1494 LAWS OF MARYLAND. [CH. 596

the event that Anne Arundel County fails to join in aiding the
building of said railroad and fails to subscribe for stock in
the corporation that undertakes to build and builds said rail-
road, then the County Commissioners of Calvert County are
hereby authorized and directed to subscribe for and hold shares
of the capital stock of the Baltimore and Virginia Railroad
Company, the subscription to said shares of stock and the
amount to be paid therefor not to exceed the sum of two hun-
dred thousand dollars ($200, 000).

SEC. 2. And be it enacted, That for the purpose of meet-
ing the said subscriptions the said County Commissioners of
Calvert County be and they are hereby authorized and em-

powered to issue bonds in the name of said Calvert County
in denominations of not less than fifty dollars ($50) nor more
than one thousand dollars ($1, 000), bearing interest at the
rate of five per centum per annum, and after ten years from
the date of issue, six thousand dollars ($6, 000) face value of
the principal of said bonds shall be paid, redeemed and re-
tired annually for the period of twenty (20) years and there-
after, eight thousand dollars ($8, 000) face value of the prin-
cipal of said bonds shall be paid, redeemed and retired an-
nually for the period of ten (10) years, so that at the end of
forty (40) years from the date of the said issue the entire two
hundred thousand dollars ($200, 000) of bonds hereby author-
ized and directed to be issued shall be paid, redeemed and re-
tired.

SEC. 3. And be it enacted, That the said bonds shall be
exempt from county and municipal taxation, and the faith of
Calvert County is hereby pledged for the payment of prin-
cipal and interest of said bonds.

SEC. 4. And be it enacted, That the County Commission-
ers of Calvert County shall levy from year to year on the as-
sessable property of said county such sum of money as shall
be necessary to pay the interest of the said bonds, and in ad-
dition, after ten years from the date of issue annually to re-
tiro and redeem six thousand dollars ($6. 000) of the prin-
cipal of said bonds until the redemptions of principal of said
bonds total one hundred and twenty thousand dollars ($120, -
000), and thereafter annually to retire and redeem eight
thousand dollars ($8, 000 ) of the principal of said bonds until
the redemptions of principal of said bonds shall total two hun-
dred thousand dollars ($200, 000). which retirements and re-