650

LAWS OF MARYLAND.

SEC. 2. And be it enacted. That the County Commissioners
of Talbot county are hereby directed to submit the question of

Ballot to be
taken.

such subscription to the capital stock of the said Easton,
Trappe and Cambridge Railroad Company to the qualified
voters of said county, as set forth in section one, at an election
to be held on the eighth day of November, in the year eighteen
hundred and ninety-eight.

SEC. 3. And be it enacted, That if the number of votes
cast at said election in favor of the subscription to said bonds

Result of
election.

as aforesaid by said Talbot county shall exceed the number of
votes cast at said election against such subscription as afore-
said, then the said Board of County Commissioners for Talbot
county aforesaid shall be authorized and directed to subscribe
to the capital stock of said railroad company to the amount of
fifteen thousand dollars as aforesaid.

SEC. 4. And be it enacted, That the said Board of County
Commissioners of Talbot County shall be authorized to issue

Coupons to
be issued.

the coupon bonds of said county, to be signed by the president
of said Board of County Commissioners, and attested by the
seal thereof, for the amount of fifteen thousand dollars, the
same to be of such denomination as said Commissioners may
fix, to bear interest at a rate not exceeding four per centum
per annum, payable semi-annually, and the principal thereof to
be payable twenty years from the date thereof, which said
bonds shall be paid to the said railroad company in lieu of
cash, in the discretion of said Board of County Commissioners.

Tax to be
levied.

SEC. 5. And be it enacted, That the said Board of County
Commissioners of Talbot county be and they are hereby directed
to levy annually upon the taxable property of said county a
tax, to be collected as other taxes of said county are collected,
a sum of money sufficient to pay the interest on said bonds so
to be issued, and also to create a sinking fund sufficient to
meet the principal of said bonds when the same may become
due and demandable.

SEC. 6. And be it enacted, That the bonds hereby authorized

Exempt from
taxation.

to be issued as aforesaid shall be exempt from taxation, both
county and municipal, and that the coupons due on said bonds
shall be received by the collectors of taxes in Talbot county in
payment of county taxes.

Effective.

SEC. 7. And be it enacted, That this Act shall take effect
from the date of its passage.

Approved April 5, 1898.