264

LAWS OF MARYLAND.

Mayor and City Council of Baltimore, bearing
interest semi-annually at the rate not exceed-
ing three and one-half per cent, per annum,
a nd redeemable at the end of forty years from
the date thereof; said stock to be sold and the
proceeds thereof applied to the payment of
the whole amount of the indebtedness of the
Western Maryland Railroad Company on its.
three issues of bonds and on the overdue coupons
thereof, except so much of said issues of bonds
and of the overdue coupons thereof, as are held
by the Mayor and City Council of Baltimore
and by County Commissioners of Washington
county; therefore,

SECTION 1. Be it enacted by the General As-
sembly of Maryland, That the Mayor and City
Council of Baltimore be and they are hereby
authorized and empowered to issue an amount
of the stock of the Mayor and City Council of

Issue of stock.

Baltimore, not exceeding one million eight
hundred thousand dollars, bearing interest,
payable semi-annually at a rate not exceeding
three and one-half per cent, per annum, and
redeemable at the end of forty years from the
date thereof, and to sell the same at a rate not
less than par, and use the proceeds thereof
to enable the Western Maryland Railroad Com-
pany to pay and extinguish all of its obliga-
tions arising under the three mortgages of said
company, by which its three first issues of
bonds are secured, and which have priority to
the mortgages to the Mayor and City Council
hereinbefore mentioned, to secure the indebt-
edness of eight hundred and seventy-five thou-
sand dollars, with interest thereon, and of one
million dollars of stock, with interest thereon,
except so much of said first issues of bonds of
said company and the overdue coupons thereon
as are held by the Mayor and City Council of
Baltimore and by the County Commissioners
of Washington county, as provided for by the
said ordinance of the Mayor and City Council
of Baltimore, which ordinance is hereby rati-
fied and confirmed, and authority and power