138

LAWS OF MARYLAND.

CHAP. 115.

sary, examine the officers of such corporation, under oath or
affirmation, as to such investments.

SEC. 2. And be it enacted, That this Act shall take effect
from the date of its passage.
Approved March 27, 1902.

CHAPTER 115.
AN ACT to authorize the County Commissioners of Allegany
County to issue bonds to an amount not exceeding three
hundred thousand dollars, to raise money to pay off the
present bonded indebtedness of said county and the floating
debt thereof.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the County Commissioners of Allegany
county be and they are hereby authorized to issue coupon bonds

Coupons
to be issued,

of said county to an amount not exceeding three .hundred
thousand dollars and to sell the same at not less than par and
to apply the proceeds thereof to the extent of two hundred and
ten thousand dollars to the payment of the present outstand-
ing bonded indebtedness of said county, authorized by Acts
of 1892, chapter 43, Acts of 1894, chapter 249, and Acts
of 1898, chapter 67 of the General Assembly of Maryland,
whicli are redeemable at the pleasure of the said County
Commissioners and to apply the balance of the proceeds
thereof to the extent of ninety thousand dollars to the pay-
ment of the floating debt of said county.

SEC. 2. And be it enacted. That said bonds shall be denomi-
nated "Consolidated Debt Bonds of Allegany County," and

How
denominated

the interest thereon shall be payable semi annually on the first
day of April and October in each and everv year said bonds . "

may remain unpaid ; and shall be issued in denominations not
exceeding one thousand dollars nor less than one hundred
dollars each, to be signed by the president of said Board of
County Commissioners, sealed with its corporate seal, attested
by the signature of the clerk of said board, and dated the
first day of October, nineteen hundred and two; and the
coupons for the interest on said bonds shall be receivable by
the collector of taxes for said county in payment of county
taxes, and said bonds shall be exempt from all county and
municipal taxation.
SEC. 3. And be it enacted, That said bonds to the amount
of ninety thousand dollars, to be issued to pay the floating
debt of said county, shall bear interest at a rate not exceeding
four per cent, per annum, and that said bonds to the amount