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Session Laws, 1920
Volume 539, Page 270   View pdf image (33K)
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270 LAWS OF MARYLAND. [CH. 158

bonds in any one year to be determined by the usual table of
redemption of bonds by annual deposit in a sinking fund on
interest, and after deducting all amounts in hand applicable to
payment of interest and principal on said bonds, as herein-
after provided, it shall determine the number of cents per $100
necessary to raise the said amount, and the said Mayor and
Common Council of Union Bridge in their next annual levy
shall levy said tax on all land and improvements and any other
property assessed for municipal purposes within said town of
Union Bridge, which tax shall be levied and collected us the
said town taxes now are or may be hereafter by law levied and
collected, and have the same priority, rights, bear the same
interest and penalties and in every respect be treated the same
as said taxes for the town of Union Bridge now are. The tax
so levied for the ensuing year shall be collected by the tax
collecting authorities, and every sixty days the said tax col-
lector shall remit the full amount of the tax so collected to the
Treasurer of said town. From the money so received, together
with the amount in hand, to the credit of said bond fund, said
Treasurer shall first pay all interest on said bond as it matures,
and shall then deposit in some bank or banks in Union Bridge
in his name as a fund to be known as the "Sewerage Sinking
Fund Account," the amount so raised for payment of said
bonds. Should receipts from said taxes or other sources be
inadequate to deposit the principal payment on said bonds, by
reason of defaults or otherwise, such deficiency shall be added
to and collected in the next year's tax. The Mayor and Com-
mon Council of Union Bridge are authorized to pay the inter-
est on any bonds it may issue prior to the first tax levying
period out of the proceeds of the sale of said bonds. In order
that the prompt payment of interest and the proper provision
for the payment of the principal of said bonds shall be assured,
the prompt and proper performance of the respective acts and
duties heretofore defined is specifically enjoined, and failure
upon the part of any person, persons, body corporate or agent
to perform the necessary acts and duties hereafter set forth, to
pay over the said funds as required, or to use said funds or any
part thereof for any other purpose than for the payment of the
principal and interest on said bonds, is hereby declared a mis-
demeanor and punishable as other misdemeanors are punish-
able by Section 15 of this Act.

SEC. 5. And be it further enacted, That whenever the plans


 

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Session Laws, 1920
Volume 539, Page 270   View pdf image (33K)
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