The Republican. [volume] (Oakland, Md.) 1877-current, 1943-08-05
CHAPTER 500

AN ACT to authorize and empower
the Mayor and Town Council Of
Oakland, Garrett County, Maryland
to issue and sell bonds of said town
to an amount not exceeding Fifty
Thousand Dollars 100000 for
the purpose of refunding and retir-
ing the Water and Sewerage Bonds
issued under the provisions Of
Chapter PIT Of the Acts of 1908,
Reservoir Bonds issued under the
provisions Of Chapter 218 Of the
Acts Of 1885 and Community Build
ing Bonds issued under the provis-
ions of Chapter of the Acts of
1889, and to pledge and apply avail
able annual revenues from the
water works of said town to the
payment of such Refunding Bonds
and interest thereon, and to levy
and collect taxes upon the assessa-
Bile property in said town to pay the
annual principal and interest re-
quirements of such Refunding Bonds
in the event of insufficient available
water revenues for that purpose.
Section L. Be it enacted by the
General Assembly Of Maryland, That
land, in Garrett County, a municipal
be and it is hereby au-
and empowered to borrow
upon the faith and credit Of said town
Of Oakland sum not exceeding Fifty
Thousand Dollars 100000 and to
issue and sell Coupon Bonds therefor
in the denomination Of One Thousand
Dollars 81 ,000.00) each, said bonds
to be signed by the Mayor and duly
attcsted by the Clerk of the town Of
Oakland and to be sealed with the
seal Of said town. Said bonds shall be
known and designated as Refund
Bonds" and shall bear interest at the
rate Of two per cent (2TO per an
mum, payable semi-annually; said
bonds shall be exempt from all State,
County and municipal taxation and
shall have printed on them distinct
reference to the Act authorizing their
issue.
Sec. 2. And be it further enacted.
That said bonds shall be numbered
serially and the first three shall be
payable one year after date of the
issuance thereof, and thereafter three
bonds, Of the value of 100000, shall
mature and be payable each consecu-
tive year in the order of the cOnsecu-
live numbers until the entire issue Of
said bonds is taken up and redeemed;
reseIVing the option to the Mayor and
Town Council aforesaid, to take up
and redeem at any interest period,
upon sixty days notice, and any and
all the outstanding bonds with accrued
interest, if less than the whole issue
is to be redeemed, said Mayor and
Town Council shall call the last ma
turing bonds and when said bond or
bonds are thus selected for redemp
ton the Mayor and Town Council
shall give notice to the holder, or
holders, thereof by registered mail, if
known. and if the holder, or holders,
are not known, then the Mayor and
Town Council shall give notice by adj
vertisement inserted in two newspa-
pers, 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
shall cease on said called bond
or bonds from and after the date fixed
for redemption.
Sec. 3. And be it further enacted,
That the Mayor and Town Council of
Oakland may sell said bonds either
at public or private sale, as they may
determine, at price not less than the
par value thereof. If said Mayor and
Town Council of Oakland determine
to sell said bonds at public sale they
shall cause proper advertisement to
be made stating the time and place
where bids. conditioned as the said
Mayor and Town Council may require,
will be opened for the sale of said
bonds as whole or in parts, reserv-
ing unto itself the right to reject any
and all bids Said bids shall be filed
with the Clerk 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 they shall sell said
bonds, or any part thereof, to the
highest bidder or bidders, therefor, of
whose ability to comply with the
terms of said sale the Mayor and
Town Council, in their discretion, are