The Republican., 1935-07-04
SALE OF MUNICIPAL BONDS
BY The MAYOR AND TOWN
COUNCIL OF OAKLAND
CHAPTER NO. 21S.
A BILL ENTITLED

a BILL EN IlILED
AN ACT to authorize and empower
the Mayor and Town Council of
Oakland to issue and sell bonds,
and to use the proceeds arising
from the sale thereof for the pur-
pose of building new Reservoir
and providing for the levying of
taxes to pay the interest on and
to redeem said bonds and pro-
viding a referendum thereon.
Section l. Be it enacted by the Cen
eral Assembly of Maryland, That the
Mayor and Town Council of Oakland,
in Garrett County, municipal corpo-
ration, be and it is hereby authorized
and empowered to borrow upon the
faith and credit of said town of Oak
land a sum not exceeding $25,0O0.00
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 rate not exceeding
four (4) per cent per annum, payable
semi-annually on the first day of June
and December in each and evedy 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 $1,000 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 l each year. Provided, how
ever, 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 anniversary of
the date of issue redeem any one or all
of said bonds. If less than the whole
issue is to be redeemed said Mayor
and Town Council shall proceed to de-
termine by lot which of said bonds
are to be redeemed, and when said bond
or bonds are thus selected for redemp
ton, 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 advertisement inserted in
two newspapers if so many be pub
lished in said town, of the number of
said bond or bonds selected for re-
demption, 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. g. 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 or
dinance for the time, place and manner
of sale. The proceeds derived from the
sale thereof shall be paid to the Mayor
and Town Council of Oakland, Mary
land, and be by it deposited in some
bank in Oakland and be used for the
construction of new Water Reservoir
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 effec-
tive until it shall have been submitted
for adoption or rejection, to the quail
flied voters of the town of Oakland
at the special election to be held on
Monday, June 8, 1885. There shall be
printed on the ballots to be used at
said election, the title of this Act
and underneath said title on separate
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 opposite