LLOYD LOWNDES, ESQUIRE, GOVERNOR.

State tax levied by law, then in that event by such collector or
collectors, or other officer or officers, as may by law be author-
ized to collect the county tax in said county, and they shall be
paid by him or them into the Treasury of the State, for which
payment his or their bonds shall be liable, to be invested by the
Treasurer in the purchase of the bonds hereby authorized to be
issued or in the stocks or bonds of this State, or in such other
safe and productive bonds, stocks, or funds as he may deem
advisable, for the purpose of creating a sinking fund for the
redemption of the said bonds at maturity, and the interest,
income or dividends, derived from such investments, shall also
be from time to time so invested by the Treasurer; and the
said sinking fund and the investment thereof, shall be kept
sacred and inviolate for the redemption of the said bonds, and
upen the maturity of said bonds, the Treasurer shall sell and
dispose of the said investment and apply the proceeds thereof
in payment of the said bonds.

403

SEC. 6. And be it enacted, That until the payment in full of
the whole amount of the principal of the said bonds, all divi-
dends, which may be declared by the said company upon the
said stock so to be subscribed for, shall, so long as the said
stock shall continue to be owned by the said company, and
held by the said County Commissioners, be paid by the said
company into the treasury of the State, to be also in like man-
ner invested in increase of the sinking fund.

Dividends to
go to sink-
ing fund.

SEC. 7. And be it enacted, That the said bonds so to be
issued shall be received by the said company at the par value
thereof, in payment of the shares of stock so to be subscribed
for; and that the said bonds shall be delivered to the said
company by the said County Commissioners, in the instalments
following, to wit: One-fourth only of the amount of said
bonds shall be delivered to said company as soon as one-half
of the length of the line of said railroad shall have been
graded; another fourth thereof when the whole of the said
railroad shall have been fully graded; another fourth thereof
when one-half the road shall have been fully built and con-
structed; and the remaining fourth thereof of said bonds shall
be delivered to the said company when the said railroad shall
be fully built and constructed and in running order; and the
said bonds shall not be issued in any greater instalments not
at any earlier period than above provided.

SEC. 8. And be it enacted, That the County Commissioners
of the said county be and they are hereby authorized to sell

Bonds to be
taken in
payment of
stock.