JAS. BLACK GROOME, ESQUIRE, GOVERNOR

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purpose of creating a sinking fund for the redemp-

tion of the said bonds at maturity, and the interest,

income or dividends, derived from such investments

Invested

shall also be from time to time so invested by the

Treasurer; and the said sinking fund, and the invest-

ment thereof, shall be kept sacred and inviolate for

the redemption of the said bonds ; and upon the

maturity of the said bonds, the Treasurer shall sell

and dispose of the said investment, and apply the

proceeds thereof in payment of the said bonds.

SEC. 6. And be it enacted, That until the payment

in full, of the whole amount of the principal of the

Sinking fund

said bonds, all dividends, which may be declared

by the said company, upon the said stock, so to be

subscribed for, shall so long as the said stock shall

continue to be owned by the said county, and held

by the said County Commissioners, be paid by the

said company into the Treasury of the State, to be

also in like manner invested in increase of the sink-

ing fund.

SEC. 7. And be it enacted, That the said bonds so to

Bonds

be issued, shall be received by the said company at

the par value thereof, in payment of the shares of

stock so to be subscribed for, and that the said bonds

shall be delivered to the said company by the said

County Commissioners, in the instalments following,

to wit: one-fourth only of the amount of said bonds,

shall be delivered to said company as soon as one-

half of the length of the line of said railroad shall

Delivery of

Lave been graded, another fourth thereof, when the

whole of the said railroad shall have been fully

graded, another fourth thereof when one-half of the

road shall have been fully built and constructed, and

the remaining fourth of said bonds shall be delivered

to the said company, when the said railroad shall be

fully built and constructed, and in running order;

and that the said bonds shall not be issued in any

greater instalments, nor at any earlier period than

as above provided.

SEC. 8. And be it enacted, That the County Com-

missioners of the said county, be and they are hereby
authorized to sell or pledge the shares of stock which

To sell or
pledge.

may be subscribed for, at not less than their par

value, and apply the proceeds thereof, to the payment
of said bonds or the interest thereon.