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376
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LAWS OF MARYLAND.
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ized and empowered to acquire or purchase the
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bonds and coupons of the Western Maryland Rail-
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road Company, endorsed and guaranteed by the
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County Commissioners of Washington county, if at
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any time they deem it expedient so to do.
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SEC. 2. And be it enacted, That the said County
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Commissioners of Washington county be and they
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Deem it ex-
pedient.
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are hereby authorized and empowered, if at any time
they deem it expedient, to convert the bonds and
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coupons of the Western Maryland Railroad Com-
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pany so acquired by them, as well as all existing
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indebtedness of said company to said County Com-
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missioners, into the preferred stock of the said com-
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Terms and
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pany, of such series and upon such terms and
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conditions.
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conditions as may be agreed upon between the said
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County Commissioners and the said company.
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SEC. 3. And be it enacted, That to take up and
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Commission-
ers authoriz'd
to issue bonds
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acquire such bonds and coupons, the said County-
Commissioners of Washington county be and they
are hereby authorized and empowered to issue
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coupon bonds for an amount equal to such indebt-
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edness, in denominations of not less than fifty dollars
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nor. more than one thousand dollars, bearing five per
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centum interest per annum, payable on the first day
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of January and July in each year.
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SEC. 4. And be it enacted, That the said bonds so
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Shall fall due.
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issued shall fall due at periods of not less than five
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years nor more than fifteen years from the date of
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issue ; and said bonds shall be exempt from all tax-
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ation, except State taxes, and the collector of taxes
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for Washington county shall receive the coupons in
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payment of county taxes.
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SEC. 5. And be it enacted, That the said County
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Keep a care-
ful register.
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Commissioners of Washington county keep a careful
register of the bonds so issued, including the name
of the person to whom issued, the date of issue and
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of maturity.
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SEC. 6. And be it enacted, That this act shall take
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In force.
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effect from the date of its passage.
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Approved April 5, 1878.
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