604

LAWS OF MARYLAND.

voters therein, as hereafter provided, for the purpose

of paying such of the present debts of the city as

they may deem expedient to pay in that manner, to

Issue bonds.

issue to an amount not exceeding the sum of twelve

thousand dollars, bonds of the said city, heretofore

prepared, but never issued, under an ordinance of

said city, approved on the seventh day of June,

eighteen hundred and seventy, and now in the

possession of the said Mayor, Counsellor and Alder-

men; which bonds shall be signed by the Mayor,

sealed with the city seal, countersigned by the treas-

Exempt from

urer, and registered by the clerk of the corporation,

taxation.

to be forever exempt from all taxation for any pur-

pose by the corporation of Annapolis; and the

property of the corporation shall be and is hereby

pledged for the payment of the said bonds and the

interest thereon ; and the bonds hereby authorized

shall be issued in denominations of one thousand

dollars, five hundred dollars, one hundred dollars,

and fifty dollars, as shall seem proper to the said

corporate authorities ; and they shall have printed

on them a distinct reference to this act, as author-

When re-

izing the issue thereof, and be redeemable at the

deemable.

pleasure of the corporation at any time after six

years from the date thereof, and redeemable and

payable in thirty years after date.

SEC. 2. And be it enacted, That for the purpose

of more effectually securing the payment of the said

bonds, the treasurer of the corporation shall in each

year set apart from the money collected under the

Create sink-
Ing fund.

annual levy, a sum equal to one-thirtieth part of the
aggregate amount of the bonds issued under this act,

which sums shall be placed to the credit of a sinking

fund for the redemption of said bonds at their ma-

turity; and the Mayor, Counsellor and Treasurer,

for the time being, shall be commissioners of said

fund, and shall make a particular report to the cor-

poration of the city of the condition thereof, in the

How invest'd

month of August in each year ; and the said com-

missioners shall from time to time invest the money

belonging to said fund and the increase thereof in

stocks of the State of Maryland, bearing not less

than six per cent, interest, or in the bonds of this

corporation ; and any bonds of the corporation pur-

chased for said fund shall be immediately cancelled,

by stamping across their face, " Purchased for the