WM. T. HAMILTON, ESQUIRE, GOVERNOR.

253

the city of Baltimore the annual interest on said

sinking fund, but shall apply the same to the pay-

How to apply.

ment of the interest upon the certificates of stock

of the Mayor and City Council of Baltimore issued

under said original ordinance; and said fund shall

remain as it may be when this ordinance takes

effect, subject only to the necessary investments to

be made by the register of such portions of the pub-

lic debt in said fund as shall fall due before January

first, eighteen hundred and ninety, which new in-

vestments shall be made in the public debt of the

city of Baltimore if so required by the Mayor and

City Council of Baltimore, unless the debt so fall-

ing due be extended until or beyond the date of the

maturity of the certificates of city stock issued

under said original ordinance, provided that if said

new investments for the sinking fund bear a lower

rate of interest than the matured obligations for

which they have been substituted, then the Balti-

more and Ohio Railroad Company, in addition to

the amount named in section one of this ordinance,

shall pay to the said register, when demanded, such

yearly sum as will meet the deficiency caused by

Meet defi-

the lower rate of interest on such new investments,

ciency.

it being the intention of this ordinance that the

Baltimore and Ohio Railroad Company shall pay

to the city annually a sum of money which, with

the interest on the sinking fund, shall equal the sum

of three hundred thousand dollars.

SEC. 3. And be it enacted and ordained. That

for the purpose of applying the sinking fund and

its accumulations to the payment of the certificates

of city stock issued under said ordinance, the regis-

ter of the city, under the advice and direction of

the Commissioners of Finance, is hereby authorized

to sell such portions of the public debt in said sink-

ing fund as mature after January first, eighteen

hundred and ninety; such sale shall be made not

more than sixty and not less than thirty days prior

to January first, eighteen hundred and ninety, and

the proceeds of such sale, together with the balance

of said sinking fund, shall be applied to the pay-

How applied.

ment of said certificates of stock of the Mayor and

City Council of Baltimore, and to release said com-

pany from all liability secured by said mortgage in