The Republican. [volume] (Oakland, Md.) 1877-current, 1939-02-09

said sum, said bonds to be signed bv
the Mayor and duly attested bv tbe
Clerk-Collector of the Town of Oak.
land, and to be sealed with the seal of
said town. Said bonds shall be known
and designated as Community Build
ing Bonds" and shall bear interest AT
a rate not exceeding four (4) per cent
per annum, payable semi-annuallv.
said bonds shall be exempt from ali
State, County, and Municipal taxation
and shall have printed on them a dis.
tince reference to the Act authoriz.
ing 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
April LIST of each year. Provided, how
ever, that after the expiration of five
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 determine by
lot which of said bonds are to be re.
deemed, and when said bond or bonds
are thus selected for redemption, the
Mayor and Town Council shall give
notice to the holder thereof by regis.
tered mail, if known, and if the holder
is not known, then the Mayor and
Town Council shall give notice by ad-
vertisement inserted in two news
papers 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
bonds or bond from and after the date
fixed for redemption.
Sec. 3. And be it further enacted,
That the Mayor and Town Council Of
Oakland shall cause proper advertise
ment to be made stating the time nd
place where bids, conditioned as the
said Mayor and Town Council may
require, will be opened for the sale
of said bonds as a whole or in parts,
reserving unto itself the right to re-
iect any and all bids. Said bids, to-
gether with such certified checks as
may be required, shall be filed with the
| Clerk-Collector of said Town, and at
the time and place advertised, shall be
opened by him in the presence of the
Mayor and Town Council, and if said
bids be satisfactory to the Mayor and
Town Council, it shall sell said bonds,
or any part thereof, to the highest bid.
l Il IF Itrb, Oh
ity to comply with the terms of sale
the said Mayor and Town Council, in
it's discretion, is satisfied. In the event
that said bonds be sold, the proceeds
thereof shall be placed in a separate
fund and shall be used for the sole
purpose of buying ground and/or
erecting a Community Building for
said town.
Sec. 4. 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 Feb
ruary 10, 1889. There shall be printed
on the ballots to be used at said cleo
ton, the title of this Act and under
meath said title on separate lines,
square box to the right of and opposite
the words "For Community Building
Bonds, and a corresponding square or
box to the right of and opposite the
words against Community Building
Bonds, so that the voters shall be able
to designate by a cross mark in the
proper square or box his or her de-
clslon for or against said bond issue.
II a majority of the votes cast on said
question shall be "For Community
Building Bonds, then this Act shall
become Immediately effective; but if
a majority of the votes cast thereon
shall be against Community Build
ing. 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 any and all Acts or parts of Acts
or any part or parts of the Charter of
the Town of Oakland, Maryland, con-
t1lctlng in any way herewith is or are
repealed in so far and to the extent
that the same shall so conflict.
Sec. 7. And be it futher enacted,
That this is an emergency law, neces-
sary for the health, safety and best in
terests of the citizens of Oakland and
three-fifths of the members of the
General Assembly of Maryland con-
curing therein, shall take effect from
the date of it's passage.