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Session Laws, 1916
Volume 534, Page 935   View pdf image (33K)
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EMERSON C. HARRINGTON, GOVERNOR. 935

operation of said Electric plant to the payment of interest
and principal of the bonds issued under this Act, as they
mature; and should this be insufficient for this purpose, then
said Commissioners of St. Michaels shall levy annually upon
the assessable property of the town such additional sum as
may be necessary to pay the interest on these bonds semi-
annually and Five Hundred Dollars ($500) of said bonds
every two years, commencing July 1, 1921, as aforesaid; and
the funds thus arising shall not be used for any purpose other
than as stated in this Section, or for the payment of any notes
which said Commissioners of St. Michaels may issue for the
purpose of borrowing money temporarily for the use of the
St. Michaels Electric Commission, hereinafter mentioned,
pending the sale of the bonds herein authorized, and authority
is hereby conferred upon said Commissioners of St. Michaels
to issue the notes of the town of St. Michaels for the purpose
of securing such temporary loans.

SEC. 5. That the funds realized from the issuance of said
notes, or the sale of said bonds shall be deposited by the Com-
missioners of St. Michaels in the name and to the credit of
the St. Michaels Electric Commission in some bank selected
by the said Commissioners of St. Michaels; and no money
shall be withdrawn from the deposit of the funds herein pro-
vided for except on checks signed by the President of said St.
Michaels Electric Commission, and countersigned by the Sec-
retary and Treasurer thereof; and no money shall be drawn
therefrom for any purpose whatever except the Bill for same
be previously approved by at least two members of the said
Electrical Commission.

SEC. 6. That the Commissioners of St. Michaels shall ap-
point three of the legal voters and taxpayers of the town, not
municipal office holders, who, together with the President of
said Commissioners of St. Michaels, shall constitute "The
St. Michaels Electric Commission" which Commission shall
have full charge and control of the building, construction, and
management of said electric light, heat and power plant, and
all of the work done under this Act, with power and authority
to advertise for bids, purchase materials, let contracts, and
appoint assistants, including an engineer, as may be required,
and do all other things which they may deem necessary to
properly perform the duties for which they shall be appointed;
provided, that no material shall be furnished, directly or in-
directly, or any profit or commission be received by any mem-

 

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Session Laws, 1916
Volume 534, Page 935   View pdf image (33K)
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