THOMAS SWANN, ESQUIRE, GOVERNOR. 223
they are hereby authorized, empowered and
required, as soon as they may receive notice from
the Kent County Railroad Company, to subscribe
in behalf of Kent county for four thousand shares
of the stock of said Kent County Railroad Com-
pany, and in payment for said subscription to
issue bonds in the name of the County Commis-
sioners of said county in such sums as the Presi-
dent and Directors of the said Railroad Company
may prescribe, redeemable in such time or times
within twenty years as the said President and
Directors may designate, (but not in less than fif-
teen years), and which shall be stated on the face
of said bonds; and to each of which said bonds
shall be attached coupons for the interest thereon,
at the rate of six per cent. per annum, payable
half yearly; which said bonds shall be delivered
to the said Railroad Company in payment for said
stock, and which said bonds may be hypothecated
or sold and assigned by the said Railroad Com-
pany. |
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Sec. 2. And be it enacted, That the said bonds
shall be exempt from county, school, State and
municipal taxation, and that the faith of Kent
county is hereby pledged for the redemption
thereof. |
Exempt from
taxation. |
Sec. 3. And be it enacted, That the said County
Commissioners shall from time to time levy on all
property subject to taxation for the ordinary
expenses of the said county such sum or sums of
money as shall be necessary for the prompt pay-
ment of the principal and interest of the said
bonds, and shall provide for the mode and manner
in which such payment shall bo made, the said
taxes to bo levied and collected as other taxes in
said county are levied and collected. |
Authority to
levy taxes. |
Sec. 4. And be it enacted, That the said County
Commissioners are hereby authorized at any time
or times to sell or pledge the shares of stock which
may be subscribed for under the provisions of this
Act, or any part thereof, and to apply the proceeds
of such sales or pledges, together with the divi-
dends accruing on such shares, to the payment of
said bonds or the interest thereon. |
May sell or
pledge stock. |
Sec. 5. And be it enacted, That for the purpose
of protecting the interest of the said county in the |
To be repre-
sented by one
Director. |
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