Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1872-03-28

con'm'ssioners ~ 80. IXys Count,
Charles Coan,y and PIE Georgs
CouHty, TO subscribe 70 the fspisoi stoo
ofhe Washington tY,y aad 0int Look
out Rai7rOad Company
Section l.. BE it enacted " the Gen
eral Assembly OF MARYLAND, n nf the Coun
" Commissioners of st. M VS. County
Charles County and Prince CT Fge's Coun
ty. be and they are hereby \ tborized, i,
the name Of. and for each OF ssi;r respec
tive counties. TO subscribe f6r aud hold
shares of stock in The Washington Cit,
and Point Lookout Railroad Company.
a corporation duly organized on the TWEEN
ty-sourth day of February. eighteen hun
drcd and seventy-two. Us follows, viz.
The County Commissioners of st. Mary'
County, to an amount not exceeding twt
hundred thousand dollars; the Count,
Commissioners of Charles Coauty, to ar
amount not exceeding one hundred anC
fifty thousand dollars; and the Count,
Commissioners of Prince Georges County
to an amount not exceeding tso hundred
thousand dollars.
Sec , And be it enacted. That for
the purpose Of meeting the said subscrip.
tionS. the said County Commissioners. be
and they arc hereby authorized aud EN-
powered to issue bonds in the name o
their respective Counties. in denomina-
ton not less than ffty dollars. nor more
than five hundred dollars. bearing inter
est at the rate Of six per ccutum per an
mum, and payable within period of not
more than twenty years from the date oil
their issue; and to each Of said bonds
shall be attached coupons. for the paymen,
of the interest thereon. payable scmi-an-
nually, which said coupons shall be re-
ccivable iu payment OF the county take s.
levied Ly the County Commissioners of
the said counties respectively and the
bonds so issued shall be exempt from
county and municipal taxation. and the
faith of -. Mary's County is hereby
pledged for the redemption of said bonds
TO be issued by her County Commissioners /;
and the fnith of Charles County for the
redemption of said bonds. to be issued bv
her County Commissioners and the faith
"f Prince Georges County for the rcdemp-
ton of said bonds. to be issued by her
Couaty Commissioners
Sc. ). And be it enacted. That the
County Commissioners of said counties
shall levy on the aSsc>sable propcrtr. in
/ thei: respective counties, such sum or
sums OF money. as shall, in their discretion
be necessary for the prompt payment of
the interest on the said bonds, issued bv
their respective counties. and for the cree
tlon OF a sinking fund for the payment oe
the principal thereof; and the amount so
levied, from year to year. for the payment
of said bonds, shall be paid into the Treas
ury of the State, 10 be invested by the
: Treasury. IN the bonds to be issued under
! Tie provisions "fthis Act, OF in. the stocks or
bonds OF this State, or in such other pro.
ductive stock or bonds. as the Treasurer
may deem advisable; and the interest,
income or dividends from such invest
mcnts. shall also be invested from year
to year. il the same manner; and the
SAID Investments, and the incrcments there
+ OF. shall constitute sinking funds for the
redemption Of the said bonds at maturity;
and all taxes SO levied by the said County
! Commissioners. for the payment of the
! principal Of said bonds. shall be collected
By the Collector or Collectors. or other Of
fcer or officers. who may, by law. be au-
thorizcd TO collect the State taxes; or in
case in any year. no State tax shall be
levied by law, then by such officer or Of
ticers. as may by law. be authorized TO
collect the county taxes and such officer
or officers shall paw the amount of such
taxes, so levied, for the principal of said
bonds, into the Treasury of the State. as
State taxes are now. or may hereafter be
required by law to be paid and the bonds
: of such Collector or Collectors, or other
officer or officers, shall be liable for the
payment of the same; and the said Treas
urer shall keep separate accounts Of the
amounts of taxes levied and Collected, and
of the income, interest and dividends.
paid into his hands, under the provisions
of this Act. viz. one account fer St.
Mary's County; one account for Charles
county. and one account for Prince George
County, and shall invest the said funds
as hereinafter provided. keeping sacred
and inviolate, the funds so realized on
account of each of said counties for the
redemption of the said bonds. issued by its
County Commissioners under the proyi-
siors of this Act
Sec. 4. And lie it enacted. That the
said bonds so to be issued. shall be rcceiv.
ed BY the said Company at the par value
thereof, in payment OF the stock SO to b.
subscribed; Provided, that the said bond:
shall be delivered to said company in the
following manner. and a, the following
periods, viz: As soon as one-hslf of the
length of the said line ofrailroad lying With
IN the limits of any or either of said cesa.
ties shall have been graded, the Count,
Commissioners Of such county or counties
shall deliver to said company one -tour.l
OF said bonds of such county or counties
aud as soon as the whole of said Failroad
within the limits of any or either of SAID
counties shall have been fully graded, tn,
County Gem mmissiouers Of such county ol
Ecouuiies shall deliver 70 said company an
other fourth of said bends Of such county o.
counties. and as soon as onc-half Ct SAX
railroad within the limits of any or eithe
Of said counties shah have been fully bull
and constructed. che County Commission
ers OF such county or counties shall deliv
Ter to said company another fourth of sai'
bonds Of county OF counties. aud the re