ELIHU E. JACKSON, ESQUIRE, GOVERNOR.

601

CHAPTER 530.

AN ACT to authorize the mayor and council of Oakland to issue

coupon interest bearing bonds for the purpose of providing a

fund to pay the floating debt of the mayor and council of Oak-

land, and to improve the streets of said town, and to levy a tax

on the assessable property within said town to pay said bonds

and the interest thereon.

WHEREAS, prior to the year eighteen hundred and ninety, the

tax rate in the town of Oakland for municipal purposes has been

limited to the sum of twenty-five cents on each one hundred dol-

lars worth of assessable property in said town, which sum has

been wholly inadequate for the imperative needs of the town,

Preamble

thereby rendering the creation of a floating debt unavoidable, and

preventing the town authorities from making greatly needed im-
provements to the public streets as requested from time to time

by the tax-payers of said town; and

WHEREAS, it is desirable to fund said floating indebtedness and

provide for improving the streets of said town, and also to provide

Preamb'e.

for the gradual payment of the debt thus incurred; therefore,

SECTION 1. Be it enacted by the General Assembly of Maryland,

That the mayor and council of Oakland be and it is hereby author-

ized and empowered in its discretion to issue coupon interest bear-

ing bonds of said corporation to an amount not exceeding the sum

Coupon

of ten thousand dollars in the aggregate, each bond to be of the

bonds.

denomination and in a sum not less than one hundred dollars nor

more than five hundred dollars, and all of said bonds to be signed

by the mayor and the president of the council, and to be attested

by the town clerk whose duty it shall be to affix to each and every

bond so issued, the seal of said corporation and said bonds shall

draw interest at a rate not to exceed six per cent, per annum,

payable semi-annually on the first days of July and January

respectively, in each and every year until said bonds are fully

paid; and the interest coupons attached to said bonds shall be

received if tendered in payment of municipal taxes due from the

holder thereof; provided, however, that no such issue of bonds

by the mayor and council of Oakland as above set forth, shall be

made until the question of such issue shall have been submitted

to the qualified voters of the said town of Oakland by the mayor

and council thereof by at least ten days' notice by handbills or

otherwise of such election, and a majority of such qualified votes

so cast shall have determined in favor of such issue of bonds.

SEC. 2. And be it enacted, That the said bonds shall be sold

under and by the authority of the mayor and council of Oakland

At par-

at not less than their par value.