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Session Laws, 1910 Session
Volume 487, Page 1047   View pdf image (33K)
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PRINCE GEORGE'S COUNTY. 1047

interest at the rate of five per cent, per annum, payable on the
first day of May and the first day of November, each year, at
some designated national bank in said county, until such
bonds shall have been paid; and said bonds shall have printed
on them "Authorized by This Act," naming the Act. All bonds
to be payable as to principal thirty years from the date of their
issue. The first of said bonds issued hereunder to be dated
May 1st, 1910. No bond authorized hereby shall be sold for less
than par and accrued interest, and before any such bonds are
sold the County Commissioners are required to advertise the
sale of the same in one newspaper published in Baltimore City
and one newspaper published in Prince George's county, and
to sell the same on a day named in said advertisement at public
auction, at the Courthouse door, to the highest bidder. And
for the purpose of redeeming said bonds upon maturity and the
payment of interest thereon the Board of Road Directors are
hereby required to deposit in some bank in said county, to the
joint credit of said County Commissioners and the Board of
Road Directors where interest can be obtained, if possible, to
the credit of a separate account, to be known as the "Redemp-
tion and Interest Account," annually from the road funds re-
ceievd by them, before any division or deduction from said
fund shall be made, one-thirtieth of the total amount of the
bonds outstanding, and a sufficient amount to pay the interest
on all bonds outstanding for one year from the date of deposit.
Such fund to be used only for the purpose of paying interest
on said bonds and purchasing, paying or redeeming the same,
and any other use of said funds shall be a misdemeanor, pun-
ishable, upon conviction, by a fine double the amount of the
money so converted. The board may at any time purchase in
the open market, when obtainable, such bonds at a price not
exceeding one hundred and two ($102) and accrued interest,
and all bonds so purchased or otherwise redeemed or paid shall
be marked across the face "Canceled."

SEC. 288. The County Commissioners are hereby directed
and required within sixty days from the passage of this Act to
sell the said $16,000, of the bonds provided for in Section 287
and to pay over to the Board of Road Directors as soon as re-
ceived the full amount realized from the sale of said bonds, the
cost of printing or engraving said bonds, the advertising of the
same and all other costs attached to the issuance and sale of
said bonds to be paid by the County Commissioners from ordi-
nary county funds, and the said Board of Road Directors
from the proceeds thereof to immediately thereafter purchase
road equipment and machinery as follows: Not less than four
road rollers of a minimum weight of three tons; not less than
eight mules for each road district, and such harness, split log


 

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Session Laws, 1910 Session
Volume 487, Page 1047   View pdf image (33K)
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