.514

LAWS OF MARYLAND.

Effective.

SEC. 32 D. And be it enacted, That this act shall

take effect from the date of its passage.

Approved April 10, 1880.

CHAPTEE 357.

AN ACT to enable the Mayor and Council of

Hagerstown, Washington county, to refund the

present overdue bonded indebtedness of said town

at a lower rate of interest.

SECTION 1. Be it enacted ly the General Assem-

bly of Maryland, That the Mayor and Council of

Hagerstown be and they are hereby authorized and

Borrow mon-

empowered to call in and redeem the present out-

ey.

standing and overdue bonded indebtedness of said

town ; and the said Mayor and Council are hereby

empowered to borrow money, upon the faith and

credit of said town, in sums sufficient to redeem

said bonds.

SEC. 2. And be it enacted, That the said Mayor

and Council of Hagerstown be and they are hereby

authorized and empowered to issue bonds or certifi-

cates of indebtedness to an amount not exceeding

ten thousand dollars, which said bonds or certificates

shall be registered, and the names of the owners

Issue bonds.

thereof recorded in such manner as the said Mayor

and Council shall direct, and the bonds or certificates

so issued shall be signed by the Mayor and counter-

signed by the Treasurer of said town, and bear in-

terest at the rate of five per centum per annum,

payable on the first days of January and July, said

bonds or certificates to be sold at public auction in

such manner as the Mayor and Council shall direct.

SEC. 3. And be it enacted, That the bonds issued

When to ma-

shall be in denominations not less than one hundred

ture.

nor more than one thousand dollars, and shall ma-

ture at such date as shall not require the payment