T. WATKINS LIGON, ESQUIRE, GOVERNOR

29

required by said rail road company, and pay over the
proceeds thereof to the register or the city, and it is
likewise understood and provided that if the commis-
sioners of finance shall at any time elect to issue five
per cent sterling bonds as aforesaid, the cost of exchange,
commission to agent in London, and all other expen-
ses incidental to such payment, shall be chargeable to
and paid by the president and directors of the Balti-
more and Ohio Rail Road company aforesaid, and it is
hereby further provided, that any and all expenses in-
cident to the issue of any of the bonds, whether cur-
rency or sterling as aforesaid, shall in like manner be
chargeable to and paid by the said rail road company.

SEC. 2. And be it enacted, That the city register,
be, and he is hereby authorised to pay to the Baltimore
and Ohio Rail Road company, the amount of money
he may receive from time to time, from the commis-
sioners of finance on account of the sale of said certi-
ficates reserving ten per cent thereof to be used as a
sinking fund, to pay the principal of said loan at ma-
turity.

Authority to

pay.

SEC. 3. And be it enacted, That the said reserva-
tion of ten per cent, amounting to five hundred thou-
sand dollars, shall by the register of the city of Balti-
more, with, the quarterly interest thereon, be invested
in the public debt of the city of Baltimore, and so from
time to time, until the maturity of the bonds, when so
much thereof as may be necessary shall be applied to
the payment of the principal sum of said bonds, and
to release the said company from all responsibility for
the mortgage herein created, in so fur as said sinking

Reservation
of ten per ct.
to be invested.

fund may be capable of paying the same; and the said
mortgage as mentioned to be given by the said Balti-
more and Ohio Rail Road company, in section first of
this ordinance, shall be recorded under the direction of
the city register and at the expense of the said com-
pany in the proper offices of record, where such in-
struments are recorded in all counties, districts, cities
or towns, whether in the State of Maryland, or out of
it, wherein said company have any real or personal
estate, road or roads, tolls or revenues, as mentioned in
the first section of this ordinance.

Mortgage to
be recorded.

SEC. 4. And be it enacted, That if at the maturity
of said bonds the said sinking fund shall have accumu-
lated to an amount exceeding the principal sum of the
loan authorised in this ordinance of five millions of
dollars, the said excess shall be paid into the city trea-
sury for the use of the city, and be applied to the ex-
tinguishing the internal improvement debt.

Excess—how
to be applied.