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Session Laws, 1936 (Special Session 1)
Volume 577, Page 101   View pdf image (33K)
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HARRY W. NICE, GOVERNOR. 101

bids in the manner above specified from time to time until
all of said bonds are sold.

SEC. 3. And be it further enacted, That upon the
issuance and sale of said bonds the amount of money so
received therefrom shall be divided into two portions and
placed in two separate funds; the first of which fund shall
be designated the "Refunding Floating Debt and Street
Improvement Fund, " and from which fund the Mayor and
Councilmen of Frostburg is hereby authorized and directed
to pay the floating debt now existing and due to Corpora-
tions or individuals for money borrowed by said munici-
pality and also to pay and refund the present outstanding
bonds of said Corporation issued under the authority given
in the Acts of the General Assembly of Maryland, by Chap-
ter 5, of the Acts of 1922, and by Chapter 638, of the Acts
of 1927.

The other fund shall be known as the "Frostburg Sewer
and Sanitary Fund" and the proceeds received from the
sale of $30, 000. 00 of said bonds shall be placed in said fund
and used for the purpose of refunding $30, 000. 00 of the
present outstanding Sewer Bonds of said Corporation is-
sued under the authority given by the Acts of the General
Assembly of Maryland of 1914, Chapter 810, Section 9,
and any excess realized from the sale of said bonds shall be
kept in said fund and used for the purpose of carrying out
the order or orders of the State Board of Health.

SEC. 4. And be it further enacted, That upon the
issuance and sale of said bonds the Mayor and Councilmen
of Frostburg may levy such a tax upon the assessable prop-
erty within said City as may be necessary to pay off said
bonds when and as the same shall. become due and payable,
and to pay the interest upon the bonds which are hereby
authorized.

SEC. 5. And be it further enacted, That the bonds
hereunder authorized shall be issued in addition to and ex-
clusive of the seven percent bonded indebtedness on the
assessed valuation of the property in the City of Frostburg
authorized by Section 205, of Article 1, of the Code of Pub-
lic Local Laws as enacted by Section 145, of Chapter 31,
of the Acts of the General Assembly of Maryland of 1922.

SEC. 6. And be it further enacted, That this Act is
hereby declared to be an emergency law and necessary for
the immediate preservation of the public health and safety,

 

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Session Laws, 1936 (Special Session 1)
Volume 577, Page 101   View pdf image (33K)
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