The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1870-06-23
CHATTER 80.

CRATER 30. .
AN ACT
To provide for the renewal of certain bonds
and certificates of indcbtedment of the
State already due, aud of Others falling
due in the year eighteen hundred ana
seventy, and to provide for the sale OF
certain stocks Of the State to pay the hold.
ers OF said bonds who may demand pay
ment thereof
Sec /. BE it enacted by the General As
sembly Of Maryland, For the purpose Of re-
placing and more eilectually securing the
payment of theinterest upon the GU standing
sterling FIVE per cent. debt, created by the
Act OF eighteen hundred and thirty.eig 1t,
chapter three hundred and eighty.six, n d
the five per cent. converted debt, UNI. =
chapter forty.one of the Acts of eightec Il
hundred and forty-seven, which became dne
in eighteen hundred and sixty-fye, and the
outstanding six per cent. debt created by the
Act of eighteen hundred and thirty four,
chapter two hundred and forty one, natur.
ing in the year eighteen hundred and seventy,
the Treasurer OF the State is hereby author.
lied and directed TO issue new bonds or
certificates of debt, countersigned by the
Comptroller, of like amount and bearing
the same rate of interest as the bonds for
which they may be respectively substituted,
with coupons for semi annual interest there.
on and redeemable in not less than ten nor
more than fifteen years, which said new bonds
shall be numbered and lettered to cores
pond with the bonds for which they are
substituted ; such new and substituted bonds
to be issued and delivered only at the option
of the holders of tho said overdue and m a.
turing bonds, and upon The surrender thereof
by the lawful holders.
Sec. 2. And be it further enacted, That
the Comptroller and Treasurer are hereby
authorized, with the APPRECIATION of the
Governor, to sell aud dispose of the Baltl-
more city six per cent stock, amounting
to one hundred and ffty.four thousand
five hundred and fifty dollars, (Sl54, $50, J
belonging to the State, and the State 5
stock in the Farmers National Bank
of Annapolis, amounting to forty six
thousand four hundred and seventy dol.
lars, (S46,470,) and the States common
stock in the main stem of the Balti.
more and Ohio Railroad Company, amount.
ing to five hundred Thousand dollars, $500,
000,) the same to be disposed of in the order
above named, or so much thereof as may
be necessary for the purpose of paying and
cancelling so many of the said bonds Of this
State, already due and to become due in the
year eighteen hundred and serenity, as the
holders thereof may require TO be paid, and
who may refuse to accept new and substitu.
ted bonds therefor, as hereinbefore provided,
and the Comptroller is hereby authorized to
draw his warrant upon the Treasurer, who
thereupon is authorized to pay to the hold.
ers so demanding payment, the amounts OF
such bonds, upon which payment may be
deman led
Sec. 8. And be it enacted, That upon the
issue of any new bond according to the pro.
visions OF the first section of this Act, the
Treasurer, in the presence of the Comptrol.
Ter, shall cancel the correspondingold bond,
and after making proper entry thereof, in a
book to be kept for that purpose, he shall
in the presence Of the Governor and Comp.
troller, destroy the old bond for which any
new bond has been substituted.
Sec. 4. And be it enacted, That this Act
shall take effect from and after the date ol
its passage.
Approved lth April, 1870.
oDEN BOWIE, Governor.