Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1914-03-19

II QtItEL NIilt|E Ut A&t&%IE #M .@t& ~
y law authorised - collscF ne county
axes in said county. ano1 ne said
money when 50 colsected, saBI be sub,
Ieci 90 the order Of the CQ1ntl\ Com
Of st. Mory' County and
shall be by said County NommlNsion-
ars deposited Ia some hnenciA or
banking institution Of said counN 70
meet the interest upon said bonds And
to create a sinking fund for the te-
demption Of said bonds at maturity
and d statement OF the condition pf
said sinking fund, 70 be certified 10
By the cashier of said financial Sor
banking institution. where the sink
ing fund is deposited, shall pub
lish each year during the FIRST week
In January in the papers doing
the county's printing; or the said
County Commissioners may in
vest the said sinking fund In the
purchase OF the bonds hereby author
lied TO be issued, on the stock and
bonds Of this State or OF other tates
OF tho Union, or Of the City Of Balti-
more, or of the counties or munici-
palities of the State, for the purpose
Of creating sinking fund for tho re-
demption of said bonds at matuf fly,
and the interest, income or diyide1ds
derived from such Investment shall
also be from time TO time so invested
| by the County Commissioners, and the
said sinking fund and the Investment
thereof shall be kept sacred and i1-
violate for the redemption Of said
bonds as they may natures and any
person or persons either as public
oiIicials or otherwise, who shall at.
tempt to violate said sinking fund;
shall be guilty OF a misdemcanor, and
upon indictment and conviction, shall
be fined sum not exceeding One
thousand dollars tsl, 000), and con-
l fined In the county jail for term NOT
not exceeding one year.
Sec. 8 Ard be II enacted, That until
the paymentin full Of thD whole amount
OF the principal OF said bonds, oil
dividends which may be declared by
| the said company upon the said stock
or incolse bonds so to be subscribed
| for, so long as the same shall continue
| 10 be owned BY the said county and
neld by the County Commissioners,
shall be paid by the said company 70
said County Commissioners, and ~.
vested By them in the increase Of SAID
sinking fund, as provided in Section
s, and 1t shall be the duty of the County
commissioners to publish during the
drst week In January In each year
Under their hands and seals Ia the
newspapers Of 81. MRry's County, q
full statement OF the exaat ccndition
Of said singing fund,
sec. 7. And be II enacted, Thaf tho
said County Commissioners OF 81,
Mary's County shall have power az
any time out OF any surplus fund be-
longing 10 said county 10 purchase
and retire any OF the bonds hereby
authorized 70 he issued, az their mar
ket value, and 10 cancel and destroy
the same after entering upon their
books the date Of said purchase and
Of such cancellation, and the dates,
amounts, numbers and other partigg-
lars OF said bonds pegpecti ", pro-
viding that no bond SahAll he pcrchas-
I'd unless AZ eenb6ns thereof reapec.
6ively nokthen due shall remain d.
,ached u such bond at tho time Of
pnrchage.
SEES. And be II enacted, That
saiyd. bonds properly executed may be
delivered at not less then their par
value, 10 the Washington, Chesapeake
and Potomac Railroad Company, its
successors or assigns, ~ payment for
3aid preferred stock or income bonds,
Shen the said road shall DO completed
and ready for the operation Of trains
between Che town OF brnpuywine IN
Charles County, and the terminal 10
81. Mays, and nos before, or The same
may be sold at not Jess Than the par
salde thereof, by the said County
Commissioners. and the proceeds paid
% the said railroad company In pay
nent for said preferred stock or IN
come bonds.
Sec. 8. And be Il enacted, That the
said County Commissioners Of said
County. be aud they are hereby "a.
thoriaed 10 sell or pledge the shares
1 OF stock OF income bonds 81 said rail-
road company Rbieh may be sabsofib,
"a fUr, ii hot less than their par vhlus
and TO apply the proceeds thereof 70
che payment Of the said bonds apd the
interest thereon.
See. 10. And be Il enacted, Tina,
the County Commissioners OF said
county, or q majority of them, sra
hereby authorized and empowered eth.
er in person or by proxy, should they
purchase the said stock, TO vote tfl
same as long as said county may own
any Of the said stock, at any meeting
Of the stockholders Of the said com-
pany. under such conditions and 10
the same extent as all other st0ckhol-
ders OF the same class are or may be
allowed 70 vote their individual stock.
Sec. IL. And be it enacted, That
the preferred stock OF said corporation
shall bear interest az least ~ Tbs rate
Of seven per cent. ~ per annum ana
be cumulative after the second year OF
such issue, and any income bonds is-
sued by the eRid corporation shall
Gear interest at the rate OF SIX per
cent. l8l per annum, and shall be GU
INITIATIVE after the second yeaE Of It's
operation, and payable out OF che
hrst earnings applicable thereto, and
both the said preferred stock and the
said income bOpds may be retired and
paid on BY the sgid railroad company
AZ any time after the Issss thereof upon
the payment Of one hundred and ten
per cent. lll0l Of iheir par value end
al aecrnded interest thsn due and I'M
paid.
The said railroad company shall
not issue any preferred stock other
than that held by st MHry's and
Charles Counties, unless and until
said stock has been either sold by said
counties or retired by said railroad
company.
Sec. II. And be II enacted, Thai
this act shall lake effect from the date
Of It's passage.
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