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Session Laws, 1943
Volume 584, Page 4   View pdf image (33K)
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4 LAWS OF MARYLAND. [CH. 1

City, and attested by its City Clerk, with the corporate seal of
said City affixed thereto. Interest on said bonds shall be
evidenced by coupons attached thereto, executed with the fac-
simile signature of said Mayor and City Clerk.

SEC. 2. And be it further enacted, That such bonds may be
issued and sold upon terms of not less than par and accrued
interest and the principal amount thereof shall not be in
excess of the amount of floating indebtedness with accrued
interest thereon computed to the date of such bonds as ex-
pressed in the ordinance authorizing such bonds but the valid-
ity of such bonds shall not be dependent upon the validity
of such floating indebtedness nor upon the application of the
proceeds to the retirement of such floating indebtedness.

SEC. 3. And be it further enacted, That the full faith, credit
and resources of said city shall be pledged for the payment
of said bonds and the interest thereon as the same respectively
mature and for the purpose of paying such interest as it falls
due and also to pay and discharge the principal of said bonds
at the maturity, the said Mayor and Councilmen of said City
shall levy an annual tax upon all the assessable property in
said City in each of the years while said bonds, or any of
them, are outstanding, sufficient for that purpose; provided,
that said City shall in and by the ordinance authorizing
such bonds pledge and each year shall apply such amount
of the revenues of the water works of said City as may
be available to pay such interest and principal as they be-
come due, and only such amount of such tax shall be an-
nually collected as may be necessary to meet any deficiency of
available water revenues used for the purpose aforesaid.

SEC. 4. And be it further enacted, That this Act shall con-
stitute full and complete authority for the issuance and sale
of such bonds without regard to any other statutory provi-
sion or limitation now in force.

SEC. 5. And be it further enacted, That this Act is hereby
declared to be an emergency law and necessary for the imme-
diate preservation of the public health and safety, and being
passed by a yea and nay vote, supported by three-fifths of all
the members elected to each of the two Houses of the General
Assembly, the same shall take effect from the date of its
passage.

Approved January 14, 1943.

 

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Session Laws, 1943
Volume 584, Page 4   View pdf image (33K)
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