The citizen. (Frederick City, Md.) 1895-1923, 1902-05-09
PUBLIC LOCAL LAWS.
CHAPTER L.

AN AZ l TO authorize anu empower the
Mayor and Aldermen of Frederick to
issue bonds bearing interest at rate
not exceeding three and one-half per
cent per annum to obtain money to
redeem five hundred and twelve thou
sand, five hundred dollars of bonds
bearing interest at four per cent per
annum issued by said Mayor and
Aldermen of Frederick under the Acts
of the General Assembly of Maryland,
passed at the Session of eighteen hun
dred and eighty eight chapter forty -four
and chapter one hundred and ninety
five, which issue of bonds will become
redeemable and may by paid by said
Mayor and Aldermen of Frederick
at any time after the first day of July
in the year nineteen hundred and
three, and to authorize and empower
said Mayor and Aldermen of Frede
rick to levy and collect the necessary
taxes for the payment Of the bonds
hereby authorized to be issued and the
interest thereon.
Section I. Be it enacted by the Cen
eral Assembly of Maryland, That the
Mayor and Aldermen of Frederick be
and they are hereby authorized and en-
powered to issue bonds in the name of
the said municipal corporation to an
amount not to exceed five hundred and
twelve thousand, five hundred dollars,
the amount of the present outstanding
bonds heretofore issued by said munich
pal corporation under the Acts of the
General Assembly of Maryland, passed
at the Session of eighteen hundred and
eighty eight, chapter forty-four and chap
ter one hundred and ninety-fve. The
bonds issued under the provisions of this
section shall be issued in sums of not
less than one hundred dollars nor more
than one thousand dollars each, to be
signed by the Mayor of Frederick and
countersigned by the City Register, and
said bonds to be coupon bonds and to
bear interest at rate not to exceed three
and one-half per cent per annum, pay
able semi-annually on the first day of
January and July in each year. and each
of said bonds shall be payable thirty
years after date to bearer, redeemable,
however, at the pleasure of said Mayor
and Aldermen of Frederick at any time
after the expiration of fifteen years from
their respective dates.
Section ,. And be it enacted, That
the said Mayor and Aldermen of Fred
erick shall sell said bonds in such man.
ner as they believe will subserve the best
interests of said city, provided, however,
that said bonds shall not be sold for less
than par in cash current money.
Section 3. And be it enacted, That
said bonds shall be exempt from all
county and municipal taxation, and that
the proceeds arising from the sale of
the bonds authorized hereby to be issued
as aforesaid, shall be applied exclusively
to the payment and satisfaction of the
present outstanding four per cent bonds
issued under the Acts of the General
Assembly of Maryland, passed at the
Session of eighteen hundred and eighty
eight, chapter forty-four and chapter one
hundred and ninety-five, amounting to
FIVE hundred and twelve thousand, five
hundred dollars, which bonds will be-
come redeemable on July first in the
year nineteen hundred and three, and
to no other use or purpose whatever, and
nothing contained in the provisions of
this and the proceeding sections shall be
construed to authorize said municipal
corporation to issue bonds for any greater
amount than five hundred and twelve
thousand FIVE hundred dollars, nor for
any other purpose than herein specified
Section T. And be it enacted, That
the said Mayor and Aldermen of Fred
erick shall have full power and authority
and are hereby required to levy all nee
essary taxes upon the taxable property
within the taxable limits of Frederick
City for payment of the interest on said
bonds and for the payment of the prin-
cipal thereof at the maturity of said
bonds, and shall create a sinking fund
for that purpose, and levy and collect
the necessary taxes therefor.
Section 5. And be it further enacted,
That this Act shall take effect from the
date of its passage.
Approved March goth, 1902.
JOHN WALTER SMITH,
Governor.
JOHN HUBNER,
President of the Senate.
NOBLE L. MITCHELL,
Sneaker ot the House of DELEGATES