376
Fund created
Treasurer to
issue bonds.
Rate of inter-
est. Redeem-
able
Appropriat'n
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LAWS OF MARYLAND.
CHAPTER 236.
AN ACT to create a loan to provide for the com-
pletion and furnishing of the buildings for the
Maryland. Hospital, at Spring Grove, in Baltimore-
county.
SECTION 1. Be it elicited by the General Assemble of
Maryland, That for the purpose of meeting and
defraying the expense of completing and furnishing
the buildings of the Maryland Hospital, at Spring
Grove, in Baltimore county, and of removing thereto
patients from the present buildings in the City of
Baltimore, a fund is hereby created to be called
the " Maryland Hospital State Loan," and that the
Treasurer is hereby authorized and directed to issue
registered bonds or certificates of debt of the State
to an amount not exceeding three hundred and
thirty thousand dollars, to be counter-signed by the
Comptroller, in the name and in behalf of the State
of Maryland; which 'bonds or certificates of debt shall
be exempt from State, county or municipal taxation,
and shall bear interest at the rate of six per centum
per annum, payable semi-annnally, on the first days
of January and July of each year, and be redeemable
in not less than ten and not more than fifteen years,
at the pleasure of the State, and which said bonds
or certificates shall be sold for not less than their par
value, exclusively of all commission, and the proceeds
passed to the credit of said " Maryland Hospital
State Loan;" and the same to the extent of three
hundred and thirty thousand dollars, are hereby
appropriated for the purpose of paying for the com-
pletion and furnishing of the said buildings of the
Maryland Hospital, at Spring Grove, and of removing
patients thereto, now in the City of Baltimore, and
the Treasurer of the State is hereby directed to pay
to the President and Visitors of the Maryland Hos-
pital for the Insane, on the warrant of the Comptroller,.
the proceeds of the loan aforesaid, at such times and
in such amounts as may by said President and
Visitors be deemed necessary for the purposes of this
Act, to an amount not exceeding said sum of three
hundred and thirty thousand dollars.
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