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Proceedings of the Senate, 1916
Volume 658, Page 80   View pdf image (33K)
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for the redemption of said bonds at maturity, and a state-
ment of the condition of said sinking fund, to be certified to
by the president and secretary of the savings bank or trust
company where said sinking funds are deposited, shall be
published each year, during the first week in January, in
the papers doing the county printing; or the said County
Commissioners may invest said sinking fund in the purchase
of the bonds hereby authorized to be issued or the stock or
bonds of this State, or of other States of the Union, or of the
City of Baltimore, or of the counties or municipalities of this
State, for the purpose of creating a sinking fund for the re-
demption of said bonds at maturity, and the interest, income
or dividends derived from such investments shall also be
from time to time so invested by the County Commissioners,
and the said sinking fund and the investment thereof shall
be kept sacred and inviolate for the redemption of said bonds
as they may mature; and any person or persons, either as
public officials or otherwise, who shall divert, or attempt to
divert, said sinking fund shall be guilty of a misdemeanor,
and upon indictment and conviction shall be fined a sum not
exceeding one thousand dollars and confined in the county
jail for a term not exceeding one year.

"Sec. 6. And be it enacted, That until the payment in
full of the whole amount of the principal of said bonds, all
dividends which may be declared by the said company upon
the said stock so to be subscribed for shall, so long as the
said stock shall continue to be owned by the county and
held by the County Commissioners, be paid by the said com-
pany to said County Commissioners to be invested by them
in the increase of said sinking fund, as provided in Section
5. It shall be the duty of the County Commissioners to pub-
lish during the first week of January in each year, under their
hands and seals, in the newspapers published in Calvert
county doing the county printing, a full statement of the
exact condition of said sinking fund.

"Sec. 7. And be it enacted, That the said County Commis-
sioners shall have power at any time, out of any surplus
funds belonging to the said county, to purchase and retire
any of the bonds hereby authorized to be issued at their
market value, and the same to cancel and destroy, after enter:
ing upon their books the date of such purchase and of such
cancellation, and the dates, amounts, numbers and other par-
ticulars of said bonds, respectively; provided, that no bonds


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Proceedings of the Senate, 1916
Volume 658, Page 80   View pdf image (33K)   << PREVIOUS  NEXT >>

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