FRANK BROWN, ESQUIRE, GOVERNOR.

837

AND WHEREAS, it is to be further provided that the said

railroad company shall be authorized to endorse not exceed-

Preamble.

ing two hundred thousand dollars ($200,000) of (6 per cent)

per cent bonds of a steamboat companv to be orgnized to

ply between Baltimore and Claiborn or Claiborn and Bay

Ridge or both or between Baltimore and points on the eastern

and western shores of Maryland and Virginia south of

Annapolis and the Eastern Bay inclusive, and the interest

guaranteed by the said railroad company shall be paid out of

the revenues of said company after the payment of the

operating expenses of said road and the annual interest

due on the nine hundred thousand dollars ($200,000) of

bonds endorsed by said city, and before any interest shall be

paid on said second mortgage bonds.

AND WHEREAS the only seaside resort in this State is at

the terminus of said railroad company it shall be further

Preamble

provided that during the months of July, August, aud Sep-

tember, the said railroad company shall run express trains

from Claiborn to Ocean City at least three times a week

during the year eighteen hundred and ninety -two, and

daily thereafter so long as the said city is obligated under

said endorsements.

AND WHEREAS it shall be further provided in said ordi-

nance that the said railroad company shall have the right

Preamble.

to redeem said two hundred and fifty -one thousand ($251,000)

dollars, capital stock, after the period of ten years on the

payment by the said railroad company to said city of a

sum to be agreed upon not exceeding the par value of said

stock and the cancellation of said bonds ; therefore,

SECTION 1. Be it enacted by the General Assembly of

Maryland, That the mayor and city council of Baltimore

City, be and they are hereby authorized to pass an ordinance

May pass
ordinance

submitting to the qualified voters of said city at the next

to take

general or special election to be held in the said city after

popular
vote on

the passage of said ordinance the question of authorizing

endorse-
ment of

the said mayor and city council of said city of Baltimore to

bonds.

endorse the first mortgage bonds of the Baltimore and

Eastern Shore Railroad Company for the sum of nine

hundred thousand dollars ($900,000) with the interest

theron at three and one-half per cent, per annum (3 1/2

per cent.) payable semi-annually upon the conditions

set out in the foregoing preamble, and if the number

of votes cast at such election for such endorsement shall

exceed the number of votes cast at such election against

such endorsement then the said mayor and city council shall
be authorized to endorse such bonds upon the terms set out