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Session Laws, 1878
Volume 399, Page 583   View pdf image (33K)
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JOHN LEE CARROLL, ESQUIRE, GOVERNOR. 583

CHAPTER 377.

 

AN ACT to amend section three of the Acts of the

 

General Assembly of this State, passed at the ses-

 

sion of eighteen hundred and seventy-four, chapter

 

three hundred and sixty-seven, entitled " An act

 

to enable the Commissioners of Somerset county

 

to provide a fund for the redemption of outstand-

 

ing county bonds," by repealing said section three

 

and re-enacting the same with amendments.

 

SECTION 1. Be it enacted by the General Assembly

 

of Maryland, That section three of chapter three

 

hundred and sixty-seven of the Acts of the General

 

Assembly of this State, passed at the session of

Repealed and

eighteen hundred and seventy-four, entitled "An

re-enacted.

act to enable the Commissioners of Somerset county

 

to provide a fund for the redemption of outstanding

 

county bonds, be and the same is hereby repealed

 

and re-enacted so as read as follows :

 

3. If the bids for redemption are not such as in

 

the judgment of such County Commissioners ought

 

to be accepted, then said commissioners shall imme-

 

diately cause all the funds they may have in hand

Invest funds
on hand.

on that account to be invested in State bonds, or in

 

Baltimore city bonds, paying six per cent, interest,

 

or in mortgages or judgments on unincumbered real

 

estate in said county, which said real estate shall be

 

assessed to at least twice the amount of the sum so

 

invested on mortgage or judgments, and the said
commissioners shall collect the interest semi-annually
and reinvest the same for the purpose of providing a

 

fund for the payment of said Bonds.

 

SEC. 2. And be it enacted, That this act shall take

In force.

effect from the date of its passage.

 

Approved April 1, 1878.

 


 

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Session Laws, 1878
Volume 399, Page 583   View pdf image (33K)
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