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LAWS OF MARYLAND.

CHAPTER 229.

AN ACT to authorize the mayor and city council of Cumberland

to issue the bonds of said mayor and city council of Cumber-

land, to the amount of one hundred and fifty thousand dollars,

and to loan the same or the proceeds thereof to the Baltimore

and Ohio railroad company, or to endorse or guarantee the

principal and interest of the bonds of the Baltimore and Ohio

railroad company to said amount.

WHEREAS, the Baltimore and Ohio railroad company has pro-

Preamble.

posed to make large and valuable improvements at or near the

city of Cumberland by means of which large numbers of men.

will be employed, thereby greatly benefitting said city; and

WHEREAS, The mayor and city council of Cumberland have

Preamble.

requested the General Assembly of Maryland to pass an act to

enable it to issue its bonds to the amount of one hundred and

fifty thousand dollars, or to enable it to endorse or guarantee the

bonds of the Baltimore and Ohio railroad company to such

amount; therefore,

SECTION 1. Be it enacted ly the General Assembly of Maryland,

That the mayor and city council of Cumberland be and the same

are hereby authorized to issue the bonds of the said mayor and

city council of Cumberland to the amount of one hundred and

fifty thousand dollars bearing interest not exceeding four per

cent, per annum, and payable at such period as said mayor and

city council shall determine, and to loan the said bonds, or the

To Issue
bonds.

proceeds thereof, to the Baltimore and Ohio railroad company, or

in the event that said mayor and city council of Cumberland

should deem it expedient in lieu thereof, to endorse or guarantee

the payment of the principal and interest of the bonds of the

Baltimore and Ohio railroad company to the like amount and of

the like interest, it is hereby authorized and empowered so to do,

said bonds so to be issued or guaranteed shall be of the denomi-

nation of five hundred dollars each, and payable to bearer; and

of said total issue an amount equal to ten thousand dollars per

annum shall be payable two years after the date of their issue, and

a like amount each year thereafter until the whole of said sum shall

be paid, the interest coupons on said bonds shall be payable semi-

annually and shall not exceed four per centum per annum.

SEC. 2. And be it further enacted, That said bonds if issued

by the said mayor and city council of Cumberland, or if the same

To secure.

shall be issued by the said Baltimore and Ohio railroad company

and the principal and interest endorsed or guaranteed by said

mayor and city council of Cumberland, shall be secured in such

manner and on such terms as shall be agreed upon between the