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Session Laws, 1924
Volume 568, Page 955   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR. 955

or if any insufficient price be bid for them, they may be subse-
quently disposed of under the direction of the Governor, Comp-
troller of the Treasury, and Treasurer, or a majority of them,
at a private 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 five
thousand dollars ($5, 000) or so much thereof as may be neces-
sary shall be paid by the Treasurer of this State upon the war-
rant 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 payment for said bonds or certificates of indebtedness
first return to and credit the Treasury with whatever advances of
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 paid to the Board of Trustees of Western Mary-
land College for the Construction and Equipment of a Science
Building at said college, but conditioned upon the raising by
July 1, 1927, by the institution of an additional $250, 000 en-
dowment fund.

SEC. 7. And be it further enacted, That the County Com-
missioners of the several counties of the State, and the Mayor
and City Council of Baltimore are hereby respectively directed to
levy State taxes for the year 1928 at 1/37 of one cent on each
one hundred dollars of assessable property; for the year 1929 at
1/37 of one cent on each one hundred dollars of assessable prop-
erty; for the year 1930, and annually thereafter, to and includ-
ing the year 1942, 1/17 of one cent on each one hundred dollars
of assessable property, to be collected according to law, to meet
the interest on the amount of said certificates outstanding and
also to meet and redeem so much of the principal in each of said
years as will be represented by certificates redeemable in each
year, respectively, as herein specified in Section 2 of this Act.

 

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Session Laws, 1924
Volume 568, Page 955   View pdf image (33K)
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