Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1872-05-10
LtftCS-- General.
[CHAPrER 276.l

{
| To provide for cancelng the Stocks or Bonds OF
the Stale Of Mary land, now held by the Urea
surer to the credit of the Sinking FuEd, and
to provide for the investment of the augmen-
tatons Of said funds.
Section Be il enacted by the General AS
semby of Maryland, That the Treasurer be,
and he is hereby, directed on or before the Isl
day Of May next, in the presence of the Cover
nor and Comptroller, to cancel and destroy all
the bonds and ceriif Gates of stock of this State
now held in his off &c 10 the credit of the sinking
fund; and all further payment by the State OF
interest on said bonds or certificates aforesaid,
SO required to be cancelled and destroyed, shall
cease from and after the lst day of April next
Sec 9 And be it further enacted, That before
canceling and destroying the said bonds and
/ certificates as aforesaid, the Treasurer be- and
he is thereby, authorized and required to cause
TO be made out list of the said bonds and Ger
tifcates, with the numbers and amounts Of the
same and the names Of the persons to whom
SAID certificates are payable, and shall carefully
examine and compare the same and file the said
! list in his office for preservation.
Sec 8 And be it further enacted That the
Comptroller shall, on the lst day of July next,
I and on the LIST day Of July in every subsequent
YEAR set apart to the credit of the sinking fund
The sum Of one hundred thousand dollars, which,
/ il addition TO all sums otherwise accrung to tho
augmentation of the sinking fund, is hereby APP
propfiated for the purpose OF taking up the exist
/ ing Debt Of this State and the Comptroller shall
! cause the same to be invested IN stock or bonds
Of this State purchased at par or less, and said
/ bonds after being cancell as hereinafter direct
ed shall be credited to the sinking fund and
held by the Treasurer, subject 10 the future ac-
/ ton Of the General Assembly.
Sec T. And be it further enacted, That when
ever in the judgment of the Comptroller there
/ shall be a surplus IN the Treasury over above
the amount nee ssary to meet the current OK
/ pcnses Of the state as provided by law, he shall
cause the same TO be invested in the bonds OF
| certificates Of debt of this Stac purchased al
par or less, and in all purchases of bonds Ger.
| lificafes hereby directed TO be made the Urea
! surer shall give the preference TO the OVERDUE
debt of the State, and tho Comptroller and
/ Treasurer may, at any time, require the SAID
/ overdue debt or some class thereof which can
/ be regulated and accurately described to be pre-
scented at the place where AIDE payable for pay
ment, by giving not less than thirty days notice
/ to the holders of such overdue debt, that
| day named in said notice, interest on SAID over
! due debt or class thereof will cease, and If said
! bonds or certificates overdue and particularly
described in said published notice, be not pre-
| scnted for payment by said day, the payment Of
interest on the same shall cease, and no further
payment Of interest on the same shall be made
! Sec 5 And be it further enacted, That if the
! overdue bonds or certificates of the State shall
/ not be procurable in sufficient amounts, the
Treasurer may invest the sum sums required
l BY this Act in any bonds or certificates of the
! State which may be offered for sale at the best
rates possible for the State, and all such bonds
or certificates mntul ing at some future day as
| may be purchased in pursuance of this Act shall
be cancelled by the Treasurer in the presence
Of the Comptroller, by writing the word "Can-
| celed'' across the face of said bonds or cerii6
| Gates with tho date of said cancellation in red
| ink, and signing the name of the said Tea-
sufer thereto also in red ink, and said bonds oil
certificates shall then be held by the Treasurer to
the credit Of the sinking fund and the interest
thereon shall accrue to said fund until such time
as the General Assembly may dispose Of tho
said bonds or certificates
Sec. 6 And be il further enacted, That the
Comptroller is hereby directed to draw his war
rant on the Treasurer for the payment Of the
bonds or certificates taken up purchased
under the provisions Of this Act.
Sec 7. And be it further enacted, That al
laws or parts Of laws inconsistent with this Act
be and the same are hereby repealed
Sec And he it enacted That this Ac
shall take effect from and after the date of is
passage
We hereby certify that tho aforegoing is a true
and perfect copy Of an Act passed the Gen
eral Assembly Of Maryland at the JANUARY
Session, 1872.
AUGUSTUS GASSAWAY,
Secretary Of the Senate
MILTON Y. KIDD,
Chief Clerk House OF Delegates
Approved April | 1872