620
To exchange
for bonded
debt.
Invested in
securities.
Repealed.
In force.
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LAWS OF MARYLAND.
amount to absorb the amount of money in hand,
then the said County Commissioners, after the lapse
of sixty days as aforesaid, shall proceed to invest on
the most favorable terms possible the amount of
money remaining in their hands, in securities of the
City of Baltimore or State of Maryland, to an extent
sufficient to cover all the outstanding indebtedness
of said Baltimore county, and to hold the same for
the purpose of meeting said obligations at maturity,
or upon surrender of the same; and the income or
interest of said investment or investments shall be
applied in the meantime by said County Commis-
sioners to the reduction of the current or succeeding
levy, as the case may require; and the said County
Commissioners shall proceed- in. like manner with all
succeeding sums coming into their hands, from the
sources hereinbefore mentioned, until the entire out-
standing debt of said county shall be provided for.
SEC. 4. And be if enacted, That the said County
Commissioners lie and they are hereby authorized
and required to exchange, whenever it can be done
without loss to the county, any and all securities be-
longing to or held by Baltimore county or by the
said County Commissioners, for the bonded debt of
said county, and as soon as received to cancel such
"bonds as is directed in section two of this Act.
SEC. 5. And be it enacted, That the whole balance
remaining in the hands of said County Commission-
ers, after complying with the provisions of the afore-
going sections, shall be invested in securities of said
city or State, the interest arising therefrom to be an-
nually applied to the reduction of the taxes of said
Baltimore county, to be assessed for the next and
each succeeding year as far as the same will suffice.
SEC. 6. And be it enacted, That all laws or parts of
laws repugnant, to or inconsistent with the provisions
of this Act, be and the same are hereby repealed.
SEC. 7. And he, it enacted, That this Act shall take
effect from the date of its passage.
Approved April 1, 1872.
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