1502 ARTICLE 5.

County, to subscribe for and hold shares, of the capital stock of the Balti-
more and Virginia Railroad Company, or any other corporation that shall
build a railroad from a, point at or near Drum Point, in Calvert County,
to a point at or near Millersville, in Anne Arundel County, and in the
event that Anne Arundel County fails to join in aiding the building of
said railroad and fails to subscribe for stock in the corporation that under-
takes to build and biiilds said railroad, then the County Commissioners of"
Calvert County are hereby authorized and directed to' subscribe for and
hold shares of the capital stock of the Baltimore 'and Virginia Railroad
Company, the subscription to said shares of stock and the amount to be
paid therefor not to exceed the sum of two hundred thousand dollars.
($200,000).

1924, ch. 596, sec. 2. 192,7, Res. 26.

235. For the purpose of meeting the said subscriptions the said County
Commissioners of Calvert County be and they are hereby authorized and
empowered to issue bonds in the name of said Calvert County in denomi-
nations of not less than fifty dollars ($50), nor more than one thousand
dollars ($1,000), bearing interest at the rate of five per centum per
annum, and after ten years from the date of issue, six thousand dollars
($6,000) face value of the principal of said bonds shall be paid, redeemed
and retired annually for the period of twenty (20) years and thereafter,
eight thousand dollars ($8,000) face value of the principal of said bonds
shall be paid, redeemed and retired annually for the period of ten (10)
years, so that at the end of forty (40) years from the date of the said
issue the entire two hundred thousand dollars ($200,000) of bonds hereby
authorized and directed to be issued shall be paid, redeemed and retired.

1924, ch. 596, sec. 3. 1927, Res. 26.

236. The said bonds shall be exempt from county and municipal taxa-
tion, and the faith of Calvert County is. hereby pledged for the payment
of principal and interest of said bons.

1924, ch. 596, sec. 4.

237. The County Commissioners of Calvert County shall levy from
year to year on the assessable property of said county such sum of money
as shall be necessary to pay the interest of the said bonds, and in addition,
after ten years from the date of issue; annually to retire; and redeem six
thousand dollars ($6,000) of the principal of said bonds until the redemp-
tion of principal of said bonds total one hundred and twenty thousand
dollars ($120,000), and thereafter annually to retire and redeem eight
thousand dollars ($8,000) of the principal of said bonds until the redemp-
tions of principal of said bonds shall total two hundred thousand dollars
($200,000), which retirements and redemptions of principal of said bonds
shall be completed within and at the end of forty (40) years from the
date of issue.