The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1870-06-02
ANACT

TO EhP0 WEIR the MAYOR AND con-
NOV co UNcIL OF MANCHESTER TO
SUBSCRIBE TO THE CAPITAL STOCK
or THE PARKT0N AND HAECHES-
TER RAILROAD COMPANY.
Section l. Be II enacted by the General As
sembly Of Maryland, That the Mayor and Com
mon Council of Manchester, be and they are
hereby authorized and empowered to subscr, be
to the Capital Stock Of the PArktOn and Man
chester Railroad Company, the sum of ten
thousand dollars, and in the discretion of said
Mayor and Common Council any further sum
not exceeding IN the aggregate the sum Of
twenty thousand dollars, and ia case less sum
Of twenty thousand dollars may be subscribed
to the said capital stock, then the said Mayor
aud Common Council are authorized 10 endorse
the bonds If said Company to any amount,
which with the amount subscribed To said
Capital Stock shall not exceed in the aggregate
the sum of twenty thousand dollars. which on
dorsement shall be secured in such manner and
on such terms as may be agreed upon between
the said Mayor and Common Council and the
said Railroad Company.
Sec. 2. Aud be il enacted, That tho said
Mayor and Common Council, be and they are
hereby authorized, aud empower 10 issue
Bonds OF the Corporation OF Manchester, bear
ing interest not exceeding six per centum. paw
able semi-annually, for such amount from time
to time as may be required to pay the amounts
which may be subscribed TO said capital stock.
which bonds shall not be subject to taxation
for County, OF Corporation Taxes; and 70
levy en- the assessable property within the
limits oil said Municipal Corporation using as
the basis Of said levy the assessment Of the real
aud personal property within the limits of said
Municipal Corporation, made under the Act or
1866, chapter l5I, and the supplement thereto
passed at the January Session 1867, cbapter
S4l, or any assessment hereafter made accord
ing to law, such amount Of taxes as mar he re-
CURED to pay the interest on said Bonds. and
the principal debt, should the same become
Necessary and also to constitute a Sinking
Fund Tor their redemption, and also when and
If the said Mayor aud Common Council shall
endorse any OF the Bonds of said Eailroud Com
pany as hereinbefore provided, the said Mayor
and Common Council shall levy as aforesaid.
such amount OF taxes as may be sufficient 10
pay the interest on said endorsed bonds or any
part thereof, the payment of the interest on
which may not be safely and surely provided
for by said Railroad Company and said Bonds,
so endorsed, shall not be subject to County or
Municipal taxation.
See. 8. Aud be it enacted, That the Bonds
which may be issued as aforesaid, shall be paw
able not more than thirty years from date, 70.
serving the privilege Of paying them at any
time not less than five years from date, and
shall not be sold or disposed Of, at less than
eighty per cent.
Sec. 4. And be it enacted, That at any mu.
nicipal election to be held in Manchester. at
such time and place as may be fixed by an or
dinanee OF the Mayor and Commoa Council Of
Manchester, there may be written or printed
on the ballots of the legal and qualified voters
at said election, the words For Railroad Sub
seripuon,' or against Railroad Subscrip-
ton, and IL majority of the ballots cast shall
contain the words "FOr Railroad Subscrip-
ton" then this ACT shall become operative
and binding, but il majority of said ballots
shall contain Che words against Railroad
Subscription" this Act shall be void and of no
effect, and the judges of said municipal election
shall return to the Mayor and Common Copn-
Gil Of Manchester, the number of votes cas-, for
Railroad Subscription and against Railroad
subscription respectively, aud the said Mayor
and Common Council shall by their procana.
tion announce the result thereof.
See. 5, And be il enacted, That this Act
shall tske effect from the date of its passage,
Approved April 1, 1870.
0DEN BOWIE,
may l9-T Governor,