262

LAWS OF MARYLAND.

of second preferred mortgage bonds, and upon
all the unpaid coupons of said bonds, except
the amount of seventy-one thousand seven
hundred and forty-two dollars; and

WHEREAS it is to the interest of the Mayor
and City Council of Baltimore to substitute
for the amount of said three issues of bonds
another obligation bearing a lower rate of in-

Preamble.

terest, in order to enable the said railroad
company the better to discharge the interest
upon obligations having priority to those of
the Mayor and City Council of Baltimore ;
and

WHEREAS, of the whole amount of indebted-
ness having such priority, the Mayor and City
Council of Baltimore are the holders of seven
hundred and eighty-two thousand seven hun-
dred and seventy-two dollars, the County
Commissioners of Washington county are

Preamble.

the holders of three hundred and six thou-
sand dollars thereof, being coupons of the
bonds of the Western Maryland Railroad
Company, guaranteed by Washington county,
which have been paid by said County Com-
missioners, and the balance of said indebted-
ness amounting to one million nine hundred
and forty-one thousand eight hundred and
severity-six dollars is in the hands of indi-
viduals; and

Preamble.

WHEREAS the Mayor and City Council of Bal-
timore now hold a sinking fund against a part
of the first mortgage bonds of said company,
guaranteed by it, and against three hundred
thousand dollars of the second mortgage bonds
of said company, guaranteed by the Mayor and
City Council of Baltimore, leaving the amount
of indebtedness having priority to that of the
Mayor and City Council of Baltimore up to the
first day of January, eighteen hundred and
eighty-six, held by individuals, one million
six hundred and ninety-four thousand seven
hundred and eighty-seven dollars and three
cents; and