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Session Laws, 1931
Volume 580, Page 1276   View pdf image (33K)
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1276                        LAWS OF MARYLAND.                  [CH. 510

and deposited by him in a special account in such bank or
banks as the said Board of County Commissioners of Cecil
County and the Road Auxiliary Board of Cecil County may
determine. The money shall be used exclusively for the con-
struction and improvement of roads and bridges in Cecil Coun-
ty by the State Roads Commission of Maryland, and for the
purchase and acquisition of land, rights of way and for any
necessary expenses incident to the construction and improve-
ment of roads and bridges by the State Roads Commission in
said county. Payments out of the proceeds from the sale of
bonds shall be made from time to time by the Treasurer on
proper vouchers presented to him by the State Roads Com-
mission.

SEC. 5. And be it further enacted, That for the purpose of
paying the interest on said bonds, the Board of County Com-
missioners of Cecil County shall, for the year 1931, and annu-
ally thereafter, until all of said bonds issued under the author-
ity of this Act shall mature and be redeemed, levy a tax upon
the assessable property in said county sufficient to pay the
annual interest on said bonds outstanding, said taxes to be col-
lected as other taxes levied in said county are collected.

SEC. 6. And be it further enacted, That for the purpose of
redeeming said bonds as they mature the Board of County
Commissioners of Cecil County shall annually levy a tax upon
the assessable property in said county sufficient to redeem said
bonds as they mature and become due, making due allowance
in such levy for any sum or sums which shall have been re-
ceived by the said County Commissioners from the State Roads
Commission and specially set aside for the redemption of any
such bonds at maturity.

SEC. 7. And be it further enacted, That in each and every
year in which said bonds shall mature as set forth in Section
2 of this Act, the State Roads Commission shall pay over to
the County Commissioners of Cecil County for the purpose of
redeeming said bonds, as they mature, such sums as shall equal
not less than 75 per cent, of all funds accruing to Cecil County
from the State Roads Commission for "Lateral and Post Road"
construction purposes.

SEC. 8. And be it further enacted, That no purchaser of any
of the bonds authorized by this Act, and no holder thereof for

 

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Session Laws, 1931
Volume 580, Page 1276   View pdf image (33K)
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