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Session Laws, 1922
Volume 563, Page 425   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR. 423

said bonds shall be signed by the Mayor and Clerk of said town,
and attested with the corporate seal thereof, and shall be de-
nominated "Garrett Park Road Improvement Bonds, " and bear
interest not exceeding six per centum per annum, payable semi-
annually, to be issued in denominations not exceeding one thou-
sand dollars, and to be payable at a time not exceeding ten
years after their date, and redeemable at the pleasure of said
town at any time after five years from their date.

SEC. 2. And be it further enacted, That the Mayor and
Councilmen of Garrett Park is hereby authorized and empow-
ered after it shall have prepared and caused said bonds to be
signed as aforesaid to sell and dispose of said bonds to raise
the money to carry into effect the provisions of this Act.

SEC. 3. And be it further enacted, That the Mayor and
Councilmen of Garrett Park is hereby authorized and empow-
ered to levy and collect a special tax not to exceed twenty-five
cents on one hundred dollars on the assessable property of said
town to meet the interest on the said bonds, and to provide a
sinking fund for the redemption thereof at maturity.

SEC. 4. And be it further enacted, That before this Act
shall become operative the Mayor and Councilmen of Garrett
Park shall submit the question of issuing the aforesaid bonds
to the qualified voters of said town at the next regular election
to be held in said town in the month of May next after this
Act has gone into effect, and at said election the ballots cast
upon said question shall have printed thereon the words "For
Road Improvement Bonds" and "Against Road Improvement
Bonds, " with a square after the words in each case for the
"X" mark of the voter; and if a majority of the votes cast
upon said question shall be "For Road Improvement Bonds, "
then the Mayor and Councilmen of Garrett Park may proceed
at any time to execute the powers vested in it by the provisions
of this Act; but if the majority of the votes cast upon said
question shall be "Against Road Improvement Bonds, " then
the question shall be submitted a second time to the qualified
voters of said town at the next succeeding; regular municipal
election in said town in the same manner and method as here-
inbefore provided. And if a majority of the votes cast upon
said question shall be "For Road Improvement Bonds, " then
the Mayor and Councilmen of Garrett Park may proceed at
any time to execute the powers vested in it by the provisions
of this Act; but if a majority of the votes cast upon said ques-


 

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Session Laws, 1922
Volume 563, Page 425   View pdf image (33K)
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