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Session Laws, 1927
Volume 569, Page 1134   View pdf image (33K)
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1134 LAWS OF MARYLAND. [CH. 557

SEC. 3. And be it further enacted, That the Board of Coun-
ty Commissioners of Carroll County shall use for the improve-
ment of such public roads in said county as the said Board of
County Commissioners may designate for improvement, such
sum or sums of money as they may consider for the best inter-
est of the county, until the whole sum of Two Hundred and
Fifty Thousand Dollars ($250, 000) is exhausted; and in the
work to be done upon said roads from the monies hereby negot-
iated, the said Board of County Commissioners may in its
discretion, use such monies as a separate, individual fund, or
it may use the same in connection with any State appropria-
tion guaranteed to the several counties of the State under ex-
isting laws, or in connection with any other Act that may be-
come a law appropriating other or further sums of money from
the State to the aid of the several counties for the purpose of
Improvements of the public roads in said county.

SEC. 4. And be it further enacted, That for the purpose
of redeeming said bonds at their maturity and for assuring
prompt payment of the interest coupons, the said Board of
County Commissioners shall for the year 1928 and annually
thereafter until the maturity of the last of said bonds, issued
under the authority of this Act, levy a tax upon the assessable
property of said County, sufficient to pay the annual interest
on said bonds sold and unpaid; and also, in addition thereto,
they shall for the year 1930, and annually thereafter for the
sinking fund, levy an amount which with accumulated interest
thereon will enable them to meet the several series of bonds
issued under this Act, and as they shall severally become due;
it being the intention of this Act that none of said bonds shall
mature before the first day of January, 1931.

SEC. 5. And be it further enacted, That the money for the
sinking fund levied annually as provided in the preceding sec-
tion shall be deposited by the said County Commissioners in
some bank, savings institution or trust company paying inter-
est thereon, and they may require from such bank, savings
institution or trust company a good and sufficient bond in the
penalty of not less than ten per cent, above the amount of
money so deposited; and the money so deposited to the credit
of said sinking fund shall be drawn only on cheques signed
by the President of the said Board of County Commissioners
and the County Treasurer; and the said sinking fund may be
used at any time in the purchase and redemption of any of

 

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Session Laws, 1927
Volume 569, Page 1134   View pdf image (33K)
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