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Session Laws, 1953
Volume 606, Page 729   View pdf image (33K)
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THEODORE R. MCKELDIN, GOVERNOR 729

manner and place of payment, the date, place and terms of
the sale of the bonds, and all details not herein otherwise
provided for with respect to the form, issuance and sale of
said bonds; said bonds shall be signed by the Mayor and
countersigned by the Treasurer of Laurel, and the cor-
porate seal shall be attached thereto, attested by the Clerk
of the City Council. Said bonds shall be in denominations
of One Thousand Dollars ($1,000.00), in coupon form, and
may be made registerable as to principal only.

SEC. 3. And be it further enacted, That the proceeds of
the sale of said bonds shall be paid to the Treasurer of
Laurel, who shall place them in a separate account de-
signated "Proceeds of Laurel, Maryland, Incinerator Plant
Bonds", said funds to be used only for the purposes herein
set forth, except that all costs in connection with the is-
suance and sale of said bonds, including legal fees, adver-
tising, and any other incidental expenses, may be paid
therefrom.

SEC. 4. And be it further enacted, That the Mayor and
City Council of Laurel be and it is hereby authorized,
empowered and directed to levy each year, so long as any of
said bonds are outstanding and unpaid, an ad valorem tax
on all property subject to taxation within the Town of
Laurel, sufficient in rate and amount to pay the interest
payable in said year on all outstanding bonds and the
principal of all bonds maturing in said year, the proceeds
of said tax to be kept in a special fund and in no case to be
used for any other purpose. In case such bonds shall be
issued in any year after the making of the regular levy for
that year, then the Mayor and City Council of Laurel is
empowered, authorized and directed to pay any and all in-
terest coming due before the next levy, out of any other
funds at its disposal, and to levy at the next succeeding levy
an amount sufficient to reimburse such other funds.

SEC. 5. And be it further enacted, That the Mayor and
City Council of Laurel be and it is hereby authorized and
empowered to do all things necessary to issue and sell said
bonds, to provide for the registration of the same if desired,
and to carry out the purposes of this Act, even though the
same may not be specifically mentioned herein or in the
Charter of the Town of Laurel, or in any other Act relating
to the said Town. The amount of bonds authorized to be
issued hereunder shall be in addition to all other indebted-
ness of the Town of Laurel heretofore authorized, and shall
not be subject to any limitation in the Charter of the Town,


 

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Session Laws, 1953
Volume 606, Page 729   View pdf image (33K)
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