ELIHU E. JACKSON, ESQUIRE, GOVERNOR.

Chapter 102.

AN ACT to enable the mayor and city council
of Baltimore to accept the transfer of the
city stock in which the McDonough Educa-
tional Fund is now invested ; and in considera-
tion thereof, to issue other stock to the amount
of one million of dollars to the board of trus--
tees of said fund.

WHEREAS the productive educational fund
derived by the city of Baltimore under the will
of John McDonough, in trust for the education
of the poor, is now, as required by city ordinance,
invested in the stock or certificates of indebted-
ness of said city, amounting at par to seven
hundred and five thousand dollars, bearing
interest, part at the rate of six per cent, and part
at the rate of five per cent, per annum, and of

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the present market value of about nine hundred
thousand dollars, and together with other invest-
ments in real and personal property, amounting
to more than a million of dollars ; and, whereas
the said stock becomes less valuable each year
as the periods for the redemption of the several
issues thereof approach, and, as such redemption
from time to time takes place, the income of the
said educational fund will be much diminished,
and when all the said stock is redeemed and its
proceeds reinvested, the income will be so greatly
reduced as vitally to impair the usefulness of
the McDonough institute ; and, whereas the
board of trustees of the said McDonough educa-
tional fund and institute is desirous that said
fund should be so invested as to produce a more
stable and larger income, and thus secure the
permanent usefulness of the said institute ; and,
whereas, to attain that object, the said board is
desirous that the mayor and city council of Bal-
timore should accept a transfer of all said stock,
and in consideration therof, should issue to the
board of trustees of the McDonough educational
fund and institute, stock or certificates of in-
debtedness of the city of Baltimore to the
amount of one million of dollars, redeemable
after a long period and bearing interest at the
rate of five per cent, per annum.

Preamble