Evening capital and Maryland gazette., 1913-09-12
Published by Authority.
CHAPTER 900.

County Commissioners OF Anne Aruhuel
county 10 subscribe to the capital stock
Of The Baltimore aud Virginia Railroad
Company
SrcrIoN BE il enacted by the Cen
oral Assembly of Maryland, That the
County Commissioners of Anne Arundel
county he and they are hereby authorized
/ ana directed ia the name and Tor SAID
/ Anne Arundel county, to subscribe for
aud bold shares of Tie capital stock Of
/ the Baltimore aud Virginia Railroad
4 Company, 4 body corporate duly ineor-
poratcd nnder tue laws Of the State of
I Maryland, 20 the amount Of two hundred
thousand dollars
I SECTION 2 And be enacted, That for
I the purpose Of meeting the said subscrip
/ tion the said County Commissioners Of
I Anne Arundel county be aud they are
/ hereby authorized and empowered to IS
sue bonds In the name Of the said county
Ia denominations Of not less than fifty
I or more than one thousand dollars bear
1 ing interest at the rate Of five per cent
per annum, and payable at 4 period of
/ Mt more than forty years from the date
az their issue, and 10 each OF the bonds
shall bc attached coupons for the pay
meat of interest therein, payable semi
annually, which said coupons shall be re-
eeived in payment of any county taxes
/ bv the County Commissioners Of the said
county
SECTION 3. And be enacted, That the
/ said bonds shall be exempt from county
4 aud municipal taxation, and the faith Of
4 Anne Arundel county is hereby pledged
for the redemption thereof
SECTION 4. Aud be enacted, That the
/ County Commissioners of the said county
shall levy from year to year on the as
sessible property Of said county such sum
of money as shall in their discretion be
| deemed necessary for the prompt pay
ment Of the principal and interest of said
bonds.
SECTION 8. And be- enacted, That. an
sums levied on account of the principal
OF said bonds shall be collected by the
1 County Treasurer of Anne Arundel coun-
ty, OF other officer or officers who may be
authorized by law to collect the State
taxes, IN said county, or il there should
be at any time no State tax levied by law,
then IN that ease by such County Treas
urer, collector or other officer or officers
as may be by law authorized to collect
the county taxes in said county, and shall
be subject to the order Of the County
Commissioners of Anne Arundel county
when collected and shall be by said Coun-
ty Commissioners deposited in some saw
ings bank or trust company to meet the
interest upon said bonds, and to create
sinking fund tor the redemption of
said bonds at maturity, and a statement
of the condition OF said sinking fund to
be certified to by the president and sec
rotary Of the savings bank or trust com
pany where said, sinking funds are de-
posted, shall be published each year dur
ing the first week in January in the pa
pors doing the county printing or the
said County Commissioners may invest
said sinking fund in tho purchase of the
bonds hereby authorized 10 be issued, or
the stock or bonds Of this State or Of
other States Of the Union, or Of the city
Of Baltimore or Of any Of the counties
9q9 IoJ '5gUlS sIq3 20 so9Hrdgo!unm 10
purpose of creating sinking fund for
the redemption of said bonds at maturi-
ty And the interest, income OF dividends
derived from such investment shall also
be from time to time so invested by the
County Commissioners, and the said sink
ing fund and the investment thereof shall
be kept sacred and inyiolate for the re-
demptioli of said bonds as they shall ma
turo, and any person or persons either
as public officials or otherwise, who shall
divert or attempt TO divert said sinking
fund, shan be guilty of a misdemeanor,
and upon indictment and conviction shall
be fined q sum not exceeding one thous
and dollars, and confined in the county
iail for term not exceeding one year
SECTION 6. And bo enacted, That un.
! til the payment in full Of tho whole
amount of the principal Of said bonds all
| dividends which may be declared by the
4 said company upon the said stock 80 to
\ be subscribed for shall so long as the said
Z stock shall continue TO bo owned by the
4 county and held by the County Commits
sioners, be paid by the said company to
1 said County Commissioners to be invested
/ by them IN the increase of said sinking
! fund, is invested in stocks and bonds, as
/ provided in Section 5, it shall be the duty
/ Of the County Commissioners to publish
/ during the first week of January in each
year. under their hands and seals, in the
newspapers published in Anne Arundel
county doing the county printing full
statement of the exact condition Of said
sinking fund
SECTION Z. And be il enacted, That
the said County Commissioners shall have
power at any time out of any surplus
funds belonging to the said county to
purchase and retire any of the bonds
hereby authorized TO be issued at their
market value. And the same to cancel
and destroy, after entering upon their
books the date of such purchase and of
such cancellation, and the dat, s, amounts,
numbers and other particulars Of the said
bonds, respectively; provided, that no
bonds shall be purchased unless all cou-
pons thereof, respectively, not then due
shall remain attached to such bonds at
the time OF purchase.
SECTION 8. And be it enacted, That no
bonds shall be delivered to the said rail-
road company by the said County Com
missioners until first the said railroad of
the said company shall be built and COM
pletely constructed, equipped, put in run
ming order and open for regular passage
and freight service from the tide water
at Drum Point on the Chesapeake Bay
through Calvert and Ammo Arundel coun
tics to a point in said Anne Arundel
county at least as lar north as Millers-
vile, on the Washington, BALTIMORE aud
Annapolis Electric Railway; and, second,
until regular through passenger and
freight trains are running at least six
days in every week from the said Drum
Point to the city of Baltimore, owe. the
railroad OF the SAID Baltimore and Vir-
ainia Railroad Company from the said
Dr,,n, Point 4o a mint in said Anne