JAMES THOMAS, ESQUIRE, GOVERNOR.

1832.

company, for any sum of money not exceeding, three hun-
dred and fifty thousand dollars, payable half yearly, or other-

CHAP. 220,

wise, as may be contracted for: Provided, that so much of
said loan, as may be necessary to complete five miles on
the main stem of said road, in .addition to what has alrea-
been construed, shall be applied to the completion of that

Application of
part thereof pre-

scribed.

portion of said Rail Road, and to complete the branch in a
direction towards Westminster, until it reaches that town.

On branch towards

Westminster

Sec. 2. And be it enacted, That in order to enable the
said Baltimore and Susquehanna Rail Road company, to
negotiate said loan upon the most favorable terms, the
state of Maryland hereby agrees to guarantee the pay
ment of the interest, accruing thereon, for. the term of

Guarantee of the

State for payment

of interest

forty years; Provided, the same shall not exceed the rate
of five per cent per annum; and the treasurer, -of the wes-
tern shore, is hereby authorised and required to endorse
the said guarantee, upon the certificate of loan, which may
be issued by the said company, in corformity herewith;
with the express understanding that the state of Mary-
land shall in no manner be held, or deemed responsible

Treasurer to en-

dorse.

for the payment of the principal sum contracted for, or any
part thereof; or for interest thereon, for a longer period
than said term of twenty years.

State not liable for

Sec. 3. And be it enacted, That to secure the punctual
payment of the interest on the said loan as the same shall
become due; the said Baltimore and Susquehanna Rail
Road company, shall be and they are hereby authorised
and required before receiving the endorsement hereby au-

Treasurer payment

of interest

thorised, to grant and convey all and singular, the said
road now constructed, or to be constructed with the proceeds
of said loan, and all and every appendage thereto; and all
the real and personal property belonging to the said com-
pany of every sort and description, to be held by the said
state, during the continuance of said guarantee, and no
longer, as a security against all risque or loss that may pos-
sibly arise from the existence thereof; and on the expira-
tion of the term for which such guarantee shall last, and
the entire release of the state, from all liability on that ac-
count; the said road, appendages and property shall revert
and be reconveyed to the said company; and the same shall
be held by them liable in the same manner, and to the same le-
gal effect, as if a conveyance thereof had been made for the
claim of the principal of the debt contracted and the said con-
veyance shall be taken under the direction of the attorney
general of this state. And it is hereby declared, that the
properly provided to be granted and conveyed as aforesaid.

Mortgage required