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The Annotated Code of the Public General Laws of Maryland, 1924
Volume 375, Page 3012   View pdf image (33K)
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3012 ARTICLE 95.

such overdue debt that on a day named in said notice interest on said over-
due debt or class thereof will cease; and if said bonds or certificates so
overdue and particularly described in said published notice be not pre-
sented for payment by said clay, the payment of interest on the same shall
cease and no further payment of interest on the same shall be made.

An. Code, sec. 26. 1904, sec. 26. 1888, sec. 26. 1872, ch. 276, sec. 5. 1890, ch. 571.

26. All money remaining in the treasury of the State at the close of
each fiscal year in excess of one hundred and fifty thousand dollars and
of the sums required to meet the interest due or accruing upon the public
debt of the State and the expenses of the State government as defined by
law shall be held by the treasurer of the State to the credit of the general
sinking fund of the State and shall be invested by the treasurer in the
overdue bonds and stocks of the State and when such overdue bonds and
stocks of the State are not procurable, then in the obligations of the State
not yet matured at the best possible rates for the State, or in the securities
issued by the United States, or in such other productive stocks or bonds
as the treasurer, the governor and comptroller concurring may consider
safe and reliable at the best possible rates for the State, and the sum of
one hundred thousand dollars which is directed by section 8 of this article
to be set apart in each year for the augmentation of the sinking fund may
be invested in the same manner and under the same conditions by the
treasurer; every bond, certificate of stock or other security purchased for
the sinking fund under the provisions of this article, and every coupon
attached thereto shall at once be distinguished and identified by the trea-
surer in the presence of the comptroller by stamping in red ink across the
face thereof the words " purchased for the sinking fund," and also, except
in case of coupons, by writing thereon in red ink the date of its purchase
and the signature of the treasurer; all securities purchased for the sinking
fund shall be held by the treasurer to the credit of said fund in manner as
prescribed by section 28 of this article, and the interest and coupons on
all such securities maturing at a future day shall accrue to and be regu-
larly and promptly collected for and credited to the sinking fund until
such time as such securities shall mature and be redeemed respectively, or
until the general assembly shall dispose of the same, or, in case of overdue
securities of this State, until the same shall be burned by the finance
committee and the ways and means committee as prescribed by sections 23
of this article.

See art. 81, sec. 205.

An. Code, sec. 27. 1904, sec. 27. 1888, sec. 27. 1872, ch. 276, sec. 6.

27. The comptroller is hereby directed to draw his warrant on the
treasurer for the payment of the bonds or certificates so taken up or pur-
chased under the provisions of this article

An. Code, sec. 28. 1904, sec. 28. 1890, ch. 571, sec. 28. 1916, ch. 601.

28. All bonds, certificates of stock and other securities purchased or
obtained by the treasurer for the use of the sinking fund, or transferred

 

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The Annotated Code of the Public General Laws of Maryland, 1924
Volume 375, Page 3012   View pdf image (33K)
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