Evening capital and Maryland gazette. (Annapolis, Md.) 1910-1922, 1913-10-04
Published by Authority.
CHAPTER SEQ.

County Commissioners OF anne AruhueA
eouuty to subscribe TO the capital stock
of the Baltimore and Virginia Railroad
Company.
SECTION !. Be it enacted by the Gen
eral Assembly. of Maryland, That the
County Commissioners of Anne Arundel
aauty lie and they are hereby authorized
ana directed in the name and for SAID
Anne Arundel county, to subscribe for
sll hold shares of the capital stock OF
hc Baltimore and Virginia Railroad
0apany a body corporate, duly ineor-
posated under the laws Of the State OF
Maryland, 70 the amount Of two hundred
thousand dollars.
SECTION ,. And be enacted, That for
she purpose of meeting the said subserip-
rise the said County Commissioners Of
Anne Arundel county be and they are
c by authorized and empowered to Is
suc bonds in the name Of the said county
tn denominations of not less than fifty
.3r more than one thousand dollars, bear
irs interest at the rate of five per cent
pcr annum, and payable at a period OF
unt more than forty years from the date
af their issue, and to each Of the bonds
sail be attached coupons for the pay
aent of interest therein, payable semi
annually, which said coupons shall be re-
.cived in payment Of any county taxes
81, the County Commissioners Of the said
county.
SECTION 3. And be enacted, That the
sid bonds shall be exempt from county
aad municipal taxation, and the faith Of
,ane Arundel county is hereby pledged
for the redemption thereof.
SECTION 4. And be enacted, That the
ounty Commissioners of the said county
shall levy from year to year on the as
scssible property of said county such sum
| 81 money as shall in their discretion be
deemed necessary for the prompt pay
nent Of the principal and interest of said
bonds.
SECTION 5. And be enacted, That all
sums levied on account of the principal
OF said bonds shall be collected by the
| County Treasurer of Anne Arundel coun1
ty. or 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 tune no State tax levied by law,
then in that case 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-
iy Commissioners deposited in some saw
| ings bank or trust company to meet the
| interest upon said bonds, and to create
a sinking fund Tor the redemption of
said bonds at maturity, and 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
pers doing the county printing or the
/ said County Commissioners may invest
| said sinking fund in the purchase of the
bonds hereby authorized to 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
| or municipalities of this State, for the
purpose of creating a sinking fund for
| the redemption Of said bonds at maturi-
| ty. And the interest, income or 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 inviolate for the re-
| demption of said bonds as they shall ma
4
as public officials or otherwise, who shall
divert or attempt to divert said sinking
| fund, shall be guilty of misdemeanor,
| and upon indictment and conviction shall
| be fined a sum not exceeding one thous-
and dollars, and confined in the county
| Jail for a term not exceeding one year.
SECTION 6. And be enacted, That un-
| I'll the payment in full of the whole
4 = ,,oT. g L>,, IL oil
| dividends which may be declared by the
said company upon the said stock so to
| be subscribed for shall so long as the said
stock shall continue to be owned by the
county and held by the County Commits
| sioners, be paid by the said company to
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 a full
statement Of the exact condition of said
sinking fund.
SECTION T. And be it enacted, That
tho said County Commissioners shall have
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, 5, 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 rum
ming order and open for regular passage
and freight service from the tide water
at Drum Point on the Chesapeake Bay
through Calvert and Anne Arundel coun-
ties to a point in said Anne Arundel
county at least as far north as Millers-
vile. on the Washington, Baltimore and
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-
GINA Railroad Company from the said
Drum Point to point in said Anne
Arundel county at least as far north as
Millersville, and from thence either over