Railroad Company
shall have constructed and completed its rail
road and have the same in operation through
the City of Westminster, Carroll County,
Maryland, from Reisterstown, in the State OF
Maryland, to Gettysburg, Adams County,
State of Pennsylvania, and shall also have
constructed and permanently located its Rail
road Shops at some point within the corporate
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 a special tax
not exceeding ten cents on every hundred
n IL >E 10 .,xyn hla
property liable to assessment and taxation
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
retire 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 sub
hitting the question to the qualified voters at
an election to be held in the City of Westmin-
ster on such notice, en- such day, at such place,
and between such hours of the day as said
Mayor and Common Council may order and
direct, at any Time not SAceeuluS .tWo years
after the passage and approval of this Act, and
at said election the qualified voters of said
City are authorized to cast ballot For Is.
suing Bonds, !" Against Issuing Bonds" and
the result of such election shall be certified to
the said Mayor and Common Council of West
minister, and if the majority of the votes cast
be for the issuing of the bonds provided for
by this Act, then the Mayor and Council be
and they are hereby authorized, directed and
required to exercise the power and authority
vested in them by the provisions Of this Act.
Section 7. And be it enacted, That this Act
shall take effect from the date of its passage.
Approved April 18th, 1902.
JOHN WALTER SMITH,
Governor.
JOHN HUBNER,
President of the Senate.
NOBLE L. MITCHELL,
Speaker of the House of Delegates.
Office of the Chief Clerk House of Delegates ::
| hereby certify That the aforegoing is
true copy of an Act of the General Assembly
of Maryland, passed at the January Session,
1902.
B. L. SMITH,
Chief Clerk of the House of Delegates.