260

LAWS OF MARYLAND.
CHAPTER 160.

AN ACT to authorize the Mayor and City
Council of Baltimore to issue the stock of
the Mayor and City Council of Baltimore,
and sell the same and apply the proceeds, to
enable the Western Maryland Railroad Com-
pany to pay and extinguish certain of the
obligations of said company secured by first,
second, preferred and second mortgages of
said company.

WHEREAS the Mayor and City Council of
Baltimore are bound, as guarantors of the

Preamble.

coupon bonds of the Western Maryland Rail-
road Company, bearing interest at the rate of
six per cent, per annum, payable semi-annually,
to the amount of eight hundred and seventy-
five thousand dollars; and

Preamble.

WHEREAS, also, the Mayor and City Council
of Baltimore loaned to said railroad company
stock of the Mayor and City Council of Balti-
more, bearing interest at the rate of six per
cent, per annum, payable semi-annually, to
amount of one million dollars; and

Preamble.

WHEREAS the said Mayor and City Council
of Baltimore have paid the interest upon said
bonds and stock since the said bonds were
guaranteed and the said stock issued, and are
liable to continue to pay said interest until
the maturity of said stock and bonds, and also
to pay the principal thereof; and

Preamble.

WHEREAS the Mayor and City Council of
Baltimore have no security against the obliga-
tion so incurred by them, and to be incurred
on account of said Western Maryland Railroad
Company, except the mortgage of said com-
pany to the Mayor and City Council of Balti-
more, dated the first day of July, eighteen
hundred and seventy, to secure the payment
of the principal and interest of said bonds,