400
Authorized
to subscribe
for stock
Authorized
to issue bonds
Exempt from
taxation.
Levy tax to
pay interest.
How collect-
able.
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LAWS OF MARYLAND.
CHAPTER 245.
AN ACT to authorize the County Commissioners of
Anne Arundel county to subscribe to the capital
stock of the Baltimore and Drum Point Railroad
Company.
SECTION 1. -Be it enacted by the General Assembly of
Marl/land, That the County Commissioners of Anne
Arundel county, be and they are hereby authorized
and empowered, in the name of and for the said
county, to subscribe for and hold shares of the capi-
tal stock of the Baltimore and Drum Point Railroad
Company to an amount not exceeding two hundred
thousand dollars at the par value of said shares.
SEC. 2. And be it enacted, That for the purpose of
meeting the said subscription, the said County Com-
missioners be and they are hereby authorized and
empowered to issue bonds in the name of the said
county, in denominations not less than fifty dollars
nor more than one thousand dollars, bearing interest
at the rate of six per centum per annum and payable
at a period not more than twenty years from the date
of their issue; and to each of the said bonds shall be
attached coupons for the payment of interest thereon
payable semi-annually, which said. coupons shall be
receivable in payment of any county taxes levied 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 Anne Arundel county is hereby pledged
for the redemption thereof.
SEC. 4. And be it enacted. That the County Com-
missioners of the said county shall levy from year to
year on the assessable property of said county such
sum or sums of money as shall in their discretion be
deemed necessary for the prompt payment of the
principal and interest of the said bonds.
SEC. 5. And be it enacted. That all sums levied, on
account of the principal of said bonds, shall be col-
lected by the collectors, or other officer or officers
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