The Republican. [volume] (Oakland, Md.) 1877-current, 1956-09-06

ton upon the rate at which taxes
may be levied by the Town or a
limitation upon the amount of in
debtedness which may be incurred
by the Town; and
WHEREAS, the Town has here
tofore levied ad Valorem taxes for
the support of its municipal func-
tons, which taxes are now in eff
feet; and
WHEREAS, the Charter of the
Town has not been repealed, re-
voked, forfeited or rescinded and
all reports required by law to be
filed to maintain said Charter i'll
full force and effect have been duly
filed in the manner and at the time
or times prescribed by law; and
WHEREAS, the Mayor and the
Council of the Town of Grantsville
have determined that it is proper
public purpose to use the proceeds
Of said issue of bonds for the pur-
rose of constructing a water tower
water tank and connecting water
lines within the Town of Grants
Vile, said water tower, water tank
and water lines having been duly
approved by the State Department
of Health of Maryland
NOW THEREFORE. BE 1T
ENACTED AND ORDAINED BY
THE MAYOR AND COUNCIL OF
THE TOWN OF EVANSVILLE:
Section
That the Mayor and Council of
the Town of Grantsville deem it a
proper public purpose to construct
water tower and tank with con-
Meeting water lines within the Town
of Grantsville and to issue and sell
serial maturity coupon bonds in the
aggregate par amount of Forty
Thousand Dollars (S40,00000D, the
proceeds from the sale of which
are to be used for the purpose of
defraying the cost of said conStruc-
ton and professional fees and other
expenses incident thereto and Incl
dent to the sale of said bonds.
Section
That the Mayor and Council of
the Town of Grantsville, acting for
the Town of Grantsville, issue and
sell serial maturity coupon bonds
in the aggregate par amount of
I Forty Thousand Dollars CS4000000)
under the provisions of Section SO
of the Charter of the Town, Sec
tons 81 to 80, inclusive, of Article
23A of the Annotated Code of Mary
land 1856 Cumulative Supplement-
and Article lie of the Constitution
of the State of Maryland, the pro-
ceedS from the sale of said bonds
to be used as indicated in Section
| of this Ordinance; that said bonds
shall be designated as GRANTS
VILE WATER BONDS OF 1856
and shall be issued upon the full
/ faith and credit of the Town of
Grantsville; they shall be dated
October l, 1856, and shall be num-
bercd consecutively from No. One
% to No Forty 400. both num-
berS inclusive; they shall be issued
in serial maturity coupon form, in
| the denomination of One Thousand
Dollars 100000 par value each,
and shall mature and be payable
over a period of twenty t20) years,
1857 to and including 1876, in the
order of their consecutive numbers,
in annual serial installments Of Two
Thousand Dollars CS2,00000) in each
year. Said bonds shall bear interest
at the rate or rates to be fixed by
the successful bidder or bidders of
said bonds, which rate or rates of
interest shall be in multiples of one
eighth Il 8th) or one-tenth Il 10TH
of one per centum t1ec) and shall
not exceed four per centum go
per annum; the alternate para
graph in the Form of Bond, here
matter set forth, shall be used in
accordance with the terms of the
accepted bid in the event the bonds
are issued to bear two or more
rates of interest. The bonds, when
issued. shall be signed by the Mayor
of the Town of Grantsville and
shall be counter-signed by the
Clerk-Treasurer of said Town, and
the seal of the Town of Grantsville
shall be impressed on each of the
bonds of the issue; the interest
coupons attached to the bonds shall
be authenticated by the facsimile
signature of the Clerk-Treasurer
stamped printed or engraved there
on. Said bonds shall be issued sub
ject to the registration as to prin-
cipal only in the name of the owner
or owners thereof at The First State
Bank of Grantsvnle. Grantsville,
Maryland, and the principal of and
interest on said bonds shall be pay
able at said bank. The bonds shall
be in substantially the following
form, which form, together with all
the recitals, covenants and condi-