Evening capital and Maryland gazette. (Annapolis, Md.) 1910-1922, 1913-09-22
Published by Authority.
CHAPTER 500.

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County Commissioners of Anne Arundel
county 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
county be and they are hereby authorized
and directed in the name and for said
Anne Arundel county, TO subscribe for
aud hold shares of the capital stock OF
the Baltimore and Virginia Railroad
Company, body corporate, duly ineor-
porated under the laws of the State of
Maryland, TO the amount of two hundred
thousand dollars.
SECTION .. And be enacted, That for
the 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 FIVE per cent
per annum, and payable at a 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
meut of interest therein, payable semi
annually, which said coupons shall be re
ceiyed 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 4. And 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 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 eoun-
ty, or other officer or officers who may be
authorized by law to collect the State
taxes, in said county, or II 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-
ty Commissioners deposited in some saw
ings bank or trust company to meet the
interest upon said bonds, and to create
a sinking fund for 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 sald 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
sql IOI '9lB4S s!ql 10 s9nTGd!9!unm 10
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
dcmption of said bonds as they shall ma
ture, and any person or persons either
MS public officials or otherwise, who shall
divert or attempt to divert said sinking
fund, shall be guilty of a misdemeanor,
and upon indictment and conviction shall
be fined a sum not exceeding one thous-
and dollars, and confined in the county
Jail for term not exceeding one year.
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 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 7. 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 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 dates, 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 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, OYel the
railroad OF the said Baltimore and Vir-
ginia Railroad Company from the said
Drum Point to a point in said Anne
Arundel county at least as far north as
Millersville, and from thence either over