1660 JOINT RESOLUTIONS.

and builds said railroad, 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 hundred 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 annu-
ally 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
authorized and directed to be issued shall be paid, redeemed
and retired.

SEC. 3. And be it enacted. That the said bonds shall be ex-
empt 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 Commissioners
of Calvert County shall levy from year to year on the assess-
able property of said county such sum of money as shall be
necessary to pay the interest of the said bonds, and in addition,
after ten years from the date of issue annually to retire and
redeem six thousand dollars ($6,000) of the principal of said
bonds until the redemption of principal of said bonds total
one hundred and twenty thousand dollars ($120,000), and
thereafter annually to retire and redeem eight thousand dol-
lars ($8,000) of the principal of said bonds until the redemp-
tions of principal of said bonds shall total two hundred thou-
sand dollars ($200,000), which retirements and redemptions
of principal of said bonds shall be completed within and at
the end of forty (40) years from the date of issue.