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Code of the Public Local Laws of Maryland, 1930
Volume 377, Page 1483   View pdf image (33K)
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CALVERT COUNTY. 1483

required, in the name and on behalf of the State, upon the recommenda-
tion of the County Commissioners of said county making such application,
to subscribe for so many shares of the capital stock of the company as
shall amount to the sum which is hereby distributed and applied to the
said county; and the said treasurer shall, out of any unappropriated money
in the treasury, pay the instalments on each share of the capital stock of
said companies for which he shall subscribe as aforesaid on the warrant
of the comptroller, which the latter officer is hereby directed to issue as
the said instalments may be called for by the County Commissioners of
said county, and agreeably to the provisions of the Act incorporating said
companies; provided, that the treasurer shall not at any time pay upon
the State subscription to the capital stock of any of the said companies a
greater amount than shall have actually been subscribed and paid as
hereby required by other subscribers to the capital stock of the said com-
panies; and provided further, that the said treasurer shall not pay more
than one-fourth of the whole amount hereby appropriated, in any one
year. The said appropriation of $152,000 made by the State to Calvert
County, and the subscription of said county of $100,000 to the capital
stock of the Baltimore and Drum Point Railroad Company, authorized by
Section 22 of this Article, and ratified by the Act of 1874, Chapter 159,

shall be expended within the limits of said county in the construction of
the railroad of said company, and for no other purpose.

P. L. L., 1888, Art. 5, sec. 85. 1868, ch. 454.

159. If the whole or any portion of the fund hereby appropriated shall
not be demanded according to the provisions hereof, by any of the counties
referred to, then and in that case the aforesaid $500,000 set apart for and
intended to be applied to works of internal improvements in said counties
shall be held sacred, and the faith of the State is pledged that the said
amount shall be exclusively devoted to works of internal improvements in
said counties, and subject to the disposition of any future legislation of
this State.

P. L L., 1888, Art. 5, sec. 86. 1868, ch. 454.

160. When a demand shall be made for any portion of the aforesaid

sum of $500,000, and in the judgment of the treasurer the condition of
the treasury shall require it, it shall be the duty of the treasurer, and he
is authorized to cause the bonds of the State of Maryland, not exceeding
the sum of $125,000 in any one year, in denominations of not less than
$500 each, and bearing coupons for interest, payable semi-annually, at
six per cent, interest, to be issued in the usual form, and proposals for the
sale of said bonds made by advertisement in such papers as he may select

P. L. L., 1888, Art. 5, sec. 87. 1868, ch. 454.

161. For the payment of the interest, and the redemption of the prin-
sipal of the said bonds when due, there shall be levied upon the assessable
property of the State a tax of one cent on the hundred dollars, to be col-
lected as other taxes are now collected; and the proceeds of the said tax

 

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Code of the Public Local Laws of Maryland, 1930
Volume 377, Page 1483   View pdf image (33K)
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