The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1910-05-06
HAVRE DE GRACE BOND
ING BILL.
Published by Authority

Published by Authority
AN ACT to repeal Section 175.A o
Chapter ~ of the Code of Public l. ocn
Laws al Maryland as enacted by the
Act ut 1902, Chapter l27, and to re
enact the same with amendments, and
To add certain new sections to said
Article 10 lie known as Sections TAD
l15 Il, lI5F. 40 &, no II, and
l75 |.
SECTION |. lie it enacted by the Gen
eral Assembly uf MARYLAND, that Section
lI5 of Chapter Is of the Code OF Pub
lie Local Laws Of Maryland AS enacted
by the Act Of 1902, Chapter 1877, he aud
the same IL hereby repealed aud rc.rnnct-
ed SO MS to read as hereinafter set forth,
and to add certain new sections to said
Article to he known AS Sections l75 u.
l7i.E, l75 Il, l75 G, l75 II, aud l75 |,
to read as hereinafter set forth.
l75.A. Whenever the Mayor and City
Council OF llavrc tie Grace, having first
obtained the approval and consent Of a
minority OF the legally qualified voters oi
said city as herein provided, shall deter.
mine to purchase or erect any gas plant,
electric light plant, water plant OF sys.
TEN oi sewers Tor said city, they ale here.
by authorized andcmpo wcrcd to borrow
on the credit Of the said city IA sum Of
money necessary for such purchase OF
erection and to issue bonds therefor, and
said bonds shall he issued IN The manner
aud under the same terms and condition
M to form, maturity. redemption, pay.
mrnt. sinking fund and other PAT ticulaIs
AS III this Article provided Tor the issue
III bonds Tor the liquidation 81 the pres.
cnt floating Indebtedness Of said city;
provided, however, that the total bond
ed aud floating indebtedness ui said city
shall at no time exceed five per ccntum III
the taxable basis ul said city,
l75 u. The Mayor and City Council
IT llavrc DE- Grnrc shall forthwith, upon
the passage and approval Of this Act,
ISSUE bonds Ia an amount not Ia exceed
twenty seven Thousand dollars said
| bonds shall he for sums oi not less than
| klUO nor more than 81 600 cnrh, aud
shall he signed by the Mayor and cuun
trIHlgncd by the Treasurer ii said city,
with the corporate seal al said city ailix,
ed thereto, aud shall bear intcrrst at the
rate OF hive per cent per annuuI, PAYABLE
semi annually On the first days ui DrCcin.
her aud lunc in each year until the prin.
Cipal Is paid and said bondsarc called in,
aud SAID bonds shall he exempt from
| municipal and county taxation in Ilar.
ford county, and shall have printed on
them an explicit and distinct reference to
| this Act ns authorizing the issue thereof,
and shall mature not earlier than the
FIRST day Oi May In the year 1880. When
issued the said bonds shall be forthwith
| delivered to the Commission named in
this Act, to he used by said Commission
for the purposes hereinafter set forth,
and the provisions ni Sections 10 and
! n A shall not apply to the bonds issued
under this section.
i15.E, After the expiration OF ten
years from the date OF the issue Of he
| bonds authorized, In the preceding sec.
ton, the Mayor and City Council may
from time to time redeem them, and il
| they desire to redeem OF pay oil a part
thereof they shnlldctcrminc by lot which
bonds ARE to he 50 redeemed, the Mayor
and City Council shall give notice by nd.
ycrtising In two newspapers published In
said city II So many al the number or
numbers Of the said bonds 50 To be re.
deemed OF called In, and when aud where
| the same are to he paid, aud the interest
on hhliI bllIilA ~ anu To
he called IN aud redeemed shall cease
| from and after the date fixed for their re.
| dcmptiun.
l7J.F. The Mayor and City Council
| 81 lInyTc lie Grace shall at all times keep
and preserve n sinking fund for the pay.
mcnt 81 the principal aud interest Of the
bonds issued under the two preceding
Sections, all the money received by said
city from the sale Of hotel liuuur licenses,
M provided In Section lg2 ii Chapter
| $50 Of the Act Of 1880, and they shall in
corporate into the bonds issued hercun.
der ns aforesaid 30 as to make the same
| part Of the contract bet wcen said city
aud he purchaser or purchasers III said
| bonds and security for the payment 81
the principal and interest thereon an the
same shall mature, u pledge ol the money
authorized aud thereafter to he paid t6
said city, and which the said city i. or
may he entitled tpicCtivc under the aiprc-
said Act. and the purchasers aud holders
Oi said bonds shall have the right to rely
and insist upon the securities No pledged
to them until the said bonds are fully
paid and IN case 1t shall happen in any
| year that the money received by said
city under and by virtue OF said AC, shall
he less than S 900, then the Mayor and
CITY Council aforesaid shall whenever
and AS often AZ sucL deficit shall occur
levy upon the nsscssablr property Of said
city aud collect thcrcirum "A sun OI
money which together with THE sum re
CcIvcd by them ipr licenses under and by
virtue Of the Act aforesaid will amount
to the said sum 81 81 900. aud the sam,
shall thcfcupUn he placed in said sinking
fund.
| l7T.G. That Richard II Smith, Muir
ray Nandivrr, Isaac Iiccht, Clarence {
Pussy. Daniel w Hopkins and Michnc
Fnhry, together with the Mayor 81 salt
city Tor the time being, and the city at
tu-nry thereof for the time being, cK
pilIciO, shall be, and they are hereby mp
pointed "A commission for the purpOs,
hereinafter mentioned. and said commits
sion or majority thereof shall within
thirty days 81 the passage aud apprOya
Of this Act. prganiIc by the election Of Il
chairman, secretary and treasurer. nnt
shall require the said treasurer Ia civ,
bond in the penalty If $1,000 for th'
faithful performance IL his duties as sucl
treasurer. The said commission, or
majority thereof IN hereby authorized
directed and required to receive from III,
Mayor and City Council Of IIavrc d,
Grace the bonds hcrcinhciprc auth Jrizct
and directed to he issued, and to sell tn,
same upon the best terms possible, pro
vided the prices at which they are SOLD
shall not he less than par or their face
value. and the proceeds shall he immcdi
ately placed 10 the credit Of snidcommIs
sion In n National Bank, or Banks, nj
the highest rate Of interest rbtninnblc
and shall he subject to the check Of sait
commission, to he signed by said treas
urcr and cpunterslgnch by the chairman
thereof The said commission Is hcreb,
authorized and empowered out Of III,
pr jceeds 81 the sale oi said bonds to pa,
the debt due Mary Elmn Fletcher undeI
II judgment recently recovered agrins
the Mayor and City Council NJ Ihvre d,
: Grace in the Circuit Court for HarIort
County. and affirmed by the Court .
Appeal. Of Maryland, and to cause prop