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Session Laws, 1908 Session
Volume 483, Page 949   View pdf image (33K)
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ART. 17.1 PRINCE GEORGE^S COUNTY. 949

taxes shall be apportioned by the treasurer of said town to the
payment of the interest on said bonds as the same shall become
due and payable, and if the special sewer taxes collected in any
year shall be insufficient to pay the interest on said bonds in
said year, the deficiency shall be made up and be paid from the
general revenues of the Mayor and City Council of Laurel, and
if the special sewer tax shall not have been collected in time to
pay any semi-annual instalment of interest when it shall be
due and payable, so much of the general revenue of said Mayor
and City Council of Laurel shall be applied to the payment
thereof as may be requisite, and the amount so applied may
afterwards be made good to the general revenues out of the last
preceding levy of said special sewer tax. And there shall be
created and constantly maintained a sinking fund sufficient in
amount to redeem all of said bonds at maturity, and shall be
used for that purpose only, and the treasurer of the said town
and the Mayor and City Council shall be the custodian thereof
and responsible therefor. And if it be found in any year that
the amount collected from said special sewer tax shall be more
than sufficient to pay the interest on said bonds and provide
for the said sinking fund, such excess shall also be added to said
sinking fund, or in the discretion of the said Mayor and City
Council, used for such necessary repairs or extension of the said
sewerage system as it may deem necessary. And said sinking
fund shall be invested in some safe depository or depositories at
the best interest that can be obtained, which said sinking fund
shall be kept inviolate for the redemption of said bonds at
maturity; provided, however, that at any time, in the discre-
tion of the said Mayor and City Council, the money to the
credit of the said sinking fund may be used for the purchase of
any bond^ issued under this Act, and any of such bonds so pur-
chased shall be cancelled and carefully preserved until the
entire issue of said bonds shall have been purchased or paid
and cancelled, whereupon all of them shall be destroyed in the
presence of such witnesses as may be .designated by the said
Mayor and City Council, and a record of their destruction shall
be preserved.

SEC. 7. And be it enacted, That the Mayor of said town and
the three members of the City Council elected and to be elected
hereafter, to be designated by the Mayor and City Council, to-
gether with Joseph. R. Huntt, C. Ernest Nichols and John W.
O'Brien, citizens and taxpayers of said town, shall be and they
are hereby constituted the Sewerage Commission of Laurel; the
said three citizens named in this Act shall serve one for two
years, one for three years and one for four years, and shall, on
the organization of the commission, draw lots for their several

 

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Session Laws, 1908 Session
Volume 483, Page 949   View pdf image (33K)
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