ART. 5.] BALTO. AND DRUM POINT RAILROAD COMPANY. 693

1873, ch. 242. 1874, ch. 159.

24. The said bonds shall be exempt from county and municipal
taxation, and the faith.of Calvert county is pledged for the re-
demption thereof.

Ibid.

25. The county commissioners shall levy on the assessable
property in said county such sum of money as shall in their dis-
cretion be necessary for the prompt payment of the interest on
the said tends and for the creation of a sinking fund for the pay-
ment of the principal of said bonds, such levy, however, not to
exceed in any one year the rate of thirty-five cents in one hundred
dollars of assessable property, and the amount so levied from year
to year for the payment into the treasury of the State, to be in-
vested by the treasurer in such bonds or in the stock or bonds
of this State, or in such other productive stock, bonds, or funds
as the treasurer may deem advisable; and the interest, income or
dividends from such investments shall also be invested from year
to year in the same manner; and the said investments and incre-
ments thereof shall constitute a sinking fund for the redemption
of the said bonds at maturity, and shall be kept sacred and invio-
late for said purpose; and upon the maturity of the said bonds the
treasurer shall sell and dispose of the said investments and apply
the proceeds thereof in.payment of the said bonds; and all taxes
so levied by said county commissioners for the payment of the
principal of said bonds shall be collected by the collector or other
officer who may by law be authorized to collect the State taxes;
or in case in any year no State tax shall be levied by law, then
by such officer as may be by law authorized to collect the county
taxes; and such officer shall pay the amount of such taxes so levied
for the principal of said bonds into the treasury of the State, as
State taxes are now or may hereafter be required by law to be
paid ; and the bonds of such collector or other officer shall be liable
for the payment of the same.

Ibid.

26. The said bonds so to be issued shall be received by the said

company, at the par value thereof, in payment of the stock to be

subscribed for; provided, that one-fourth only of the amount of

said bonds shall be delivered to said company as soon as one-half

38