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Session Laws, 1908 Session
Volume 483, Page 721   View pdf image (33K)
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ART. 8.] CECIL COUNTY. 721

Code (1904) of the Public General Laws, title "Corporations,"
sub-title "Condemnation of Property by Corporation."

SEC. 2. And be it enacted, That for the purpose of providing
money for the purchase of said lot and buildings, said court-
house, the County Commissioners of Cecil county be and they
are hereby authorized, directed and empowered to borrow
the sum of fifty thousand dollars or so much thereof as may be
necessary therefor, on the credit of said county, and to issue cou-
pon bonds therefor in sums not less than one hundred dollars nor
more than one thousand dollars, said bonds to be signed by the
president of the said Commissioners, countersigned by the
county treasurer, with the seal of the County Commissioners
affixed, to be sold by the said Commissioners at not less than
the par' value thereof, and to mature at such dates as shall not
require the payment in any one year of more than five thousand
dollars thereof; the first payment to be made in two years after
the first issue of said bonds, and said bonds shall be exempt
from taxation for county and municipal purposes.

SEC. 3. And be it enacted, That the said County Commis-
sioners shall issue said bonds in five blocks; the first block of
ten thousand dollars, one-half to mature in two years and the
other half in three years, and to bear interest at the rate of
five per cent, per annum; the second block of ten thousand dol-
lars, one-half shall mature in four years and the other half
in five years; the third block of ten thousand dollars, one-half
shall mature in six years and the other half in seven years;
the fourth block of ten thousand dollars, one-half shall mature
in eight years and the other half in nine years; and the re-
maining or fifth block of ten thousand dollars, one-half shall
mature in ten years and the other half in eleven years, and the
last four blocks shall each bear interest at the rate of four per
cent, per annum, said bonds shall be disposed of to the highest
responsible bidders at public letting of said bonds, to be held
by the County Commissioners, and the premiums, if any,
derived from the sale of said bonds shall be devoted to the pay-
ment of interest on same.

SEC. 4. And be it enacted, That the County Commissioners
shall levy annually the amount required to pay the interest on
said bonds, also the amount necessary to redeem said bonds
as they shall mature, and said Commissioners are hereby for-
bidden to apply any portion of the taxes so levied for any other
purpose.

SEC. 5. And be it enacted, That Wm. S. Evans, James Wil-
son Squires, Omar D. Crothers, Geo. A..Blake, Wm. T. War-
burton, L. M. Haines, Albert Constable, John S. Strahorn, Wm.
H. Adkins, be and they are hereby appointed as commission to

 

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Session Laws, 1908 Session
Volume 483, Page 721   View pdf image (33K)
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