ELIHU E. JACKSON, ESQUIRE, GOVERNOR.

431

have determined in favor of the issuance thereof for the purpose

aforesaid.

SEC. 2. And be it further enacted, That when and as soon as

the said Delaware and Chesapeake railway shall have constructed

that part of said branch railroad authorized by chapter two hun-

dred and sixty, of the acts of eighteen hundred and eighty-six,

extending from a point at or near Greensborough to Federalsburg

and shall have commenced to operate the same, the said county

Bonds to
be Issued

commissioners shall forthwith cause the whole of said bonds to

be issued and sold to the highest bidder or bidders therefor; pro-

vided, that no bid shall be accepted at less than the par value

thereof; and when such sale shall have been affected the whole

proceeds thereof shall be forthwith paid over by the said county

commissioners to the treasurer of the said Delaware and Chesa-

peake railway upon the execution and delivery of a mortgage as

is in the next section authorized and provided.

SEC. 3. And be it further enacted, That when the said Delaware

and Chesapeake railway shall have received notice that the said

county commissioners are prepared to pay over to the said treas-

urer the moneys realized from the sale of the said bonds, the said

Delaware and Chesapeake railway shall forthwith make, execute,

acknowledge, and contemporaneously with the receipt of the said

moneys, deliver unto the said county commissioners a mortgage to

the county commissioners of Caroline county of so much, and such

part only of the said branch railway as lies within the said county

of Caroline for the real debt of sixty thousand dollars bearing in-

terest at the rate of two per centum per annum, the said interest

to be paid semi-annually and the principal thereof at the expira-

Mortgage

tion of thirty-eight years from the date of the said mortgage, such

mortgage shall constitute a first and specific lien on that part only

of said branch railroad including station-house or houses thereon

which shall lie within the limits of the said county of Caroline,

and shall not in anywise be a lien upon or encumber any other

property or assets of the said corporation, nor be treated as a debt

or liability of the said company otherwise than as a specific lien

on that part of said branch railroad located within said county,

which shall constitute the only fund and security f or its payment;

the said mortgage shall be recorded as other mortgages are in the

clerk's office of Caroline county, and in case of default for the

space of one year in the payment of any instalment of interest or

of non-payment of the principal at maturity, the said county com-

missioners are hereby expressly authorized and empowered to

institute proceedings in equity in the circuit court of Caroline

county to foreclose the said mortgage, and in case of sale in such

proceedings the said county commissioners are expressly authorized

and empowered to purchase the said mortgaged premises at any

sum less than the amount unpaid on the said mortgage for and

on account of the said county.