764

LAWS OF MARYLAND.

CHAPTER 563.

AN ACT to enable the mayor and city council of Baltimore

to accept the transfer of the city 6 per cent, stock in

which the Peabody Institute fund is now invested, and

in consideration thereof to issue other stock to an amount

not exceeding five hundred thousand dollars to said fund.

WHEREAS, the production educational fund, donated by

Preamble.

George Peabody as endowment to his Institute is invested

in stock certificates of the city of Baltimore paying 6 per

cent, interest, and such bonds are becoming due and will

be paid off at maturity, and the rate of interest becomes

less as the periods for redemption approach, and the income

will be so much reduced, will impair the usefulness of the

Peabody Institute. The trustees are desirous that said

fund shall be so invested as to produce a perfect security,

and a more certain income, and thus secure the permament

usefulness of said institute. The trustees are desirous that

the mayor and city council shall accept a transfer of said

six per cent, stock on, or before the dates it becomes due

and payable, and issue to said institute city stock bearing

interest at a rate not exceeding five per cent, per annum, and

for a long date to run ; it being no increase of the city debt.

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

New cer-

Maryland, That the mayor and city council of Baltimore

tificates of
city stock.

are hereby authorized and empowered, upou the transfer

and surrender to them by the Peabody Institute of the city

of Baltimore of six per cent, city stock, to an amount not

exceeding five hundred thousand dollars to issue and deliver

to the said Peabody Institute, in consideration of such

transfer and surrender, the city stock in form prescribed

for such certificates by the Baltimore City Code of eighteen

hundred and seventy -nine- redeemable in the year of our

Lord nineteen hundred and fifty, and bearing interest at a

rate of not more than five per cent, per annum, payable

quarterly.

SEC. 2. And be it enacted, That the mayor and city council

of Baltimore are hereby authorized and empowered to pass

Ordinance.

an ordinance providing for the said transfer of said six per

cent, stock, and for the issue aud delivery to said Peabody

Institute, in consideration of such transfer and surrender

of stock or certificate of indebtedness of the mayor and

city council of Baltimore to the amount of not over five hun-

dred thousand dollars as authorized in preceding section,

and drawing not more than five per cent, interest, per

annum. Payable quarterly.

Approved April 7th, 1892.