The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1870-05-19
CHAPTER IA.
AN ACT
may 10 st

TO En.O WEIR the MA YOR AND com
MON COUNCIL or MANCHESTER TO
SUBSCRIBE TO THE CAPITAL STOCR
OF THE PARTON AND N1ECHES-
TER RAILROAD COMPANY
Section |. Be it enacted by the General As
scmbly OF Maryland, That the Mayor and Com
mon Council of Manchester, be and they are
hereby authorized and empowered to snbscr be
to the Capital Stock of the Parkt0n aud 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 10 case a less sum
| Of twenty thousand dollars may be subscribed
| to the said capital stock, then the said Mayor
| and Common Council are authorized to endorse
the bonds # 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 en-
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.
See. 2. And be it enacted, That the said
| Mayor and Common Council, be and they are
hereby authorized, and empowered to issue
| Bonds Of the Corporation of Manchester, bear
| ing interest not exceeding six per centpm, pay
able semi.annually, for such amount from time
which may be subscribed to said capital stock
which bonds shall not be subject to taxation
| for County, or Corporation Taxes and 10
! levy on the assessable property within the
limits of said Municipal Corporation using as
the basis Of said levy the assessment Of the real
and personal property within the limits Of said
| Municipal Corporation, made under the Act of
1866, chapter l5I, and the supplement thereto
/ passed Mt the January Session 1861 chapter
| 3il, or any assessment hereafter made accord
| ing to law, such amount of taxes as may be re-
quired to pay the Interest on said Bonds and
the principal debt, should the same become
nee 'ssary and also to constitute a Sinking
Fund for their redemption, and also, when and
| II the said Mayor and Common Council shall
| endorse any of the Bonds of said Railroad Com
| pany as hereinbelore provided, the said Mayor
and Common Council shall levy as aforesaid,
such amount OF taxes as may be sufficient to
| 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
Tor by said Railroad Company and said Bonds,
SO endorsed, shall not be subject to County or
Municipal taxation.
See. 3. And be it enacted, That the Bonds
| which may be issued as aforesaid, shall be pay
able not more than thirty years from date, re-
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.
! dinancc OF the Mayor and Common 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
scriPtion," or against Railroad Subscrip-
tiun," aud IL majority of the ballots cast shall
contain the words "For Railroad Subscrip-
ton" then this Act shall become operative
and binding, but if a majority of said ballots
shall contain the words against Railroad
Subscription" this Act shall be void and of no
effect and the judges of said municipal election
shall return 10 the Mayor and Common Cnun-
| ell Of Manchester, the number of votes cast for
| Railroad Subscription and against Railroad
| Subscription respectively, and the said Mayor
and Common Council shall BY their proclama.
| ton announce the result thereof.
See. 3. And be IL euaeted That this Act
| shall tSke effect FROM the date OF its passage.
| Approved April I, 1870.
oDEN BOWIE,
may le-3t Governor:
I