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LAWS OF MARYLAND.

provide by ordinance, but no part thereof shall be

issued until the ordinance directing or authorizing

the issue of the same shall have been submitted to

the legal voters of the city of Baltimore, at such

time and places as may be fixed by said ordinance

and approved by a majority of the votes cast at such

time and place.

SEC. 3. And be it enacted, That if holders of the

bonds and coupons of the Western Maryland Rail-

road Company, issued under its mortgage, commonly

known as the second preferred mortgage, and of the

over due coupons on the same, and of funding cer-

tificates issued for the said over due coupons, will

.

accept from said company its preferred stock for

amounts equal to or not exceeding the face value of

such bonds, coupons or funding certificates, and will

Deliver bonds

sell, transfer and deliver to the Mayor and City

to Mayor and

Council of Baltimore such bonds, coupons and fund-

City Council.

ing certificates, in consideration of the guarantee by

the Mayor and City Council of Baltimore, of divi-

dends upon said stock to the extent in this section

mentioned, then the said Mayor and City Council of

Baltimore shall be authorized to purchase and be-

come the owner of said bonds, coupons and funding

certificates, and to give as the consideration to sup-

port such purchase, the guarantee of said Mayor and
City Council of Baltimore of the payment of divi-

dends to the holders of such stock, not exceeding

three and a third per centum per annum upon the

par value of the same ; and the said Mayor and City

Pro vide for

Council of Baltimore is hereby authorized to provide

guarantee.

by ordinance the mode in which such guarantee

shall be given, and for any other details which may

be necessary to carry out the objects of this section,

and for fixing the terms upon which the said com-

pany may pay and extinguish the bonds, coupons

and funding certificates so to be purchased by the

said Mayor and City Council of Baltimore.

SEC. 4. And be it enacted, That if holders of the

bonds, coupons or funding certificates in the pre-

ceding section mentioned will reduce the amounts

thereof to such sum that the interest thereon at the

Guarantee in
appropriate
manner.

rate of six per centum per annum will be equal to
interest not exceeding three and one-third per centum