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Session Laws, 1916
Volume 534, Page 961   View pdf image (33K)
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EMERSON C. HARRINGTON, GOVERNOR, 961

the end of another improved road at Richard Mackall's Corner
near Mt. Zion, as herein provided, and the said county com-
missioners shall issue coupon bonds under the corporate seal
of said commissioners for the amount borrowed under the
provisions of this Act, the said bonds to be signed by the Pres-
ident of the said County Commissioners of Montgomery Coun-
ty and countersigned by the Clerk thereof, in sums not less
than One Hundred Dollars nor more than Five Hundred Dol-
lars; the said bonds to bear interest from the date of the issu-
ance thereof at the rate not to exceed five per centum per an-
num, payable semi-annually, and interest to the maturity of
each of said bonds shall be provided for and set forth in, the
coupons attached to each of said bonds, respectively, for the in-
terest due and payable thereon, and each of said bonds shall
have printed on it a distinct reference to this Act authorizing
the issue.

SEC. 3. And be it further enacted, That all bonds issued
under the provisions of this Act shall be redeemable as fol-
lows, that is to say, in not less than One Thousand Dollars
thereof in one year from the date of their issue, and there-
after annually not less than One Thousand Dollars each and
every year until the whole amount of said bonds and coupons
shall have been fully paid; and to this end the said County
Commissioners shall issue the said bonds in series, redeemable
in their proper order, and the said bonds shall be sold, after
due advertisement, at public sale, in the discretion of said
County Commissioners of Montgomery County, provided, how-
ever, that none of said bonds shall be sold for less than par.

SEC. 4. And be it further enacted, That the said County
Commissioners for Montgomery County shall cause to be lev-
ied and collected from the taxable property of the first, fourth,
eighth and ninth election districts of said county, an addi-
tional or special tax, annually sufficient to pay the said bonds
and interest as the said bonds and interest or coupons may
severally mature, said levy and collection of taxes shall be
made on the several election districts mentioned above in equal
proportions, that is to say, one-fourth of the amount so levied
upon the assessable property within each of the said four elec-
tion districts. And the said special tax shall be collected as
other taxes levied in said county are collected, and when col-
lected shall be applied as hereinbefore provided, to the pay-
ment of the said bonds as they severally mature, and the inter-
est thereon, semi-annually, which bonds and coupons, when
31

 

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Session Laws, 1916
Volume 534, Page 961   View pdf image (33K)
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