82

LAWS OF MARYLAND.

CHAPTER 24.
AN ACT to authorize the Mayor and Town Council of Oak-
land to issue coupon interest bearing bonds for the purpose
of providing a fund to pay the floating debt of the Mayor
and Town Couricil of Oakland, and to improve the streets of
said town, and for the purpose of purchasing and operating
an electric light plant for the use and benefit of said town
of Oakland, 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-

Preamble.

eight, the tax rate in the town of Oakland, for municipal pur-
poses, has been limited to the sum of fifty cents on each one
hundred dollars' worth of assessable property in said town,
which sum has been wholly inadequate for the imperative
needs of the town, thereby rendering the creation of a floating
debt unavoidable and preventing the town authorities from
making greatly needed improvements to the public streets as
requested from time to time by the taxpayers of said town;
and

WHEREAS, It is desirable to fund said floating indebtedness

Preamble.

and provide for improving the streets of said town, and also
provide for the purchase and operation of an electric light
plant for the use and benefit of said town, and also to provide
for the gradual payment of the debt thus incurred ; therefore,

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Mayor and Town Council of Oakland, be and
it is hereby authorized and empowered, in its discretion, to
issue coupon interest bearing bonds of said corporation to an
amount not exceeding the sum of twenty-five thousand dollars

Authorized
to Issue
bonds.

in the aggregate, each bond to be of the denomination and in
a sum not less than one hundred dollars nor more than one
thousand dollars, and all of said bonds to be signed by the
Mayor and the president of the council, and to be attested by
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 Town Council of Oakland, as