EDWIN WARFIELD, ESQ., GOVERNOR.
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177
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Commissioners of Wicomico County be and they are hereby
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authorized and directed to issue bonds as hereinafter di-
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rected, to be signed by the president of the Board of County
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Commissioners and countersigned by the Clerk of the said
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Board for Wicomico County with the seal of the County
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Commissioners attached.
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SEC. 2. And be it enacted. That the amount of the said bonds
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shall not exceed, in the aggregate, twenty thousand dollars;
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Amount of
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to be issued in denominations of five hundred dollars each on
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bonds and
dates of re-
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the faith and credit of Wicomico County, and bearing interest
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demption of
same.
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at a rate not exceeding five per cent, per annum, payable
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semi-annually ; the said bonds to be made payable in equal
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series of one, two, three, four, five, six, seven, eight, nine and
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ten years, and to commence the redemption of the same on
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the first day of January, in the year 1906; said bonds shall
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be numbered and redeemed as numbered, commencing with
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number one, redeeming four bonds each year, commencing
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with the year 1906, as aforesaid; and the Board of County
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Commissioner shall annually levy a tax, the year preceding,
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at the regular levy, to meet and pay the interest on said bonds
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when issued, and to meet and pay the bonds as they shall
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become due, and be collected as other taxes are collected. The
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said bonds to be exempt from all State, county and municipal
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taxation.
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SEC. 3. And be it enacted. That all bonds shall be dated
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the first day of July, 1004, and bear interest not exceeding five
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Interest not
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per cent., and interest to commence from the date of the
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exceeding 5
per cent.
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issue thereof and payable on the first day of July and January
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of each vear. The four of the several bonds commencing
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with No. 1 shall be due and redeemable on the first day of
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January, 1906, and four more bonds according to numbers
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upward in each succeeding year until all of said bonds are
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redeemed.
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SEC. 4. And be it enacted, That when the said bonds are
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properly prepared and duly executed as prescribed the said
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Sale of Bonds
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Board of County Commissioners are hereby authorized and
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required to sell the said bonds to the best advantage at pub-
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lic or private sale, at such time and upon such notice as they
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may deem expedient, at not less than par, provided that
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the said bonds shall be sold upon competitive bidding by
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sealed offers, with the privilege of rejecting any and all bids
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and that the money arising from the sale of said bonds shall
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be kept as a separate fund for the purpose of this Act; and
the County Treasurer shall keep a full registry of the said
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Registry of
same.
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