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Session Laws, 1941
Volume 582, Page 1784   View pdf image (33K)
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1784 LAWS OF MARYLAND. [CH. 930

(c) In the alternative, it may specify that said single or
instalment payments shall be made at one time or from time
to time by the issue and delivery to the contractor, at not
less than par plus accrued interest, of the revenue notes, bonds
or certificates hereinafter authorized;

(d) If payment in the manner outlined in the next pre-
ceding sub-paragraph of this Section 116C shall be adopted,
then the Mayor and Council may contract and agree that title
to said municipal electric light and power system shall re-
main in the contractor constructing1 the same or in any
trustee or agent acting for said contractor, until the payment
in full of the principal and interest of said revenue notes,
bonds or certificates issued in payment therefor, or said
Mayor and Council may grant and convey to said contractor
or to any agent, nominee or trustee designated by him, a
mortgage on said system securing the prompt payment of
the principal and interest on said revenue bonds, notes or
certificates as hereinafter authorized, provided, however, un-
der no circumstances shall anyone have the right to oust said
Mayor and Council from complete possession of said mu-
nicipal electric light and power system for the purposes of
maintaining and operating the same after the completion of
the construction thereof and full or conditional payment
therefor in any of the ways above outlined, nor shall anyone
have the right to impede or interfere with the collection by
said Mayor and Council or its duly appointed agents of the
charges made for electrical energy and power distributed and
sold through said system, unless and until said Mayor and
Council shall have been in default in the payment of prin-
cipal and interest on any of said revenue bonds, notes or
certificates hereinafter authorized for the period of time and
under the conditions set out in any trust indenture, contract
or agreement executed or entered into compliance with the
provisions of Section 116F of this sub-title by said Mayor
and Council at the time or times of the issuance of any of
said revenue bonds, notes or certificates, provided that said
Mayor and Council shall not be ousted from possession of said
municipal electric light and power system or from the main-
tenance and operation of the same, at any time, without the
consent and approval of the Public Service Commission of
Maryland then had and obtained.

116D. For the purpose of paying the cost of construction of
said municipal electric light and power system, as hereinabove
defined, and for the purpose of making additions, replacements
or improvements thereto, said Mayor and Council is hereby
authorized and empowered to provide by ordinance or ordi-
nances, at one time, or from time to time, for the issuance of
revenue notes, bonds or certificates of such description and title

 

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Session Laws, 1941
Volume 582, Page 1784   View pdf image (33K)   << PREVIOUS  NEXT >>


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