ELIHU E. JACKSON, ESQUIRE, GOVERNOR.

331

CHAPTER 305.

AN ACT to provide for the refunding and extension at a rate not

higher than three and sixty-five hundredths per centum interest

per annum of certain debts of this State, payable before the

first Wednesday of January, in the year eighteen hundred and

ninety-two, in so far as such debts may remain unpaid on the

first day of July, eighteen hundred and ninety-one, by exchange

for new certificates of indebtedness of this State, and for the

payment and redemption of such parts of said existing debts,

payable before the first Wednesday in January, in the year

eighteen hundred and ninety-two, as may not be so exchanged

or paid.

WHEREAS, bonds or certificates of indebtedness of this State,

issued under the acts of December session, eighteen hundred and

thirty-seven, chapter three hundred and two; December sessjon,

eighteen hundred and. thirty-eight, chapter three hundred and

ninety-five; December session, eighteen hundred and thirty-nine,

chapter twelve; December session, eighteen hundred and thirty-

nine, chapter twenty; December session, eighteen hundred and

Preamble.

thirty-nine, chapter three hundred and twenty-three, and of De-

cember session, eighteen hundred and forty-seven, chapter forty-

one, and amounting in the aggregate to nine hundred and seventy

thousand five hundred and ninety-five dollars and thirty-five cents

are now outstanding and may be redeemed by this State, before

the first Wednesday of January, in the year eighteen hundred and

ninety-two; and,

WHEREAS, it is desirable to provide for the extension of so much

of the said several debts so issued as aforesaid, at a rate not higher

than three and sixty-five hundredths per centum interest per

annum as may remain unpaid before the first day of July, in the

year eighteen hundred and ninety-one, in cases where the holders

of any such bonds or certificates of indebtedness may desire to

Preamble.

extend the time of payment of the debts evidenced thereby at

at such rate of interest, and to take up and pay such parts of the

said respective debts as may not be so extended, and may remain

outstanding on said first day of July, in the year eighteen hun-

dred and ninety-one;

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

That for the purposes of such extension and redemption, a loan be

and the same is hereby created, to be called " the exchange loan of

eighteen hundred and ninety-one," to the amount of nine hundred

and seventy thousand five hundred and ninety-five dollars and

thirty-five cents, and said loan hereby created, shall, in all its

Loan.

parts, bear date of the first day of July, in the year eighteen hun-