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Session Laws, 1941
Volume 582, Page 1787   View pdf image (33K)
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HERBERT R. O'CONOR, GOVERNOR. 1787

tion of said municipal electric light and power system, then
additional bonds may in like manner be issued up to the
maximum limitation herein contained to provide the amount
of such deficit, and if the proceeds of the revenue notes, bonds
or certificates of any issue shall exceed the amount required
for such cost of construction, the surplus shall be paid into
the fund hereinafter provided for the payment of principal
and interest of such revenue notes, bonds or certificates. Prior
to the preparation of definitive notes, bonds or certificates, the
Mayor and Council may, under like restrictions, issue tem-
porary notes, bonds or certificates, with or without coupons,
exchangeable for definitive notes, bonds or certificates upon
the issuance of the latter. The Mayor and Council may also
provide for the replacement of any note, bond or certificate
which shall become mutilated or be destroyed or lost.

116E. For the purpose of any constitutional or statutory
debt limitation, none of the revenue notes, bonds or certi-
ficates issued under the provisions of Sections 116A to 116X,
inclusive, of this sub-title shall be deemed to constitute a debt
of the Mayor and Council of Crisfield, nor shall any of such
revenue notes, bonds or certificates constitute a pledge of
the faith and credit of said municipality for any purpose be-
yond the limits of the fund provided for their payment and
the proper administration thereof as herein provided, and
such revenue notes, bonds or certificates shall be payable ex-
clusively and solely from the fund hereinafter provided there-
for from revenues derived from said municipal electric light
and power system. All such revenue notes, bonds or certi-
ficates shall contain on their face a distinct reference to the
statutory authority hereby granted by code reference or
chapter number, and they shall also contain a statement
on their face that the Mayor and Council of Crisfield is not
obligated to pay the same or the interest thereon except from
revenues and earnings of the municipal electric light and
power system for which they are issued, and that the faith
and credit of said municipality is not pledged to the pay-
ment of the principal and interest of such notes, bonds or
certificates except to the extent of such revenues. The issue
of such revenue notes, bonds or certificates in accordance
with the authority hereby granted shall not directly or in-
directly or contingently obligate the Mayor and Council of
Crisfield to levy or to pledge any form of taxation whatever
therefor or to make any appropriation for their payment.

116F. As hereinbefore provided, the Mayor and Council
may, in its discretion, provide for the purchase of said mu-
nicipal electric light and power system, and the securing of

 

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Session Laws, 1941
Volume 582, Page 1787   View pdf image (33K)   << PREVIOUS  NEXT >>


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