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Session Laws, 1924
Volume 568, Page 817   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR. 817

vate sale upon the best terms they can obtain for the same;
provided they shall not be sold at private sale for less than par
and accrued interest.

SEC. 5. And be it further enacted. That the sum of ten thou-
sand dollars ($10, 000), or so much thereof as may be necessary,
shall be paid by the Treasurer of this State upon the warrant
of the Comptroller out of the proceeds of the sale of bonds or
certificates of indebtedness for the payment of the expense of
engraving, printing and other outlays connected with the issue
of the loan hereby authorized, and for the payment of the ad-
vertising directed by this Act, and all other incidental expenses
connected with the execution of its provisions in connection
with said loan.

SEC. 6. And be it further enacted, That the actual cash pro-
ceeds of the sale of the certificates of indebtedness to be issued
under this Act shall be used exclusively for the following pur-
poses, to wit:

The Comptroller shall, immediately upon the sale of and pay-
ment for said bonds or certificates of indebtedness, first return
to and credit the Treasury with whatever advances or payments
may have been made as provided for by Section 5 of this Act.
The remainder of the proceeds of said loan shall thereupon be
turned over to the State Roads Commission and used by it from
time to time, as and when the same shall become necessary, for
the following purposes: One-fifth of such remainder shall be
used and expended in the City of Baltimore for the grading,
paving and curbing of such streets and highways, or portions
thereof, as may be selected by the State Roads Commission.
After the Commission has provided for this expenditure, then
the Commission shall use and expend one-half of the residue of
the net proceeds received from the sale of said bonds or cer-
tificates of indebtedness, with the aid of Federal funds appro-
priated for such purpose by any Act or Acts of Congress, for
the construction, in the several counties of the State, of such
rural post roads as may be selected by the State Roads Com-
mission; and the remaining one-half of the net proceeds de-
rived from the sale of such bonds or certificates of indebtedness
shall be used, with an equal sum to be raised by the several
counties of the State, for the purpose of building such lateral
roads, in the several counties of the State, as may be selected
by the State Roads Commission. The money expended for
such post and lateral roads in each of said counties to be deter-
mined according to the respective road mileage of said counties

 

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Session Laws, 1924
Volume 568, Page 817   View pdf image (33K)
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