Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1878-05-03
LUaCS--- General.
[CHAPTER 1851
TO AUTHORIZE 4 LOAN.
AN ACT

AN <AN1
To authorize loan to relieve the Treasury
from losses accruing from the failure of Ger.
tain sources Of revenue, and also to authorize
a sale of certain bonds of the Baltimore and
Ohio Rail Road Company therein referred
to.
Whereas, losses have accrued 10 the revenues of
the State from the failure Of the Susquehan-
ma and Tide Water Canal Companies, to
pay the interest on the mortgages due the
State, and from the failure of the Baltimore
and Ohio Rail Road Company, to pay any
portion of the amount due the State from the
one-fifth of the receipts from passengers on
its Washington Branch Road, and also from
the failure to pay the accustomed dividends
on the stock of the State, in the said Wash
ington Branch Road and,
Whereas, it is necessary, in order to relieve
the State Treasury from the effects of said sew
eral losses, to create loan for that purpose
therefore,
Section l. Be it enacted by the Geneal AS
sembly of Mary land, That a loan be, and is
hereby created, to be called the Treasury Re-
lief Loan, and the Treasurer of the State is
hereby authorized and directed to issue certi-
fcates of debt, or bonds of the State, to an
amount not exceeding five hundred thousand
dollars, TO be countersgned by the Comptrol-
ler in the name and on behalf of the State of
Maryland, which bonds or certificates shall
bear interest at the rate of six per centum per
annum, payable semi-annually on the first day
of January and the first day of July, in each
each year, and be redeemabe at the pleas
ure of the State, in not less than ten nor
more than fifteen years, and which said bonds
or certificates shall be sold for not less than
their face value, exclusive of all commissions,
nd ba nroppp1a paSSpd into tho Hrpa etir Tn
reimburse the same for the losses which have
80 occurred thereto.
Sec. g And be it enacted That special
tax fone and one-balf cents be, and the same
is hereby laid on each and every one hundred
dollars of the taxable property of this State, to
meet the interest and create a sinking fund for
the redemption of the bonds or certificates Of
debt, herein directed to be issued and the
said tax shall be annually levied, collected
and paid over to the State Treasurer, until the
debt created by this act shall have been paid,
and distinct and separate account shall be
kept thereof, and the proceeds thereof are
hereby pledged TO the payment of the interest
and principal of the said bonds or certificates
of debt, and for that purpose, SO much thereof
as may be necessary shall be applied to The
payment of the interest upon said bonds or ctr
tifcates of debt, and the balance invested by
the Treasurer in snch manner as the increment
Of the sinking fund of the State is authorized
by law to be inv ested.
Sec. 3. And be it enacted, That the Treas
urer be- and he is hereby further authorized 10
sell, with the approval of the Governor and
Comptroller and to The best advantage, from
time TO time, as the necessity of the Treasury
may require, any or all of the bonds which
are TO be issued to the State of Maryland by
the Baltimore and Ohio Rail Road Company,
in accordance with chapter - of the acts Of
the present Gener raj Assembly, and TO apply the
proceeds of the sale or sales thereof, to the
support of the government of the State pro-
Uided, that said bonds shall not be sold not less
than par value.
Sec A. And be it enacted, That this act
shall take effect from and after the date of its
passage.
FETTER S. HOBLITZELL,
Speaker of the House of Delegates.
EDWARD LLOYD,
President of the Senate.
Approved April LIST, 1873.
JOHN LEE CARROLL
Governor of Maryland.
We hereby certify that the aforegoing is a cor
rect copy of an Act Of Assembly, passed at
January session, 1873.
AUGUSTUS GAssAwAY,
Secretary of the Senate.
MILTON Y. KIDD,
81 eaker of the House of delegates