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Code of the Public Local Laws of Maryland, 1930
Volume 377, Page 4357   View pdf image (33K)
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ST. MARY'S COUNTY. 4357

interest shall become due; provided, that the said commissioners shall
before levying to pay said interest, first exhaust the money paid to said
county for liquor licenses in the payment of such interest and providing
for the sinking fund; and if the money thus received shall exceed the
interest on said bonds, the excess thereof shall be invested as hereinafter
provided for, for the said sinking fund to meet said bonds at their maturi-
ty; and if the fund arising from the fees paid for liquor licenses shall not
be sufficient to meet the said bonds as they respectively mature, then the
County Commissioners shall levy a sum annually to meet such deficiency,
which sums so levied shall be taken and are hereby declared set apart for
such sinking fund and for immediate investment as hereinafter provided;
and no portion of said sinking fund shall be diverted to any other purpose
than to the purchase or liquidation of said bonds; and the said sum shall
be a first lien on such levies respectively, and free from all insolvencies.
Said sinking fund shall be under the control and management of said
County Commissioners, and the money belonging thereto, provided that
the said County Commissioners are authorized and empowered whenever
they shall have any moneys to the credit of the sinking fund to purchase
any bonds of St. Mary's county for this purpose at a premium not exceed-
ing one per centum. The said County Commissioners shall keep such
securities in which said sinking fund is invested in some safe deposit box
in a vault or safe deposit company in the State of Maryland, in a secure
box locked with two divers locks, the key of one of which shall at all times
be kept by the County Treasurer and the other by the president of the
said Board of County Commissioners; and the money belonging to said
sinking fund, until its investment, shall be deposited in some national bank
by the said commissioners to the credit of the sinking fund of St. Mary's
county, and shall be drawn out for investment as aforesaid only by check
or warrant signed by at least two members of said Board of County Com-
missioners, and countersigned by the County Treasurer. In making said
investments or changing the same, a majority of the said Board of County
Commissioners shall concur, and such majority of the Board of County
Commissioners likewise be present whenever said box in said bank or safe
deposit company shall be opened; and in each annual statement of the
financial affairs of St. Mary's county aforesaid, a full statement shall be-
made of the condition of said sinking fund, and the securities thereof;
and any of the county funds which shall be purchased from the sinking
fund by the County Commissioners shall be immediately cancelled and
destroyed; and at the time of selling said bonds they shall register them
by number, to whom sold and at what price. Provided, further, that after
the fund realized from the sale of the said issue of bonds shall be ex-
hausted in the road work, that then the County Commissioners are au-
thorized, empowered and directed to levy annually ten thousand dollars
for the maintenance, repair and construction of the public roads and bridges
of the county. The said sum of ten thousand ($10,000) dollars to be
provided for shall include the six thousand ($6,000) dollars hereinbefore
annually provided for, for the maintenance, repair and construction of

 

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Code of the Public Local Laws of Maryland, 1930
Volume 377, Page 4357   View pdf image (33K)
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