468

LAWS OF MARYLAND.

CHAPTER 296.

AN ACT to authorize the Mayor, Aldermen and

Common Council of Frederick to issue bonds

for the purpose of redeeming the present out-

standing bonds of said municipal corporation.

SECTION 1. Be it enacted by the General Assembly

of Maryland, That the Mayor, Aldermen and Com-

mon Council of Frederick be and they are hereby

authorized to issue bonds in the name of the said

Municipal
corporation
bonds.

municipal corporation to an amount not exceeding
five hundred and forty-eight thousand dollars, the
amount of the present outstanding bonds hereto-

fore issued by said municipal corporation. The

bonds issued under the provisions of this act shall

be issued in sums of not less than one hundred

nor more than five thousand dollars each, and each

of said bonds shall be payable thirty years after

date to bearer, redeemable, however, at the pleas-

ure -of the said Mayor, Aldermen and Common

Council of Frederick at any time after the expira-

tion of five years from their respective dates, and

Interest— five

shall bear interest in the meantime at the rate of

per centum.

five per centum per annum, payable semi-annually,
according to the tenor of the coupons, for said

interest to be attached to said bonds and the bonds

to be issued under the provisions of this act are

hereby exempted from municipal taxation; pro-

vided, however, that said bonds shall not be sold

for less than par or the face value thereof in cash

current money...

SEC. 2. And be it enacted, That the proceeds of

the sale of the bonds hereby authorized to be is-

Proceeds of

sued shall be applied to the payment and satisfac-

sale of bonds

tion of the present bonded indebtedness 'of said

—how appli' d

municipal corporation, consisting of bonds known

as " Railroad Bonds," amounting to two hundred

and fifty thousand dollars; of bonds known as

" Bank Bonds," amounting to one hundred and

twenty-three thousand dollars ; of bonds known

as " Market House " bonds, amounting to fifty-five

thousand dollars ; of bonds known as " Water