The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1869-06-10
Western Maryland Railroad.
The Ordinance Passed by both Branches
Of the City Council.

|
ital stock Of the Baltimore and Ohio
Railroad Company owned by the city,
aud to invest the same in the bonds Of
the Western Maryland Railroad Com
pany, again came up on "Wednesday, the
10Th utimo, in the first branch OF the
Baltimore City Council as the special
order, aud was passed by n vote Of 10
ayes, to 4 nays. The ordinance us
amended aud passed is as follows:
An ordinance to provide for raising the sum
of one million of dollars by the Mayor and
| City Council OF Baltimore, by means Of the
| bypothecation Of such number OF shares OF the
| capital stock OF the Baltimore and Ohio Rail
road Company, owned by the Mayor and City
Council Of Baltimore, rs may be necessary for
that purpose, and for investment of said sum
| OF money In the bonds Of the Western Mary land
railroad Company, +" be secured by mort.
| gage NEXT in priority after the mortgages al.
ready executed BY said company.
Section L. BE il enacted and ordained by the
| Mayor and City Council OF Baltimore, that the
| register Of the city and the commissioners of
finance be and they are hereby instructed tn
raise, on the best terms possible, for the use Of
| the Mayor and City Council OF Baltimore, the
sum of one million Of dollars, the same to be
raised by pledge or hypotheeation of such
number Of shares OF the stock Of the BALTIMORE
and Ohio Railroad Company belonging To the
| Mayor and City Council Of Baltimore as shall
be requisite for this pngpose the said mayor
and city council of Baltimore retaining To itself
| the piivilege Ut returning the said sum Of one
million OF dolIass GU the lot day Of May, lsIO,
| or at such other time thereafter shall be
| agreed on by aud betH cen the said register aud
| commissioners OF finance aud those advancing
| The said money aud II Is hereby expi essly
declared, and It shall be made q part OF the
| terms Vt agreement between said register aud
commissioners "a nuancc aud those advancing
said money, that in no event shall the said
mayor and city council OF Baltimore be liable
| or responsible for the return or repayment Of
| any part of the sum of money so advanced on
the pledge or hypotheeation aforesaid, o. vi the
interest thereon, In case the said stock
| pledged shall not sell for enough 10 repay the
said advances and interest thereon; but those
| advancing the said money shall, in the event Of
the failure OF the sand mayor aud city council
of Baltimore to return the said money so ad.
vanced within the time agreed upon Tor its
return, look alone TO the stock aforesaid
to be pledged to them for the return OF said
advance aud all interest thereon.
See. T. Aud be IL enacted and ordained, that
the said register aud commissioners Of finance
be, and they are hereby instructed To invest
the SUN Of money TO be obtained rs provided
in the preceding section in the bonds of the
Western Maryland Railroad Company, to be
secured by mortgage 10 be executed by the
city counsellor and said mortgage shall cover
only the bonds To be delivered To the mayor and
city council of baltimore in accordance with
the terms Of this ordinance, aud shall be next
In priority after the mortgages which have
been already executed By the said company
and, Tor the better security of said bonds, said
mortgage shall contain appropriate covenants
on the part of the said company that the pro-
ceeds Of said bonds shall be applied only 10 the
construction aud equipment OF said railroad to
Williamsport; and that said road shall be com
pleted between Baltimore city and Williams
port an ind pendent road, and that the said
company shall locate their principal or main
work and repair shops and their depot in the
city OF Baltimore. And said railroad company
shall further covenant by said mortgage that
the SUN hereinbefore provided to be invested
in It's bonds shall not be demanded OF the com
| missioners OF finance and register except as the
money may be required in the completion of
said road from its present terminus to Will
| Transport
See. ). And be IL enacted and ordained. that
the mayor shall make application to the Gen.
eral Assembly of Maryland, at its next session,
| for the passage Of an act TO submit to the We
ters Of the city Of Baltimore, In accordance
| with the terms Of the Constitution of Maryland
the propriety Of the endorsement by the mayor
and city council of Baltimore OF the bonds Of
the Western Maryland Railroad Company, to
| be secured by mortgage as aforesaid, 10 an
amount, at the current market value of the
bonds after endorsement, sufficient TO return
| the amount advanced upon the hypothecation
Of the stock Of the baltimore and Ohio Rail.
road Company, as provided In the first section
of this ordinance, and all interest thereon
| such submission to be made in the manner 10
| be provided In a future ordinance; and if the
said act shall be passed by the General Assem-
bly, Of Maryland, and a majority Of the votes
cast at the election to be provided for by said
| ordinance shall be ia favor of making said en-
dorsement, the register shall endorse said bonds
and dispose OF the same, with the aid Of the
commissioners OF finance. and apply the pro-
ceeds thereof TO the the payment OF The amount
advanced upon the hypothecation OF the stock
Of the Baltimore and Ohio Railroad Company,
as provided in the first section Of this ordi.
nance, and all interest thereon.
Sec. 4. And be it enacted and ordained that
ifthe said act Of Assembly shall not be passed,
or majority Of the votes cast at such election
shall not be In favor Of the endorsement Of said
bonds, the register and commissioners Of
finance shall dispose Of so much Of said capital
stock as may be required TO pay the amount
which shall have been advanced on the hypoth-
ecation Of the said stock Of the Baltimore and
thereon.
Sec. 6. And be it enacted and ordained, that
IL the authority 20 endorse the said bonds be
obtained, as aforesaid, and the proceeds of
sales Of the bonds already in the hands Of the
mayor and city council or Baltimore shall NOT
be sufficient TO return the money to be ad-
,r as before provided. with the interest
psny ssa M furni.b 20 shs aaIo "S Gem
tonal amount Of said bonds as will suffice,
wnen 50 endorsed, TO yield an amount sufficient
"Pay she deneiency.
the Investment shall not be made in said bonds.
rs provided In the second section Of this ordi.
nance, until majority In value of the stock
holders OF the western Maryland Railroad