6

LAWS OF MARYLAND.

Basis of levy.

corporation, using as the basis of said levy the as-

sessment of the real and leasehold property within

the limits of said municipal corporation, made under

the act of eighteen hundred and seventy-six, chap-

ter two hundred and sixty, or any assessment here-

after made according to law, such amount of taxes

as may be required to pay the interest on said bonds

and the principal debt, should the same become

necessary, and also to constitute a sinking fund for

their redemption, and also when, and if the said

Mayor and Common Council shall endorse any of the

bonds of said Railroad Company as hereinbefore

provided, the said Mayor and Common Council shall

levy as aforesaid such amount of taxes as may be

Exempt from
taxation by

sufficient to pay the interest on said endorsed bonds

municipality.

or any part thereof, the payment of the interest on

which may not be safely and surely provided for by

said Railroad Company, and said bonds, so endorsed,

shall not be subject to municipal taxation.

SEC. 3. And be it enacted. That the bonds which

When paya-

may be issued as aforesaid shall be payable not more

ble

than thirty years from date, reserving the privilege

of paying them at any time not less than five years

from date, and shall not be sold or disposed of at

less than eighty per cent.

Election and

SEC. 4. And be it enacted, That at any municipal
election to be held in Manchester, at such time and

ballots

place as may be fixed by an ordinance of the Mayor

and Common Council of Manchester, there may be

written or printed on the ballots of the legal quali-

fied voters at said election the words, " For railroad

subscription" or "Against railroad subscription,"

and if a majority of the ballots cast shall contain

the words, "For railroad subscription," then this

Operative

act shall become operative and binding; but if a

and binding.

majority of said ballots shall contain the words,

"Against railroad subscription," this act shall be

void and of no effect, and the judges of said mu-

nicipal election shall return to the Mayor and Com-

mon Council of Manchester the number of votes

Inoperative.

cast " For railroad subscription " and " Against rail-

road subscription " respectively, and the said Mayor

and Common Council shall by their proclamation

announce the result thereof.