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Session Laws, 1936 (Special Session 1)
Volume 577, Page 81   View pdf image (33K)
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HARRY W. NICE, GOVERNOR. 81

SEC. 2. And be it further enacted, That the said County
Commissioners of Allegany County be and they are hereby
authorized and empowered to issue notes, bonds or other
evidences of indebtedness of said County for the sums so
borrowed under the provisions of this Act at any time in
such form as they may determine and said notes, bonds
or other evidences of indebtedness shall be issued for such
term or terms as the said County Commissioners may de-
termine but, in no event, to be for a longer term than thirty
years from the date of issue. The said notes, bonds, or
other evidences of indebtedness shall be signed by the
President of the said County Commissioners of Allegany
County, shall be countersigned by the Clerk to said Com-
missioners and the seal of said County Commissioners shall
be affixed to each note, bond or other evidence of indebted-
ness, and the interest coupons attached thereto, if any,
shall be authenticated by the facsimile signature of the
Treasurer of said County, printed, engraved or lithographed
thereon. Said notes, bonds or other evidences of indebted-
ness shall be dated at such time or times as may be de-
termined by said County Commissioners and said County
Commissioners are hereby authorized and empowered to
renew all or any part of said notes, bonds or other evidences
of indebtedness upon such terms and conditions and in
such manner as they may determine, provided that none
of said notes, bonds or other evidences of indebtedness or
any renewal or renewals thereof shall mature and be pay-
able later than thirty years from the date of the first issue
thereof.

SEC. 3. And be it further enacted, That such notes,
bonds or other evidences of indebtedness as may be issued
under the provisions of this Act shall be and remain ob-
ligations of the County Commissioners of Allegany County,
issued upon the full faith and credit of said County, and
that said notes, bonds or other evidences of indebtedness
shall be issued and sold in such manner and upon such
terms and conditions and shall bear such rate of interest,
not exceeding five per cent. (5%), as said County Com-
missioners of Allegany County may determine prior to the
issue thereof, but the aggregate principal amount of such
notes, bonds or other evidences of indebtedness at any
time outstanding and unpaid shall not exceed Five Hun-
dred Thousand Dollars ($500, 000. 00).

SEC. 4. And be it further enacted, That for the purpose
of repaying any money borrowed under the provisions of

 

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Session Laws, 1936 (Special Session 1)
Volume 577, Page 81   View pdf image (33K)
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