FRANK BROWN, ESQUIRE, GOVERNOR.

which said coupons shall be receivable in payment of any
county taxes, by the County Commissioners of the said county.

947

SEC. 3. And be it enacted, That the said bonds shall be
exempt from county and municipal taxation; and the faith of
Dorchester county is hereby pledged for the redemption
thereof.

Exempt from
taxation.

SEC. 4. And be it enacted, That the County Commissioners
of said county shall levy from year to year, on the assessable
property of said county, such sum or sums of money as shall
in their discretion be deemed necessary for the prompt pay-
ment of the principal and interest of the said bonds.

To levy tax to
pay interest
and prin-
cipal.

SEC. 5. And be it enacted, That all sums levied on account
of the principal of said bonds, shall be collected by the
collectors or other officer who may be authorized by law to
collect the State taxes in said county, or if there should be at
any time no State tax levied by law, then in that event by
such collector or collectors, or other officer or officers, as may
by law be authorized 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 stock or bonds of this
State, or in such other safe and productive bonds, stocks or

Collection of

levy.

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 upon the maturity of the said bonds,
the Treasurer shall sell and dispose of the said investment and
apply the proceeds thereof in payment of the said bonds.

Sinking fund.

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

Dividends to
go into sink-
ing fund.