LLOYD LOWNDES, ESQUIRE, GOVERNOR.

above set forth, shall be made until the question of such issue
shall have been submitted to the qualified voters of the said
"town of Oakland by the Mayor and Town Council thereof by
at least ten days' notice by handbills or otherwise of such elec-
tion and a majority of such qualified votes so cast shall have
determined in favor of such issue of bonds.

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SEC. 2. And be it enacted, That the said bonds shall be
sold under and by the authority of the Mayor and Town
Council of Oakland, at not less than their par value.
SEC. 3. And be it enacted, That the said bonds may be
issued at such time as the Mayor and Town Council of Oak-
land, in its discretion, may determine, to mature at such date

Authority to
sell.

as shall not require the payment in any one year of more than
one thousand dollars of the principal sum thereof, and the said
bonds shall be redeemable at the pleasure of the Mayor and
Town Council of Oakland at or before their maturity, and said
bonds shall be issued so that none of them will mature before
the first day of July in the year nineteen hundred and three.

SEC. 4. And be it enacted, That to redeem said bonds the
Mayor and Town Council is authorized and shall annually levy

When
Issued.

upon the assessable property in said town, a tax sufficient to
pay the interest upon the bonds so issued under the provisions
of this Act, and so much of the principal thereof as shall
annually mature according to the respective tenor of the afore-
said bonds, and said levy shall be designated as the "Bonded
debt."
SEC. 5. And be it enacted, That the proceeds arising from
the sale of said bonds shall as soon as received be retained and

Authorized
to levy tax.

kept as a fund for the payment of the floating debt of said
town, and the improvement of the public streets in said town,
and the purchase and operation of an electric light plant for
the benefit of said town, and said fund shall be used for no
other purposes.

Disposal of
proceeds.

SEC. 6. And be it enacted, That said bonds shall not be
taxed for municipal purposes, but they shall be free and ex-
empt from any and all taxes for town purposes whatever.
SEC. 7. And be it enacted, That said bonds shall be so

Free from
tax.

issued that none of them shall run longer than twenty-five
years after their date before maturity.

How issued.

SEC. 8. And be it enacted, That the Mayor and Town
Council of Oakland is hereby authorized to pass all such ordi-
nances as may be necessary to give full force and effect to the
powers granted by this Act.

Authority
given.