Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1914-05-14
tPsbiisAsd By AstAorttgD
Public Local Laws,
For S. Mays County.
Passed % the January Session 1914.
CHAPTER $50.


p1nnnncnsnooccscsoeoooooooososon
CHAPTER $50.
AN ACT TO authorize. empower and d.
II rect the County Commissioners Of
81 Mary's County 20 subscribe to
the preferred capital stock or the
income bonds Of the Washington.
Potomac and Chesapeake Railway
Company. and 10 issue bonas to
provide for the payment Of the
same.
Section /. Be &c enacted by the Gen.
erai Assembly Of Maryland. That the
County Commissioners OF 81. Mary's
County be and they are hereby au-
thorized and directed In the name
Of and for the said 81. Mary's Coun-
". 20 subscribe for and hold either
or both. and In such proportions an
they may deem best and at the par
value thereof, income bonds or the
preferred capital stock Of the Wash
tngton. Potomac and Chesapeake Rail
way Company. body corporate. duly
State Of Maryland, or It's successors
or assigns. 10 the amount of One Hun
dred and Fifty Thousand Dollars,
(s150. 100000.
Section 2. And be It enacted, For
the purpose Of meeting the said sub
scription to the said stock or the said
income bonds of the said Washington,
Potomac and Chesapeake Railway
Company. its successors or assigns.
rs heretofore provided, the said Coun.
~ Commissioners Of st. Mary's Coun.
" be and they are hereby authorized
and empowered to Issue bonds in the
name Of the said county. OF denomina.
tons OF not less than Fifty Dollars
$500 nor more than One Thousand
Dollars $4,000, bearing interest al
the rate Of five per cent. $50 per
annum. payable at a period Of not
more than fifty 500 years from the
date Of their issue. and to each OF the
bonds shall be attached coupons for
the payment of interest thereon. pay.
able semi-annually, which said coupons
shall be received In payment of any
county taxes by the County Commits
sioners OF said county.
Section 3. And be II enacted. That
the said bonds shall be exempt from
State, county and municipal taxation
and the faith and credit of ST Mary's
County is hereby pledged for the pay
ment OF the said interest and the re,
demption Of the said bonds at matur
ity.
Section 4. And be IL enacted, That
the County Commissioners OF said
county shall levy from time to time
on the assessable property OF the said
company such sum or sums of money
as shall In their discretion be proper
and necessary for the prompt pay
ment Of the interest Of said bonds and
the principal. when due.
Section 8. And be IL enacted, That
all sums levied on account of the prin
cipal OF said bonds shall be collected
by the County Treasurer OF st. Mary's
County. OF any other officer or officers
who shall be authorized by law te
collect State taxes In said county. OF
II there shall be at any time no State
tax levied by law, then In that case
by such County Treasurer, collector
or other officer or officers as may be
by law authorized to collect the county
taxes In said county. and the said
money when so collected. shall be
subject to the order of the County
Commissioners Of st. Mary's County
and shall be by said County Commits
sioE>rs deposited In the banking OIL
financial institutions Of said county
authorizing to accept money on de
posit In equal and exact proportion a.
near a. possible 10 ascertain same tc
meet the interest upon said bonds and
to create q sinking fund for the re
demption Of said bonds at maturity
and n statement OF the condition oil
said sinking fund, to be certified te
by the cashiers Of said financial OF
banking institutions where the sink
ing fund IL deposited. shall publish
each year during the first week In
January In the papers doing the coun
tvs printing; or the said County Com
missioners may invest said sinking
fund In the purchase Of the bonds
hereby authorized to be issued. or thu
stock and bonds Of this State or oil
City OF Baltimore. or OF the counties
or municipalities Of the State for the
purpose Of creating q sinking fund fol-
turity. and the interest, income or di
vsdends derived from such investment
aAall also be from time to time so in
vested by the County Commissioners
and the said sinking fund and the In
vestment thereof shall be kept sacred
ard inviolate for the redemption ol
said bonds as they may mature: and
any person or persons either as pub
lie ofncials or otherwise. who shall
attempt to violate said sinking fund
shall be guilty OF q misdemeanor. anS
upon indictment and conviction, shall
be fined q sum not exceeding One
thousand Dollars (S1,000l, and con
fined In the county jail for a term mo-
exceeding one year.
Section 6. And be Il enacted, Thai
until the payment In full OF the wholt
amount Of the principal Of said bonds
all dividends which may be declares
By the said company upon the sai(
stock or income bonds so 20 be sub
scribed for. so long as the same shall
continue 20 be owned by the said coun
~ and held by the County Commits
sioners. shall be paid by the said com
pany TO said County Commissioners
and invested by them In the increas'
OF said sinking fund. &c provided II
Section s. and IL shall be the duty Q