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Session Laws, 1951
Volume 603, Page 1439   View pdf image (33K)
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THEODORE R. MCKELDIN, GOVERNOR 1439

AUTHORIZED TO BORROW, UNDER THE PROVISIONS
OF THIS ACT, FROM SUCH BANK, BANKER OR TRUST

COMPANY, OR FROM ANY OTHER SOURCE, AS THEY
SHALL FROM TIME TO TIME SELECT AND TO EXE-
CUTE AND DELIVER NEGOTIABLE PROMISSORY
NOTES OR CERTIFICATES OF INDEBTEDNESS OF THE
COUNTY COMMISSIONERS OF DORCHESTER COUNTY,
TO BE SIGNED BY THE PRESIDENT OF SAID THE
COUNTY COMMISSIONERS OF DORCHESTER COUNTY,
AND THE TREASURER OF DORCHESTER COUNTY,
WITH THE SEAL OF DORCHESTER COUNTY AFFIXED
THERETO, IN SUCH DENOMINATION OR DENOMINA-
TIONS, PAYABLE TO SUCH PLACE AND AT SUCH DATE
OR DATES AS THE SAID COUNTY COMMISSIONERS
SHALL BY RESOLUTION PROVIDE AND/OR TO ISSUE
AND SELL SAID NOTES OR CERTIFICATES OF INDEBT-
EDNESS, UPON THE FAITH AND CREDIT OF DORCHES-
TER COUNTY IN SUCH AMOUNT OR AMOUNTS AS SAID
COMMISSIONERS SHALL DETERMINE, EXCEPT THAT
THE TOTAL AMOUNT OF SUCH NOTES, CERTIFI-
CATES AND BONDS ISSUED UNDER THIS ACT IN-
CLUDING ALL OF ITS PROVISIONS, SHALL NOT EX-
CEED THREE MILLION DOLLARS ($3, 000, 000. 00). THE
SAID NOTES, CERTIFICATES OF INDEBTEDNESS
AND/OR BONDS SHALL BEAR INTEREST AT SUCH
RATE OR RATES, NOT EXCEEDING FOUR (4) PER
CENTUM PER ANNUM, AS SHALL BE PROVIDED BY
RESOLUTION OF THE COUNTY COMMISSIONERS OF
DORCHESTER COUNTY AND, IN THE EVENT OF IS-
SUANCE OF BONDS, TO BE EVIDENCED BY SEMI-
ANNUAL COUPONS ATTACHED TO SAID BONDS AND
BEARING THE FACSIMILE SIGNATURE OF THE
TREASURER OF DORCHESTER COUNTY. IF BONDS
ARE ISSUED, SUCH ISSUE AND SALE SHALL BE EX-
EMPT FROM THE PROVISIONS OF SECTIONS 35 AND
36 OF ARTICLE 31 OF THE ANNOTATED CODE OF
MARYLAND (1939 EDITION). THE SAID LOAN AND
EVERY PART THEREOF AND EVERY NOTE, CERTIFI-
CATE OF INDEBTEDNESS, BOND, COUPON OR OTHER
EVIDENCE THEREOF, AND THE INTEREST PAYABLE
THEREON, SHALL BE AND REMAIN EXEMPT FROM
STATE, COUNTY AND MUNICIPAL TAXATION.

SEC. 3. AND BE IT FURTHER ENACTED, THAT ALL
PROCEEDS DERIVED FROM SAID LOAN SHALL BE
PLACED IN A SPECIAL FUND BY THE COUNTY TREAS-
URER OF DORCHESTER COUNTY AND SHALL BE PAID
OUT BY HIM ONLY ON WARRANTS FROM THE COUNTY


 

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Session Laws, 1951
Volume 603, Page 1439   View pdf image (33K)
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