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Session Laws, 1920
Volume 539, Page 73   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR. 73

register of all the bonds so issued under the provision of this
Act and the transfer thereof with the name or names of the
purchasers thereof, the date of the issue and the date of the
maturity of each bond, the date of sale and the amount of
each bond, and when a bond is redeemed said bond shall at
once be cancelled on the face thereof and entry of said cancel-
lation shall be made on said bond of registry.

SECTION 5... And be it further enacted, That all sums of
money collected from the consumers of electricity shall be
immediately paid over to the tax collector of Hagerstown, and
the money so received shall constitute a fund to be known as
the "new electric light fund," and to be applied to the costs
and expenses incident to the operation, maintenance and ex-
tension of said plant, and to the payment of the interest on
said bonds, and other fixed charges thereon, and toward the
carrying out of the provisions of this Act and such ordinances
relating to said electric light plant aforesaid as may be en-
acted from time to time by the Mayor and Council of Hagers-
town in conformity with this Act and to and for no other
purpose or use whatsoever, said fund shall be drawn on by
the Board of Street Commissioners of Hagerstown for all
purposes whatsoever properly chargeable to the electric light
plant, and the operation thereof by warrant duly signed by
the president of the said Board of Street Commissioners and
countersigned by the Clerk of the said Board.

SECTION 6. And be it further enacted, That to provide the
sum of money necessary to pay the costs and expenses of con-
ducting and operating said electric light plant, in the event
that the revenues derived therefrom shall not be sufficient for
said purposes, the Mayor and Council of Hagerstown is here-
by authorized and empowered to levy annually on every one
hundred dollars worth of assessable property in Hagerstown,
an amount sufficient to meet said deficiency, and the sum of
money elected from said levy shall constitute part of the
aforementioned fund, to be known as the "new electric light
fund," and be applied to the payment of the costs and ex-
penses of conducting and operating said electric light plant,
and to and for no other purpose whatsoever. It is hereby ex-
pressly provided, however, that this levy shall never be made
unless the revenues derived from the sale of electric current
to consumers shall prove inadequate to pay the necessary ex-
penses of the operation and maintenance of said electric light
plant.

 

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Session Laws, 1920
Volume 539, Page 73   View pdf image (33K)
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