E. LOUIS LOWE, ESQUIRE, GOVERNOR.
529
CHAPTER 360.
AN ACT to provide for the redemption and purchase of
the Funded Debts of this State, or parts thereof, and
the increase of the Sinking Fund out of the surplus
monies that may at any time be in the Treasury of
Maryland.
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Passed May
30, 1853.
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SECTION 1. Be it enacted
by the General Assembly
of Maryland, That all surplus monies which may at
any time be in the treasury, not required, in the judgment
of the Comptroller and Treasurer, to pay the ordinary
expenses, and the current interest upon the
funded debts of this State, be, and are hereby appropriated,
and shall, upon the warrant of the Comptroller,
be applied in the discretion of the Treasurer to the
purchase of the funded debts of this State, or of part or
parts thereof, or to the redemption of such part or
parts of the said funded debts, as may be now due, or
as may hereafter become due.
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Surplus monies
appropriated.
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SEC. 2. And be it enacted,
That all parts of the
funded debts of this State, hereafter redeemed in virtue
of this act, shall be cancelled, and all parts thereof purchased
shall be also cancelled, except one hundred
thousand dollars of said funded debt, so purchased,
which shall be carried to the credit of the sinking fund.
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Funded debts.
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SEC. 3. And be it enacted,
That all such parts of
the funded debts of this State, created for the benefit of
the works of internal improvements, or on account of
Tobacco debt, as may be redeemed or purchased as is
provided for in this act, shall continue to be a charge
against the works of internal improvements, or against
the tobacco fund, as the case may be, and shall be carried
to the credit of the sinking fund for that purpose,
and for no other purpose whatsoever.
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Funded debts
redeemed.
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SEC. 4. And be it enacted,
That so much of the
sixth section of the act passed at December session,
eighteen hundred and forty-six, chapter two hundred
and thirty-eight, entitled, an act relating to the public
debt of Maryland, as is inconsistent with the provisions
of this act, be, and the same is hereby repealed.
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Repealed.
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SEC. 5. And be it enacted,
That this act shall take
effect from the date of its passage.
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In force.
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