The Republican. [volume] (Oakland, Md.) 1877-current, 1940-04-04
PUBLIC LOCAL LAWS
CHAPTER <

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 a Community
Building for said Town and pro-
viding for the levying of taxes to
pay the interest on and to redeem
said bonds and providing for a
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, a municipal
corporation, be and it is hereby au-
thorized and empowered to borrow
upon the faith and credit of said town
of Oakland a sum not exceeding $685.
100000 and to issue and sell bonds for
said sum, said bonds to be signed by
the Mayor and duly attested by the
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-annually;
said bonds shall be exempt from all
State, county and municipal taxation,
and shall have printed on them a dis
tinct reference to the Act authorizing
their issue.
Sec. 2. And be it further enacted,
That said bonds shall be issued in de-
nominations of S1,00000 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
(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 OF all
Of said bonds. If less than the whole is
sue is to be redeemed, said Mayor and
Town Council shall proceed to deter
mine 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 May
or and Town Council shall give notice
by advertisement inserted 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
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 and
place where bids, conditioned as the
said Mayor and Council may require
will be opened for the sale of said
bonds as a whole or in parts, reserv-
ing unto itself the right to reject any
and all bids. Said bids, together with
such certified checks as may be re-
CURED, 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 bidder Or
bidders therefor, of whose ability to
comply with the terms of sale the said
Mayor and Town Council, in it's dis
erection, is satisfied. In the event that
said bonds be sold, the proceeds there
of 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
fled 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, a
square box to the right of and oppo-
site the words "For Community Build
ing Bonds" and a corresponding
square or box to the right of and oppo-
site 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 decision for or against said
bond issue. If majority of the votes
cast on said question shall be "For
Community Building Bonds" then this
Act shall become Immediately effec-
tive; but if a majority of the votes cast
thereon shall be Against Community
Building Bonds" then this Act shall be
null and void and of no effect whatso-
ever, 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-
flicting 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 further enacted,
That this is an emergency law, neces-
sary for the health, safety and best in
terests of the citizens of Oakland, and
three-ffths of the members of the
General Assembly of Maryland con-
curing therein, shall take effect from
the date of its passage.
Approved February 7, 1889.
CHAPTER NO. ia.