The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1870-02-03
The Western Md. Railroad Ordinance.

W rus wy NbuhNAl
An Ordinance to authorize the endorsement or
guarantee by the Mayor aud City Council of
baltimore Of tho Mortgage Bonds Of the
Wea.srn Maryland Railroad Company, and
toProTidea sinking fund In connection there
with.
Section /. BE il enacted and ordainedby tho
Mayor and City Council Of Baltimore, That the
Register Tor the city, upon presentation 10 him
Of the bonds Of the Western Maryland Railroad
Company, amounting in the aggregate to the
sum Of fourteen hundred thousand dollars, and
payable on the lst day of January, 1900, with
interest at the rate ofsix per centuni per annum,
payable half yearly in the city Of Baltimore on
the hrst day Of January and July in each and
every year, be and he Is hereby authorized and
directed to cause the same Ia be endorsed with
the guarantee of the Mayor and City Council
Of Baltimore, which endorsement shall be made
IN the manner, at the times, and after compli-
ance with the provisions hereinafter mentioned
Section ?. And be it enacted and ordained,
That the endorsement Of the bonds provided
for in the next preceding section Of this ordi-
nance shall either be made In writing, or by
causing the same 70 be printed or engraven on
the said bonds, and the said endorsement shall
be signed by the Mayor and c0untersigned by
the kegister Of the city for the time being, and
shall have affixed thereto the corporate seal of
| the city, and shall be in form following:
' For value received, the Mayor and City
| Council of Baltimore hereby guarantees the
| payment of the principal aud interest of the
| within bond, in accordance with an ordinance
entitled An ordinance to authorize the on.
dorsement or guarantee by the Mayor and CITY
! Council Of Baltimore Of the mortgage bonds OF
I the Western Maryland Railroad COMPANY and
| TO provide a sinking fund 10 connection there
! with--apprOyed -, 1870; which ordinance
was subsequently submitted to aud ratiiied by
I the people of Baltimore. Witness the sigma
| ture Of the Mayor and Register of The city of
Baltimore and its corporate seal - and the
blank left in the above form for the date Of the
| approval Of this ordinance shall be flied with
the date of said approval The coupons at.
I tached to said bonds shall also contain the en-
| dorsement OF the guarantee o. the said Mayor
and City Council OF Baltimore, by having writ
! ten, printed or engraven thereon the words.
| " Guaranteed By the Mayor aud CITY Council
/ Of Baltimore" to which shall be attached the
name Of the Register, for which purpose fac.
similo Of his signature may be employed.
! Section 8. And be II further enacted and or
| dainedi That the endorsement OF said bonds
| shall not be made unless and until an act shall
| be passed by the General Assembly Of Mary
| land authorizing the said endorsement nor
unless and until this ordinance shall have been
submitted To the legal voters Of the city Of Bal
| tinore 10 the manner hereinafter mentioned,
l and a majority of the votes cast at the said
election shall be in favor of the said ordinance:
| and before any endorsement of said bonds shall
| be made, the said Western MARYLAND Railroad
| Company shall deliver to the Register of the
! city deed of mortgage, duly executed and
Acknowledged, aud in such form and with such
covenants and conditions as shall BE- approved
by the City Counsellor wherein and whereby
| there shall be conveyed 10 the said Mayor and
| City Council OF Baltimore all the road and
railway Of the said Company as now, or here
after TO be constructed, aud all its franchises.
| rights, tolls and revenues, rolling stock ma
chinery, and all its other estate, real personai
m q md an -. l.
way of mortgage 10 secure and indemnify the
said Mayor and City Council Of Baltimore for
aud in its endorsement and guarantee OF the
said bonds, and for all charges aud expenses
connected herewith, which mortgage shall be
mex. In priority to those now already axecuted
by said Company, aud shall contain proper
covenants for the payment by said Western
Maryland Railroad Company OF the priaeipal
and interest of the bonds hereinbeCaro men
toned, as and when the sane shall respectigely
become due and payable. And the said bond.
shall be applied only to the purposes mentioned
in this ordinaneci and all the expenses Of the
execution aud recording Of said mortgage shall
be paid by said Company at tue time of said
execution and recording.
Section 1. And be il further enacted and or.
dRined, That the endorsement Of the said bonds
hereinbelore authorized shall not be made nm
less and until such an amendment to the char
ter Of the said Western Maryland Railroad
Company shall be made By an act of the
General Assembly Of Maryla and accepted
by said Company, as will give to the Mayor
and City Council OF Baltimore such an addi-
tional number Of Directors rs will secure to
the said city majority Of three members in
the Board of Directors.
Section ). And be il further enacted and or
dained, That before any OF the bonds Of the
Western Maryland Railroad Company shall be
endorsed under the provisions of this ordinance.
the said Western Maryland Railroad Company
hal m baF Il n
Stewart, John X. LOngwell and George N.
Bokee, who now constitute the Finance Com
mittee OF the said Company, or a majority of
them, from time to time, 70 receive the bonds
so to be endorsed by the city Of Baltimore, and
dispose OF the same, the proceeds thereof TO
disbnrse, under the provisions of this ordi-
nance; which persons shall give bond to the
said Mayor and City Council Of Baltimore in
the penalty OF hity thousand dollars, with such
surety or sureiies as shall be approved of by
the Mayor OF the city, conditioned that they
will faithfully apply all the bonds guaranteed
by the city, under the provisions OF this ordi-
nance, which they shall receive, or the pro
eeeds thereof, to the purposes for which Il is
hereby declared the said bonds, or their pro
ceeds, are to be solely devoted, and TO no other
purpose and when the said persons shall have
given bond as aforesaid the bonds, FOR whose
endorsement provision Is made by this ordi-
nance, shall be endorsed In the manner in tAis
ordinance directed, and shall be delivered to
them as the representatives Of said COMPANY
at such times and in such amounts as the same
shall he required in the course and for the pur-
pose of the completion Of the construction of
the said Western Maryland Railroad as an in
dependent road from the city Of baltimore DO
Williamsport, and for its equipment, for which
purposes alone ii is hereby declared the said
bonds or their proceeds shall be applied. And
whenever in the judgment Of the said members
oil the Committee OF Finance Of said Company
IL and - I...I
said endorsed bonds should be delivered 10 them
Tor tue purposes aforesaid, they shall, at least
ten days before Sile time at which they will re-
quire the delivery of said bonds, make a writ
ten Application therefor TO the Mayor and Com
missioners OF FINANCE Of the city, and shall ac-
company the same with full statement ia wri-
ting, under oath, showing for what items of
expenditure In the equipment Of said road or
In said work OF construction Of said road and
on what part thereof, tho said bonds asked for
BY them, or their proceeds, are TO be applied
oy tneua, ana also proper vouchers showing the
application OF all bonds endorsed under the
provisions of this ordinance, previously de-
liyered to them and the said Mayor and
Commissioners of Finance, upon being satisfied
that proper application has been made Of ali
bonds so before delivered by them under this
ordinance, shall deliver TO the said Commit.
tee Of Finance Of said Company, al tbe ti,ns
by them designated In their aforesaid written
application, the quantity Of bonds mentioned
in their said application, unless in the Judo
ment OF said Mayor and Commissioners Of
Finance OF the city, or in the Judgment of
majority OF them, the said amount Is beyond
what Is needed for the purpose designated, in
which event they shall deliver only such an
amount OF said bonds as in their indgmenl ar
IN the Judgment Of majority of them, shall be
necessary for such purpose and the persons
so receiving said bonds shall see to and shall
pc responsible, as shall their bond. for their
proper application 70 the purposes designated
needed. A'Aos are
Section @. And be II further enacted and oe.
dained, That upon The ramor.l ~. NY ahu vr-