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Session Laws, 1906 Session
Volume 479, Page 630   View pdf image (33K)
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CHAP. 344

Coupon bonds
to be issued.

and Council of Pocomoke City are hereby authorized and
empowered, at such time as they shall deem the same advis-
able, to issue coupon bonds of said town to an amount not to
exceed ten thousand dollars, payable thirty years after date
or at an earlier date, if the Mayor and Council shall so
determine, and bearing interest at the rate of five per cent,
per annum, payable semi-annually on the first day of July
and the first day of January of each and every year, and
said bonds shall be issued in denominations of five hundred
dollars, and shall have the corporate seal of Pocomoke City
affixed thereto attested by the signatures of the Mayor, town
treasurer and the town clerk of said town, and all of said
bonds shall be exempt forever from all taxation except for
State purposes, and each of them shall have printed or
engraved thereon a distinct reference to this Act, and said
bonds shall be known as Pocomoke City Hall gold bonds of
1906, and they shall be made payable in gold, and the Mayor
and Council shall sell the said bonds for the best price
that can be obtained for the same, and shall use so much of
the money derived therefrom as may be necessary in pur-
chasing a lot and erecting thereon a city hall. And said city
hall shall contain appropriate rooms for the transaction of
the municipal affairs of the town, and also a fire-engine
room, and also a suitable room set apart for the use of the
volunteer fire company of Pocomoke City, and any surplus
from the sale of said bonds after paying for said city hall
shall be applied in making improvements upon the sewers
of the town and the streets of the town, and the Mayor and

Levy to be

Council of Pocomoke City at such time as is now or shall
hereafter be fixed by law for levying the town taxes of
Pocomoke City, shall levy annually upon the property
assessed for taxation in said town a sum of money not to
exceed the rate of ten cents on each one hundred dollars of
the assessed valuation for taxation in said town to pay the
interest on the bonds issued in pursuance of this section,
and to provide a sinking fund for the payment of the prin-
cipal of said bonds at maturity; and the taxes so levied
shall be due and payable at the same time that the other
town taxes become due and -payable and shall bear interest
from the date of their levy; they shall be a lien on all
real estate of the person or persons or body corporate
indebted for the same, and shall be collected by distress or

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Session Laws, 1906 Session
Volume 479, Page 630   View pdf image (33K)
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