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How city's
proportion
to be paid.
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ings and intersection of streets, shall be paid out of the pro-
ceeds of the sale of the twenty years bonds hereinafter pro-
vided to be issued by the major and city council of Laurel
for that purpose; said bonds and the interest on the same,
shall be paid out of the annual income of the town of
Laurel, not derived fiom the special sidewalk tax, or the special
electric light tax, over and above the salaries of the town
officers, the commissioners of the town, treasurer for collecting
the taxes and present deficiency of the electric light tax while
said deficiency continues, and necessary payment on city hall
debt, by setting apart annually out of the first receipts of said
income a fixed and sufficient amount to form a sinking fund to
pay said twenty years bonds, and the interest on the same,
when and as the same shall fall due; the aggregate amount of
said twenty years bonds for said purposes never under any
circumstances to exceed the ability of said net income to meet
said twenty years bonds, and the interest on the same, when
and as said twenty years bonds, and the interest on the same,
shall become due and payable, without increase of the present
rate of taxation.
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May issue
10-year
bonds.
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246 L. The mayor and city council of Laurel is hereby
authorized and empowered to issue ten years bonds in such
denominations as it may see fit, and as the improvements
hereinafter provided for are made, at a rate of interest not
exceeding five per centum per annum, to pay said two-fourths
of the costs of the said improvements hereinbefore provided
to be done by said mayor and city council of Laurel, and to
be paid for by the levies on the land abutting on said improve-
ments, and which said bonds, principal and interest, shall be
paid out of the taxes and interest to be paid by the propri-
etors of the land abutting on said improvements for their said
two-fourths of the cost of said improvements, and all of which
taxes and interest to be paid as aforesaid by the said abutting
private proprietors, shall be set apart by the mayor and city
council of Laurel exclusively and only to pay the principal
and interest of said ten years bonds when and as the same
shall be due and payable. These ten years bonds shall have
printed upon them the statement of the fact that they have
been issued for the payment of the said two fourths of the
costs of the improvements on the particular street improved,
that they may be identified with the improvements for which
they have been issued, and may be paid for out of the taxes
collected from the lands abutting on said improved streets.
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