274 LAWS OF MARYLAND.
Appropria-
tion. |
SECTION 1. Be it enacted by the General Assembly
of Maryland, That the sum of one hundred thou-
sand dollars, be and the same is hereby appropria-
ted out of any money in the Treasury, not other-
wise appropriated, and to be paid to the persons,
and for the purposes hereinafter designated. |
May issue
bonds of the
State of Mary-
land. |
Sec. 2. And be it enacted, That if in the judg-
ment of the Treasurer, the demand upon the Trea-
sury require that the money to be used under this
Act shall be returned to the Treasury, during the
current year, it shall be the duty of the Treasurer,
and. he is hereby authorized, with the assent of the
Governor and Comptroller, to cause Bonds of the
State of Maryland to the amount of one hundred
thousand dollars, in denominations of not less
than five hundred dollars each, and bearing cou-
pons for interest, payable semi-annnally, at six
per cent. per annum, to be issued in the usual
form, and proposals for the purchase of said Bonds
shall be invested by the said Treasurer by public
advertisements in such papers as he may select. |
When re-
deemable. |
Sec. 3. And be it enacted, That said Bonds
shall be redeemable in six years from this date. |
Tax to be
levied. |
Sec. 4. And be it enacted, That for the pay-
ment of the interest and the redemption of the
principal of the said Bonds, when due, there shall
be levied upon the assessable property of the State,
a tax of one cent in the one hundred dollars, to be
collected as other taxes are now collected, and the
proceeds of said tax shall be paid to the Treasurer
of the State and be by him set apart for the pay-
ment of the interest and for the redemption of the
principal of said Bonds, and he shall invest the
surplus of receipts from the said tax after paying
interest, as a sinking fund for the redemption of
said Bonds. |
To whom
paid. |
Sec. 5. And be it enacted, That the money
hereby appropriated shall be paid by the Treasur-
er to a commission consisting of the Governor of
the State, the President for the time being of the
Corn Exchange and Board of Trade in the city of
Baltimore, and Laurence Sangston, who shall call
to their assistance three other judicious and be-
nevolent persons, who shall serve without compen-
sation, and under whose joint direction and dis- |
|
 |
