|
|
CHAP. 30.
State's right to
tolls pledged for
payment of in-
terest on loan.
Increase of toll
authorised.
|
SEC. 3. And be it enacted, That, for the purpose of se-
curing the payment of the interest upon the money by the
preceding section authorised to be borrowed, the State
hereby pledges her right to the tolls of said canal, after
such sums shall be deducted therefrom as will be sufficient
to keep the said canal in good condition and repair Cor
transportation, and officers' salaries and expenses of the
company, and the said Chesapeake and Ohio Canal Com-
pany, in such form as the charter and the several laws ap-
plicable thereto make necessary, are hereby required to
increase the tolls for the transportation upon said canal to
the maximum charge fixed by the charter, immediately
after the passage of this act, except upon the article of
coal, which shall be increased to at least one. cent per ton
per mile, immediately after the completion of the canal to
Cumberland, unless the agents appointed to represent the
State in said canal company shall certify, in writing, to the
president and directors of said company that, in their
opinion and belief, the best interest of the State would be
injured by such increase on the article of coal; and in case
the said president and directors fail or refuse to comply
frith this provision, it shall be the duty of the agents re-
presenting the State in joint stock companies, to remove
them at the next general meeting of the stockholders.
|
|
|
|
Payment of
principal.
|
SEC. 4. And be it enacted, That, for the purpose of pro-
viding for the payment of the principal of the debt by this
act authorised to be contracted, the annual sum of twenty-
five thousand dollars, to arise from the lolls upon the canal,
are hereby appropriated and set apart; which said sum of
twenty-five thousand dollars shall be paid, one-half thereof
on the first day of March, and the residue on the first day
of September, in each and every year after the canal shall
have readied Cumberland, to the Treasurer for the Wes-
tern Shore of Maryland, to be by him accumulated as a
|
|
|
|
How paid.
|
sinking fund for the purpose aforesaid; the said sum to be
paid by the president and directors of the canal company,
out of the tolls to be received upon the said canal, after
paying the interest, as directed by the second section of
|
|
|
|
Faith of State
pledged.
|
this act, and the expenses of the said canal; this appropria-
tion of the profits and tolls of the canal is in aid of the
general faith and credit of the State, which is hereby
pledged, in the fullest manner, for the payment of both
principal and interest, on the money hereby authorised to
be borrowed.
|
|
|
|
Tolls to be paid
semi-annually.
|
SEC. 5. And be it enacted, That it shall be the duty of
the president and directors of the said canal company, to
|
|
