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378
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LAWS OF MARYLAND.
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CHAPTER 237.
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AN ACT to authorize the Mayor and City Council
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of Baltimore to issue city stock for the purpose of
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redeeming the five million loan known as Balti-
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more Water Stock, redeemable at pleasure on and
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after the first day of May, eighteen hundred and
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seventy-five, and to provide for the payment of all
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taxes, State, Federal or otherwise, to which said
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stock or the interest thereon may be liable, and to
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reduce the rate of interest on the indebtedness of
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the said city.
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SECTION 1. Be it enacted by the General Assembly of
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Maryland, That the Mayor and City Council of Balti-
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more, be and it is hereby authorized to issue stock
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Authorized to
issue stock.
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or bonds of the said city to au amount not exceeding
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five millions of dollars, and to make provision for
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the redemption of the eaid stock, and for the payment
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of the interest thereon, at such time and in such
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Proviso.
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manner as to it shall seem best; provided however,
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that the rate of interest to be paid on the same, shall
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not exceed five per centum per annum.
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SEC. 2. And be it further enacted, That the proceeds
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How applied.
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of the sale of the said stock or bonds shall be applied
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to the payment and satisfaction of that portion of the
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indebtedness, of the said City of Baltimore, com-
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monly known as the water stock of eighteen hun-
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dred and seventy five, which said loan was made pay-
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able at the pleasure of the said city, on and after the
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first day of May, eighteen hundred and seventy-five,
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and in consideration of the reduced rate of interest
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which the said stock is to bear, the said Mayor and
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City Council of Baltimore are hereby authorized to
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Provide for
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provide for the payment of all taxes, State, Federal
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the payment
of taxes.
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or otherwise, which may be imposed upon the said
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stock, or to which it may be liable at the time of its
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issue, or upon the interest or income to be derived
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from the same.
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SEC. 3. And be it farther enacted, That no stock
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Stock— when
issued.
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shall be issued, under the provisions of this act, until
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