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Session Laws, 1929
Volume 572, Page 742   View pdf image (33K)
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742 LAWS OF MARYLAND. [CH. 233

borrowed, together with the interest thereon, the said Com-
missioners shall have the power to fix the amount of the prin-
cipal and the rate of interest of the said certificates, the times
when the principal and interest shall be due and payable, and
where payable, the time of maturity of the said certificate,
when it shall be entirely paid, which time shall not be more
than five years from its date, and the said certificate shall
show upon its face, that it was issued on account of and to
pay for the certain particular public improvement herein-
before described, giving the number and the date of the ordi-
nance for the said improvement, and stating what public
thoroughfare the money was raised by the certificate to im-
prove, and the said Commissioners shall provide by a levy of
taxes, at the time of making the regular annual levy, for the
payment and retirement of the said certificate and all interest
thereon, with the right to the Commissioners to retire the said
certificate before its maturity, by the payment of the principal
sum and interest to the time of payment, the Commissioners
not to pay any interest from the date of the said payment of
the certificate in full and the time when the certificate would
mature on its face, that is, the Commissioners shall have the
right to redeem the said certificates at any time before the
maturity of the same, and the money for such purpose may
be from other sources than that specially levied, if there
should be any money from any other source that would be
available. And provided that at no time shall the total amount
of such certificates, that is, the aggregate principal sums of
all outstandings, exceed the sum of ten thousand dollars
($10, 000. 00), and the credit hereby given or the power to
borrow money for the said purpose hereby granted, by the
said means and manner, and for the said purpose, shall be in
addition to the rights and powers of the Commissioners to
borrow money upon the faith and credit of the City of Cam-
bridge, existing heretofore, before the passing of this Act,
by which they are legally authorized and empowered to bor-
row money for all purposes. In the selling or negotiating of
the said certificates of indebtedness, the Commissioners may
advertise the said certificates for sale by public bid, or they
may negotiate the same without any public sale, doing it
direct as regular negotiable paper. Any such certificates shall
be signed by the Mayor, the corporate seal shall be attached,
attested by the Clerk to the Commissioners; there shall be no
coupons on the certificates, but it shall recite on its face when


 

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Session Laws, 1929
Volume 572, Page 742   View pdf image (33K)
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