388
Exempt from
taxation,
Levy taxes
to pay inter'st
Create sink-
ing fund.
To be invest-
ed by the
Treasurer.
Maturity of
said bonds
|
LAWS OF MARYLAND.
from the date of their issue, and to each of the said
bonds shall be attached coupons for the payment of
the interest thereon, payable semi-annually, which
said coupons shall be receivable in payment of any
county taxes by the County Commissioners of the
said county.
SEC. 3. And be it enacted, That the said. bonds shall
be exempt from county and municipal taxation, and
the faith of Calvert county is hereby pledged for the
redemption thereof.
SEC. 4. And he it enacted, That the County Com-
missioners of said county shall levy on the assessable
property in said county such sum or sums of money
as shall in their discretion be necessary for the
prompt payment of the interest on the said bonds,
and for the creation of a sinking fund, for the pay-
ment of the principal of said bonds, such levy how-
ever not to exceed in any one year the rate of thirty-
five cents in the one hundred dollars of assessable
property; and the amount so levied from year to
year for the payment of the principal of said bonds,
shall be paid into the Treasury of the State, to be
invested by the Treasurer in the bonds to be issued
under the provisions of this Act, or in the stocks or
bonds of this State, or in such other productive stock,
bonds or funds, as the Treasurer may deem advisable;
and the interest, income or dividends from such
investments shall also be invested from year to year
in the same manner, and the said investments and
the increments thereof shall constitute a sinking-
fund for the redemption of the said bonds at ma-
turity, and shall be kept sacred and inviolate for
said purpose; and upon the maturity of the said
bonds, the Treasurer shall sell and dispose of the said
investments, and apply the proceeds thereof in pay-
ment of the said bonds; and all taxes so levied by the
said County Commissioners for the payment of the
principal of said bonds, shall be collected by the
collector or collectors, or other officer or officers
who may by law be authorized to collect the State
taxes, or in case in any year no State tax shall be
levied by law, then by such officer or officers as may
by law be authorized to collect the county taxes; and
|
