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Session Laws, 1916
Volume 534, Page 1495   View pdf image (33K)
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EMERSON C. HARRINGTON, GOVERNOR. 1495

determine to redeem and pay only a part of said issue they
shall have the right to determine by lot which of said bonds
are to be redeemed, and when said bonds are thus selected for
redemption the Mayor and City Council shall give notice by
advertisement in al paper or papers published in the city of
Havre de Grace the numbers of the bonds called in, and when
and where they are to be paid, and interest shall cease on said
called-in bonds from and after the date so fixed for redemp-
tion.

Section 391. The Mayor and City Council of Havre de
Grace shall at all times preserve and keep as a sinking fund
for the payment of the principal and interest of the bonded
debt of said city, including that which may be issued in pur-
suance of this Act, all the money which under Section 192 of
Chapter 180 of the Acts of 1890, they are authorized to re-
ceive, and the said Mayor and City Council are hereby author-
ized to incorporate into the bonds issued under and by author-
ity of this Act as a part of the contract between the corpora-
tion of Havre de Grace and the purchaser of said bonds as
security for the payment of the principal and interest thereof
as the same shall mature, a pledge of the money authorized
to be paid to them under said Section 192 of Chapter 180 of
the Acts of 1890, and the purchasers and holders of said bonds
shall have the right to rely and insist upon said security
pledged to them until the said bonds are fully paid; and in
case it shall happen by reason of the repeal or amendment of
said Section 192, or for any other reason, that in any year
or years such portions of said money shall be less than one
hundred and sixty-six dollars and sixty-six cents, that then
the Mayor and City Council will, whenever and as often as
such deficit shall occur, levy upon the assessable property of
said city and collect a sum, which with the sum received by
virtue of said Section 192 (if any), will amount to said one
hundred and sixty-six dollars and sixty-six cents, and place
the same in said sinking fund, and the provisions of this sec-
tion and the obligation of the Mayor and City Council of
Havre de Grace hereunder shall enure to the benefit of the
present and every future holder of said bonds, and shall be
considered as a part of the obligation of said city expressed on
said bonds.

Section 392. The Mayor and City Council of Havre de
Grace, for the purpose of paying the debt due the Havre de-
Grace Water Company, extending the outlet of the city sewer,

 

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Session Laws, 1916
Volume 534, Page 1495   View pdf image (33K)
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