106

LAWS OF MARYLAND.

they are hereby required, in the name and for the

said county, to subscribe for and hold shares of stock

in the said Railroad Company, to the amount of

seventy-five thousand dollars at the par value of said

shares.

To issue bonds.

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 five hundred dollars, bearing interest

at the rate of six per centum, and payable within a

period of 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 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.

Exempt from
taxation.

SEC. 3. And be it enacted, That the said bonds shall

be exempt from county and municipal taxation, and

the faith of Dorchester county is hereby pledged for

the redemption thereof.

To levy on

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

Collection

account of the principal of said bonds, shall be

collected by the collectors or other officer who may be

authorized by law to collect the State taxes in said

county, or if there should be, at any time, no State

tax levied by law, then in that event by such collector

or collectors or other officer or officers, as may by

law be authorized to collect the county taxes in said

Pay over to

county, and they shall be paid by him or them into

Treasurer.

the Treasury of the State for which payment his or

their bonds shall be liable, to be invested by the

Treasurer in the purchase of the bonds hereby au-

thorized to be issued, or in the stock or bonds of

this State, or in such other safe and productive bonds,

stocks or funds as he may deem advisable for the