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Proceedings and Acts of the General Assembly, 1874
Volume 211, Page 3209   View pdf image (33K)
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chase suitable grounds, and to contract for the con-


struction and erection of the necessary buildings for


the said institution, and who shall before any con-


tract is entered into by them for the said construction


and erection, have proper plans and specifications of


said buildings prepared, and invite proposals for said


work; provided, however, no contract shall be en-


tered into by them, unless the whole cost of the


purchase of the land, construction of the buildings


and other necessary expenses, shall not exceed the


amount hereinafter appropriated; and, provided


further, that no contract shall be entered into except


with a responsible party, who shall be required to


give such bond as they may approve, in the penalty


of one hundred thousand dollars, conditioned for the


faithful performance of the same.


SEC. 5. And be it enacted, That for the purpose of

Fund created
for erecting

purchasing the necessary land, and erecting, com-


pleting and equiping the building or buildings of the
said House of Correction ; a fund is hereby created to


be called "the House of Correction State Loan ; " and


that the Treasurer of the State, is hereby authorized


and directed to issue certificates of debt or bonds of the

Issue bonds

State, to an amount not exceeding two hundred and


fifty thousand dollars, to be countersigned by the


Comptroller in the name and on behalf of the State


of Maryland, which bonds or certificates of debt,


together with the lands, buildings and other property


of said House of Correction, shall be exempt from


State, county or municipal taxation, and shall bear


interest at the rate of six per centum per annum,


payable semi-annually from the first days of January


and July of each year, and be redeemable in not less


than ten nor more than fifteen years, at the pleasure


of the State, and which said bonds or certificates


shall be sold for not less than their par value, exclu-

Not to be sold
less than par.

sively of all commissions, and the proceeds passed to


the credit of said House of Correction State Loan,


and the same to the extent of two hundred and fifty


thousand dollars are hereby appropriated for the


purpose of paying for the land, the erection, com-


pletion and equipment of said buildings of the said


House of Correction.

Special tax

SEC. 6. And be it enacted, That a special tax of


three-fourths of one cent be, and the same is hereby

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Proceedings and Acts of the General Assembly, 1874
Volume 211, Page 3209   View pdf image (33K)
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