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Session Laws, 1916
Volume 534, Page 572   View pdf image (33K)
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572 LAWS OF MARYLAND. [CH. 286

the principal of said debt for the payment of the same at ma-
turity. The said sum of Two Hundred and Fifty dollars
($250) shall be held and invested by the Mayor and Council
of Grantsville as a sinking fund for the redemption of said
bonds at their maturity, and the said Mayor and Council of
Grantsville shall, from time to time, deposit the money belong-
ing to said sinking fund and the increment thereof in some
safe depository, which pays interest on deposits, or shall invest
the same in state or such other bonds satisfactory to the Mayor
and Council of Grantsville as to them may seem best, or in the
purchase or redemption of any of said bonds as may be offered
for sale or redemption, and upon the purchase of any such
bonds by the said Mayor and Council they shall be immediately
cancelled by stamping across their face (cancelled by the sink-
ing fund), and no portion of said sinking fund so levied shall
ever be diverted to any other purpose than to the purchase and
liquidation of said bonds. The money collected each year by
the treasurer or tax collector on account of taxes to the extent
of said sum of Two Hundred and Fifty Dollars ($250) shall
be set apart for said sinking fund, and a separate account shall
be kept thereof and be deposited to the credit of said fund,
and no part of which shall be chargeable to insolvencies on
account of failure of assessments or collections.

SEC. 5. And lie it enacted, That the money arising from
the sale of said bonds (which said bonds shall be sold either at
auction or by sealed bids, after due advertisement thereof to
the highest responsible bidder), shall be deposited in bank to
the credit of the Mayor and Council of Grantsville, and sub-
ject to their check, and the clerk of said town shall keep a
book, to be specially provided for the purpose, of the names and
addresses of the purchasers of the bonds sold, and the amount
realized on the sales together with the serial numbers of the
bonds.

SEC. 6. And be it enacted, That in any prosecution before
a Justice of the Peace under Section 3 of this Act, the accused
and the Mayor and Council of Grantsville shall have the right
to an appeal to the Circuit Court for Garrett County, within
thirty days, and a jury trial. Any person or persons convicted
before a Justice of the Peace under Section 3 of this Act
who shall pray an appeal to said court shall be held by recogni-
zance or be committed to the county jail to appear before the
next regular jury term of the Circuit Court for Garrett
County.

 

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Session Laws, 1916
Volume 534, Page 572   View pdf image (33K)
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