Evening capital and Maryland gazette. (Annapolis, Md.) 1910-1922, 1913-09-10
Published by Authority.
CHAPTER SEQ.


comfy to subscribe 70 the capital stock
Of the Baltimore and Virginia Railroad
Company.
SECTION J. BE il enacted by the Gen
eral Assembly Of Maryland. That the
County Commissioners 0f Anne Arundel
county bc sud they are hereby authorized
and directed 10 the name and FOR said
Anne Arundel county, TO subscribe for
ana hold shsres Of the capital stock of
the Baltimore and Virginia Railroad
Company, a body corporate, duly ineor-
porated under the laws of the State Of
Maryland, to the amount Of two hundred
thousand dollars.
SECTION 2 And be enacted, That for
me purpose Of meeting the said subserip-
ton the said County Commissioners of
Anne Arundel county be and they are
hereby authorized and empowered to is
sue bonds in the name Of the said county
IN denominations of not less than fifty
or more than one thousand dollars, bear
ing interest at the rate of i've per cent
per annum, and payable at period Of
not more than forty years from the date
OF their issue, and to each of the bonds
shall be attached coupons for the pay
nient Of interest therein, payable semi
annually, which said coupons shall be re-
ceived IN payment of any county taxes
by the County Commissioners Of the said
county.
SECTION 3. And be enacted, That the
said bonds shall be exempt from county
and municipal taxation, and the faith of
Anne Arundel county is hereby pledged
for the redemption thereof.
SECTION A. And be enacted, That the
Z 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 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 coun-
! 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 time 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-
! ~ Commissioners deposited in some saw
ings bank or trust company to meet the
! interest upon said bonds, and to create
I a sinking fund Tor the redemption of
\ said bonds at maturity, and a statement
/ of the condition or said sinking fund to
/ be certified to by the president and sec
/ rotary Of the savings bank or trust COM
1 pany where SAID sinking funds are de-
4 posted, shall be published each year dur
/ ing the nrst week in January in the pa
( pers doing the county printing or the
/ said County Commissioners may invest
i 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
( ou9 IoJ 'elBlS s!ql 10 saH!pd!9!unm 40
purpose of creating q sinking fund for
the redemption of said bonds at maturi-
I ty And the interest, income or dividends
derived from such investment shall also
| be from time to time so invested by the
I County Commissioners, and the said sink
4 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
4 divert or attempt TO divert said sinking
/ fund, shall be guilty of a mIsdemeanor,
I 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.
I SECTION q. And be enacted, That un-
I til the payment in full of the whole
amount of the principal Of said bonds all
dividends which may be declared by the
said company upon the said stock 80 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 Z. And be it 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 az 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, $, 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 s. 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 Anne Arundel conn
ties TO 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-
ginia Railroad Company from the said
Drum Point to a point in said Anne