438

LAWS OF MARYLAND.

exchanged or sold, the rate of interest to be paid upon

such loan as hereinbefore provided, viz : three and

sixty-five hundredths per centum per annum. In

making such arrangements, they shall provide for

Equation of
interest.

an equation of interest so as to allow holders of the

old certificates of the aforesaid loan, who make such

exchanges, to receive the diiference in interest from

date of said exchange to maturity of said Defence

Loan.

SEC. 6. And be it enacted, That the proceeds

of such sale or sales for cash of said certificates of

debt shall be paid to the Treasurer upon the war-

rant of the Comptroller, and such proceeds are

Proceeds of

hereby appropriated to be disbursed and shall be

gale.

used exclusively for the redemption and payment

of the certificates of debt of said " Defence Loan,"

issued under the provisions of the act of eighteen

hundred and sixty-eight, chapter two hundred and

thirty-five.

SEC. 7. And be it enacted, That the special tax

Special tax.

of five and one-half cents levied by and under the

fifth section of said act of eighteen hundred and

sixty-eight, chapter two hundred and thirty-five, be

and the same is hereby continued, and said tax shall

be annually levied, collected and paid over to the

Levy tax an-

Treasurer of this State until the debt created by

nually.

this act shall be paid; and a separate and distinct

account shall be kept thereof, and the proceeds

thereof are hereby further pledged and appropriated

to meet the interest on this loan, and to create a

sinking fund as hereinafter provided.

SEC. 8. And be it enacted, That the Governor,

Comptroller and Treasurer, or a majority of them,

shall, on the first day of July, eighteen hundred and

eighty-four, and at the expiration of each six months

thereafter, invest, through a broker or brokers, as

they shall designate, the sum of seventy-one thous-

Invest through

and and five hundred dollars in United States, State

broker.

of Maryland or city of Baltimore securities; or in

one or any of the same, said sum being the differ-

ence between the six months proportion of the. levy

of five and one-half cents and the interest lor the

preceding six months due on said "Defence Re-

demption Loan," until the said " Defence Redemp-

tion Loan " shall be paid or otherwise disposed of;

the Comptroller to issue his warrant upon the