The Republican. [volume] (Oakland, Md.) 1877-current, 1935-05-02

is herewith set out in full.
By order of the Mayor and Town
| Council of Oakland, Maryland.
H. P. STUCK, Clerk.
AN ACT To authorize and empower
the Mayor and Town Council Of
Oakland to issue and sell bonds
and to use the proceeds from the
sale thereof for the purpose of
building new Reservoir and pro-
viding for the levying of taxes
to pay the interest on the same
and to redeem said bonds and pro-
viding referendum thereon.
SECTION l. Be it enacted by the
General Assembly of Maryland, That
the Mayor and Town Council of Oak
land, in Garrett County, municipal
corporation, be and it is hereby author
lied and empowered to borrow upon
the faith and credit of said town of
Oakland sum not exceeding $4,000,
and to issue and sell bonds for said
sum, said bonds to be signed by The
Mayor and countersigned by the Treas
urer of said Town, and to be sealed
with the seal of said town. Said bonds
shall be known and designated as
water Reservoir Bonds" and shall
bear interest at a rate not exceeding
four (4) per cent per annum, payable
semi-annually on the first day of June
and December in each and every year
until said bonds are paid; said
bonds shall be exempt from all State,
county and municipal taxation and
shall have printed on them a distinct
reference to the Act authorizing their
issue.
SEC. 2. And be it further enacted,
That said bonds shall be issued in de-
nominations of 100000 each and
shall be payable as to principal thereof
in twenty-five (25) years from the
date of issue; said bonds shall be serial
coupon bonds and so issued that one
bond shall become due and be paid
December first each year; provided,
however, that after the expiration of
five (5) years from the date of issue
the Mayor and Town Council may,
from time to time, upon any anniver-
sary of the date of issue redeem any
one or all of said bonds. If less than
the whole issue is to be redeemed saiG
Mayor and Town Council shall proceed
to determine by lot which of said
bonds are to be redeemed, and
when said bond or bonds are thus
selected for redemption the Mayor
and Town Council shall give notice
to the holder thereof by registered
mail, if known, and if the holder is not
known, then the Mayor and Town
Council shall give notice by adver-
tisement in two newspapers, if so
many be published in said town, of
the number of said bond or bonds
selected for redemption, and when
and where it is to be paid, and interest
shall cease on said called in bond or
bonds from and after the date fixed
for redemption.
SEC. 3. And be it further enacted,
That said bonds shall be sold either at
public or private sale, but shall not be
sold for less than par, and said Mayor
and Town Council shall provide by
ordinance for the time, place and man
ner of sale. The proceeds derived from
the sale thereof shall be paid to the
Mayor and Town Council of Oakland,
Maryland, and be by it deposited in
some bank in Oakland and be used for
the construction of new water reser-
voir for said town.
SEC. a. And be it further enacted,
That the Mayor and Town Council of
Oakland be and it is hereby authorized
and directed to levy and collect taxes
each year to pay the interest on and
to redeem said bonds as they become
due.
SEC. 5. And be it further enacted,
That this Act shall not become eff
fective until it shall have been sub
mitted, for adoption, or rejection, to
the qualified voters of the town of
Oakland at the special election to be
held on Monday, June 3rd, 1885. There
shall be printed on the ballots to be
used at said election the title of this
Act, and underneath said title on sep
arate lines, square or box to the
right of and opposite the words, For
Reservoir Bonds" and a corresponding
square or box to the right of and oppo-
site the words, against Reservoir
Bonds" so that the voters shall be
able to designate by cross mark in
the proper square or box his or her de-
! cision for or against said bond issue. If
| a majority of the votes cast on said
question shall be "For Reservoir
Bonds" then this Act shall become i'm
mediately effective, but if a majority
of the votes cast thereon shall be
Against Reservoir Bonds, then this
Act shall be null and void and of no
effect whatsoever, and none of said
bonds shall be issued.
SEC. 6. And be it further enacted,
That this Act shall take effect June
1st, 1885.
Approved May l, 1885.
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ORDER NISI