The Republican. [volume] (Oakland, Md.) 1877-current, 1960-07-07

dated June /, 1860, to be in 81 100000
denominations, numbered con-
secutively from No. l upward, to
bear interest at the rate or rates
named by the successful bidder,
not to exceed five per centum
(5a6) per annum, payable semi
annually June | and December II
until the respective maturities of
said bonds, and to mature and be
payable in numerical order, with
out option of prior payment in
thirty 800 varying annual serial
instruments on June l in each of
the years 1862 to 1891, inclusive,
as follows:
Years of Maturity Annual Ants.
1862 and 1868 S 100000
1864 to 1874, inc. 100000
1875 to 1881, 100000
1892 to 1886, 100000
1887 to 1891. 25,000.00
All of said bonds will be in
coupon form, registrable as to
principal only. Both principal and
interest will be payable at the
principa! office of The First Ma
tional Bank of Oakland, Oakland,
Maryland, Paying Agent Said bank
has also been designated by the
Town as Registrar for said bonds.
Under existing laws, said bonds
and the interest thereon will be
exempt from taxation in the State
of Maryland and such interest will
be exempt from direct Federal
income tax.
Said bonds are issued for the
purpose of paying the cost of an
additional source of water supply
for the Town, together with APP
purtenant facilities and improve
ments to the existing water sys-
TEN.
Said bonds will be issued pur-
suant to the authority of Sections
81 to 80, inclusive, of Article PA
of the Annotated Code of Mary
land 1857 Edition., and pursuant
to authority conferred by the Town
Charter. Said bonds have also been
authorized by an Ordinance of the
Mayor and Town Council of Oak
land, adopted pursuant to the
above mentioned statute and said
Charter. Principal of and interest
on said bonds will be primarily
payable from the net revenues de-
rived from water rates imposed by
the Town in accordance with d
schedule calculated to produce suf'
ficient revenue to pay the operat-
ing costs of the water system and
debt service on the bonds hereby
offered for sale. In addition, said
bonds will constitute unqualified
general obligations of the Town
a municipal corporation of the
State of Maryland. By the above
mentioned Ordinance, the net
revenues from said water rates are
pledged to the payment of the
principal of and interest on said
bonds, and provision is also made
for the payment of such principal
and interest from the proceeds Of
ad valOrem taxes levied to the
extent necessary by said Ordinance
pursuant to said Charter which
empowers the Town to levy aC
valorem taxes without limit as tC
rate or amount upon all taxable
property within the corporate
limits of the Town, sufficient il
rate and amount to pay the prin
cipal of and interest on the in
debtedness of the Town.
Bidders are requested to name
the rate or rates of interest, il
multiples of one-eighth ls) OIL
one-tenth (1/10) of one per cent
to be borne by the bonds. on which
rate or rates their proposals are
based and submitted. Bidders may
name different rates of interes'
for the several maturities of the
bonds offered but may not name
more than one rate for any one
maturity. No rate Of interest may
be named in excess of five pei
centum $50 per annum. No pro
posal for less than all of the bonds
nor at a price less than one hun
dred per cent 10000 of the pal
value thereof, plus accrued in
terest to date of delivery, will be
entertained.
All of said bonds will be awarded
to the bidder whose offer to pur
chase said bonds results in the
lowest net interest cost to the