clear space clear space clear space white space
A
 r c h i v e s   o f   M a r y l a n d   O n l i n e

PLEASE NOTE: The searchable text below was computer generated and may contain typographical errors. Numerical typos are particularly troubling. Click “View pdf” to see the original document.

  Maryland State Archives | Index | Help | Search		 search for:
clear space
white space
Proceedings of the Senate, 1900
Volume 96, Page 1167   View pdf image (33K)
 Jump to  
   << PREVIOUS  NEXT >>
clear space clear space clear space white space

1900.] OF THE SENATE. 1167

In order to carry into effect the provisions of this Act
the Mayor, Counsellor and Aldermen of the city of An-
napolis are hereby authorized and empowered to issue
bonds of the city of Annapolis or make such other pro-
vision for the purchase of said stock as in their judment
is for the best interests of the city. The bonds so issued
shall be secured by the credit of the city and the stock
now owned by and that may hereafter be acquired out
of the proceeds of the sale of said bonds. The bonds
shall be known as the bonds of the city of Annapo-
lis secured by the water stock as collateral. These bonds
shall be limited to a period not exceeding thirty
years. The interest shall not exceed three per cen-
turn per annum payable quarterly. The proceeds of
the sale of these bonds shall be used for no purpose
other than the purchase of water stock of the Annapolis
Water Company, and any excess after the purchase of
the stock that may be surrendered shall be deposited
with the stock purchased to the credit of the sinking
fund created to secure the loan. The Annapolis Savings
Institution, or some other place of safe keeping to be
acquiesced in by the bondholders, shall be the depository
of the sinking fund. And said surplus may be drawn
upon and used oniy for the payment of the principal and
interest, and for the purchase of any outstanding stock
until all said stock is acquired by the city. Stock so
purchased shall be deposited to the credit of the sinking
fund until said bonds are redeemed, and a sum sufficient
for the payment of the interest and the redemption of
the bonds at maturity shall be from time to time annu-
ally paid into and maintained in the sinking fund.

"If money is borrowed on collateral instead of issuing
bonds the interest to be paid shall not exceed four per
centnm per annum payable semi-annually.

"So soon as a price to be paid for the State's interest is
determined, and a satisfactory guarantee given for the
final execution of the provisions of this Act, the Board of
Public Works of the State of Maryland shall appoint two
directors, and the Mayor, Counsellor and Aldermen shall
elect two directors, not of themselves or holding any
other office under their authority, and the Mayor shall be
ex-officio the fifth director. The directors, so appointed,


  		clear space
clear space
white space

Please view image to verify text. To report an error, please contact us.
Proceedings of the Senate, 1900
Volume 96, Page 1167   View pdf image (33K)
 Jump to  
   << PREVIOUS  NEXT >>


This web site is presented for reference purposes under the doctrine of fair use. When this material is used, in whole or in part, proper citation and credit must be attributed to the Maryland State Archives. PLEASE NOTE: The site may contain material from other sources which may be under copyright. Rights assessment, and full originating source citation, is the responsibility of the user.

Tell Us What You Think About the Maryland State Archives Website!

An Archives of Maryland electronic publication.
For information contact mdlegal@mdarchives.state.md.us.

©Copyright  August 16, 2024
Maryland State Archives