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Session Laws, 1945
Volume 589, Page 563   View pdf image (33K)
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HERBERT R. O'CONOR, GOVERNOR. 563

SEC. 2. And be it further enacted as aforesaid, that
except as hereinafter provided, after any funds or in-
vestments shall have been transferred to or credited to
said ''Sinking Fund, " it shall be unlawful for the said
Mayor and Council of Snow Hill or for any officer or official
of said town to use or cause to to be used any part of said
Sinking Fund or any investment or investments therein
for any purpose other than for the payment of the prin-
cipal and interest of the bonds of said town now outstand-
ing and hereafter to mature. Any officer or official of said
town who shall violate the provisions of this section shall
be guilty of a misdemeanor and conviction thereof shall
be cause for removal from office of such officer or official.

SEC. 3. Be it further enacted as aforesaid, that when-
ever any bond or bonds of said town or interest coupons
thereon shall be about to mature, the said Mayor and
Council of Snow Hill shall provide by resolution for the
transfer from said Sinking Fund of a sufficient amount of
money to redeem such bond or bonds and interest coupons
as they mature, and such resolution may provide for the
sale of any investment or investments in said Sinking
Fund that may be necessary to be sold for the purpose
of redeeming any outstanding bond or bonds or interest
coupons maturing as aforesaid.

SEC. 4. And be it further enacted as aforesaid, that
nothing in this act contained is intended to be, nor shall
anything herein be construed to be, a repeal of or in de-
rogation of Chapter 141 of the Act of 1931 of the General
Assembly of Maryland or of any part thereof or of any
ordinance or resolution enacted or passed by the Mayor
and Council of Snow Hill pursuant to said last mentioned
act; as this act is intended to be, and shall be construed to
be supplementary to the existing methods provided by law
for the payment of the outstanding bonds of said town of
Snow Hill and the interest thereon to accrue, and not in
lieu thereof.

SEC. 5. And be it further enacted as aforesaid that this
act is hereby declared to be an emergency measure and
necessary for the immediate preservation of the Public
Health and Safety and having been passed by yea and nay
vote, supported by three-fifths of all of the members elect-
ed to each of the two houses of the General Assembly, the
same shall take effect from the date of its passage.

Approved April 5, 1945.

 

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Session Laws, 1945
Volume 589, Page 563   View pdf image (33K)
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