Maryland independent. [volume] (Port Tobacco, Md.) 1874-current, 1914-03-27

ing the first week In January In each
year under their hands and seals 10 the
newspapers OF Charles County q full
statement Of the exact condition OF said
sinking fund.
SEC. Z. And be Il enacted. That
the said County Commissioners OF
Charles County shall have power at
any time out Of any surplus fund be-
longing to said Cou1ty. TO purchase
and retire any Of the bonds hereby
authorized to be Issn d, at their market
value, and to 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 particulars OF said
bonds respectively; providing that no
bond shall be purchased unless all
coupons thereof, respectively, not then
due shall remain attached 10 such bond
at time Of purchase.
SEC. s. Aud be IL enacted, That
said bonds properly executed may be
delivered At not less than their par val
ue, 10 the Washington. Potomac and
Chesapeake Railway Company, Its sue
cessors or assigns, in payment for said
preferred stock or income bonds, when
the said road shall be completed aud
ready for the operation Of trains be-
tween the District Of Columbia aud the
town OF Brandywine In Prince Georges
County, and not before, or the same
may be sold at not less than the par
value thereof, bv the said County Com
missioners, and the proceeds paid TO
the said Railroad Company 10 payment
for said preferred stock or income
bonds.
SEC. Q. Aud be IL enacted, That the
said County Commissioners Of said
County, be and they are hereby au-
thorized TO sell or pledge the shares OF
stock or income bonds Of said Railroad
Company, which may be subscribed for
at not less than their par value, and to
apply the proceeds thereof to the pay
ment of the said bonds and interest
thereon
SEC. 10. And be II enacted that the
County Commissioners Of said County
or a majority of them. are hereby
authorized and empowered. either in
person or proxy. should they purchase
the said stock, to vote the same As
long as said county may own any OF
the said stock, at any meeting of the
stock holders Of the said company. un-
der such conditions and TO the same er-
tent as all other stockholders OF the
same class are or may be sliowed to
vote their Individual stock.
SEC. II. And be 1t enacted, That
the preferred stock Of said corporation
shall bear interest at least at the rate
81 seven per cent. az per annum, and
be cumulative after the second year
OF such issue. and any income bonds
issued by the said corporation shall
bear interest at the rate OF six per cent.
(o9 per annum, and shall be cumula-
tive after the second year OF its opera
ton, and payable out of the first earn
ings applicable thereto. and both the
said preferred stock and the said ia
come bonds maybe retired and paid off by
the said Railroad Company at any time
after the issue thereof upon the pay
ment Of one hundred and ten per cent
(l101.) Of their par value and all accrued
interest then due and unpaid.
The said Railroad Company shall moi
issue any preferred stock other thar
that held by St. Mary's Charles anc
Prince Georges Counties; unless and
until said stock has been either sold by
said Counties or retired by said Rail
road Company.
1t will be seen that instead Of pro-
viding that this county's contribution
should be paid when the roaa in its
entirety was completed il provided
that the said contribution saculd be
paid when the porti,n Of the road
was completed for the operations Of
trains between Brandywine aud
Washington City, a portion of the
road in the county; it provided for
no security for the loan; it provided
for no representation in the Director
ate Of the Company; it specified no
time hen the road was to be COM
pleted and no authsIi'y is given to
any one representing tho county to
say when the road Is completed in
accordance with the contract
To meet these .omnl.;nts while
the attempt to pass the measure IN
such a viciol shape merits CEN
sure, the following amendments have
been PROPOSE;
Nnuhaut ~ 49,. s...,an
a. a nt,ha n;,.,d y III, ..;s' -,
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~ "a 80 sa;d saotio, 80 ;asars ~
lie, liz IN sh.s.os The foiior,na ,o ro IA
~, :; ~ ..Ssvsrs. ~, ,h,n.rs 5a,1.rs
iszs ooo, y ~ " va 10 :
Number =. On page q section ?,
line q the prihteu olii; strike ous az
after tne wore uepositea uowh 70 snt
WORD 10 as nrstiY USED m line IL OF
said section. ana insert In lleu Thereof
the following Wotus. IN the oansu,R
or nuaheiai INSTITUTIONS OF saiu county
authorized 70 accept money on deposit.
such deposits now yer. to De appor
TONED amohg sucn banks anu hnanclai
upon the amount Of the capital and
surplus o. auca IanHs ana nnsnciai , u,
said county, but no such deposit shall
q IL