360

LAWS OF MARYLAND.

respectively due and owing, and to accomplish said purpose
are desirous of funding said indebtedness at a reduced rate
of interest; therefore,

County
Commission'rs
authorized to
issue bonds.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the County Commissioners of Carroll County,
Maryland, are hereby authorized and empowered to assume
the payment of the indebtedness of the Board of School Com-
missioners of Carroll County, as the same may have existed
on the first day of January, A. D. 1900, and remains unpaid,
and to fund the same at a reduced rate of interest, and for
that purpose the said County Commissioners of Carroll
County are hereby authorized and directed to issue bonds, to
be called Carroll County School Bonds, not to exceed the
sum of thirty thousand dollars, said bonds to be registed or
coupon, in the discretion of the said County Commissioners,
and to be issued in sums or denominations of not less than
one hundred dollars nor more than one thousand dollars, to
be signed by the president of the said Board of County Com-
missioners, and to be countersigned by the county treasurer
of said county, and have the corporate seal of said County
Commissioners affixed thereto, bearing interest at a rate not
exceeding four per cent, per annum, payable semi-annually
on the first day of April and October in each year after the
issue of said bonds, and until the said bonds are paid, and
the said bonds shall be exempt from all taxation.

When bonds
payable.

SEC. 2. And be it enacted, That said bonds shall be payable
as follows: One thousand dollars thereof on the first day of
April, A. D., 1905, and one thousand dollars on the first day
of April in each and every year thereafter until all the said
bonds are fully paid; provided, however, that all said bonds
shall be redeemable at the pleasure of the said County Com-
missioners on or after the first day of April, A. D. 1905.

Manner of
disposing of
said bonds.

SEC. 3. And be it enacted, That said County Commission-
ers are hereby authorized to sell said bonds either at public
or private sale for cash, after two weeks' notice of such, sale
shall be published in two newspapers published in said
county before the day of sale, stating the time, when and the
place where said bonds shall be sold; provided, however, that
said County Commissioners shall not sell any bond issued
under this Act for less than the par value of said bond.

Interest and
principal.

SEC. 4. And be it further enacted, That after the issue of
said bonds and until the same are fully paid the said County
Commissioners are hereby authorized and directed to retain
from the sum or sums of money apportioned and appropriated