The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1910-05-20
HAVRE DE GRACE BOND
ING BILL.
Published by Authority. |

| L Il, L,
to read rs hereinafter set forth.
l75'A. Whenever the Mayor and City
Council of Havre de Grace, having first
obt aimed the approval and consent of a
majority OF the legally qualified voters of
said city as herein provided. shall deter.
mine to purchase or erect any gas plant,
electric light plant. water plant or sys-
TEN OF sewers for said city. they ate here
by authorized andempowered to borrow
On the credit OF the said city a sum of
money necessary for such purchase or
erection and to issue bonds therefor, and
said bonds shall he issued In the manner
and under the same terms aud conditions
AS to form. maturity. redemption, pay.
ment. sinking fund and other particulars
AS in this Article provided for the issue
Of bonds Tor the liquidation Ut the pres.
ent floating Indebtedness of said city:
provided, however, that the total bond.
ed and floating Indebtedness of said city
shall at no time exceed five per centum of
the taxable basis OF said city.
| It's ID. The Mayor and City Council
of Havre de Grace shall forthwith, upon
the passage and approval OF this Act
issue bonds to an amount not to exceed
twenty.,evcn thousand dollars Said
bonds shall I've for sums of not less than
500, nor more thnn 81 900 each, and
shall he signed by the Mayor and coun.
tersigncd by the Treasurer of said city,
with the corporate seal of said city aiix-
ed thereto. and shall bear interest at the
rate OF five per cent. per annum, payable
semi annually on the first days OF Deccni.
her and June in each year until the prin-
cipal il paid and said bonds are called in,
and said bonds shall be exempt from
municipal and county taxation In llar-
ford county, and shall have printed on
them an explicit and distinct reference to
this Act as authorizing the Issue thereof,
| and shall mature not earlier than the
first day OF May In the year 1880. When
issued the said bonds shall be forthwith
delivered to the Commission named In
this Act, tn he used by said Commission
for the purposes hereinafter set forth,
and the provisions Of Sections l75 and
l75.A shall not apply to the bonds issued
under this section.
| l75E. After the expiration of ten
years from the date of the issue OF the
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 or pay of a part
thereof, they shall determine by lot which
bonds are to be so redeemed, the Mayor
and City Council shall give notice by nd.
vertising In two newspapers published In
said city II 80 many Of the number or
numbers of the said bonds so to he re.
deemed OF called in, and when and where
the same are To be paid. and the Interest
on said bonds so selected and notified to
lie called in and redeemed shall cease
from and after the date fixed for their re.
| dcmption.
| 175.F. The Mayor and City Council
Of Havrc de Grace shall at all times keep
and preserve IA sinking fund for the pay.
ment oi the principal and interest of the
bonds issued under the two preceding
Sections. all the money received by said
city from the sale Of hotel liquor licenses.
M provided In Section 1872 Of Chapter
1870 Of the Act of 1890. and they shall in.
corporate into the bonds issued hercun.
der IN aforesaid ao as to make the same
"A part Of the contract between said city
and the purchaser or purchasers Of said
bonds and security for the payment of
the principal and interest thereon AS the
same shall mature, II pledge Of the money
authorized and thereafter to he paid to
said city. and which the said city IL or
may be entitled to receive under the afore.
said Act, and the purchasers and holders
Of said bonds shall have the right to rely
and insist upon the securities 80 pledged
to them until the said bonds are fully
paid and in case II shall happen in any
year that the money received by said
city under and by virtue Of said Act shall
he less than $ 900, then the Mayor and
City Council aforesaid shall whcnc yer
and ns often as such deficit shall occur,
levy upon the asscssable property Of said
city and collect therefrOm "A sum Of
money which together with the sum re.
ceiycd by them for licenses under and by
virtue OF the Act aforesaid will amount
to the said sum Of 81 900. and the same
shall thercupon be placed In said sinking
fund.
l75.G. That Richard II Smith. Muir.
ray Nandiyer. Isaac lIecbt. Clarence {.
Pussy Daniel W, Hopkinh and Michael
Fahry. together with the Mayor oi said
city for the time being. and the city at.
to-ney thereof for the time being, ex.
oflicio, shall he. and they are hereby ap
pointed a commission for the purpose
hereinafter mentioned; and said commits
sion or a ma ority thereof shall within
thirty days Of the passage and approval
Of this Act. organize by the election Of n
chairman, secretary and treasurer. and
shall require the said treasurer TO give
bond ia the penalty Of $4,000 for the
faithful performance Of his duties as such
treasurer. The said commission, or a
majority thereof IL hereby authorized.
directed and required to receive from the
Mayor and City Council Of Hnvre de
Grace The bonds heTcinbefore authorized
and directed to be issued, and to sell the
same upon the best terms possible, pro.
vided the prices at which they are sold
shall not be less than par or their face
value, and the proceeds shall be immedi-
ately placed to the credit oi said commits.
sion in n National Bank, or Banks. at
the highest rate Of interest 0btainable.
and shall be subject to the check Of said
commission, to he signed by said treas
urer and cOuntersigned by the chairman
thereof The said commission IL hereby
authorized and empowered out Of the
pr Jceeds oi the sale Of said bonds to pay
the debt due Mary Elma Fletcher under
judgment recently recovered against
the Mayor and City Council Of Hayre dc
Grace in the Circuit Court for Hartford
County. and affirmed by the Court of
Appeals Of Maryland. and to cause prop.
err satisfaction Of said Judgment 10 be en-.
tered OF record The said commission 10
also authorized and directed to improve
the streets Of said city in such manner
and by such methods as ne said commits.
sion or majJrity thereof shall deter.
mine, and to provide buildings and equip
ments for the city fire departments and
for that purpose to employ and tx the
compensation Of said treasurer, and such
-.
and laborers as may be necessary and
proper for carrying on ell such work as
they may need by virtue Of this Act; or
The aaId "a m rIalaaInn In their dIacrcfinn