JOHN WALTER SMITH, ESQ., GOVERNOR.

President of said Board of County Commissioners and coun-
tersigned by the clerk thereof; said bonds to be coupon bonds
and to bear interest at a rate not to exceed three and one-
half per centum per annum, payable semi-annually on the 1st
day January and July in each year, and the coupons on said
bonds when due and payable shall be received by the county
treasurer for said county in payment of county taxes.

773

SEC. 2. And be it enacted, That said bonds shall be payable
forty years after date to bearer, redeemable, however, at the
pleasure of said County Commissioners any time after the
expiration of twenty years from their respective dates.

When
redeemable.

Sec. 3. And be it enacted, That the said County Commis-
sioners be and they are hereby authorized and empowered to
sell said bonds at public sale to the highest bidders, after
having given at least four weeks public prior notice by
advertisement in such newspapers published in the State of
Maryland as the said County Commissioners may select, at
least two of which newspapers shall be printed and published
in Frederick County, and such other notice as the said Com-
missioners may think proper; or said Commissioners may, if
they believe the interest of said county will be the best sub-
served thereby sell said bonds by bid upon sealed proposals,
after having given notice prescribed above for a public sale;
provided, however, that said bonds shall not be sold except
for cash, and it is hereby further expressly provided that none
of said bonds shall be sold at less than their par value.

Sale of said
bonds.
How
conducted.

SEC. 4. And be it further enacted, That said bonds shall be
exempt from all county and municipal taxation, and that the
money arising from the sale of the bonds authorized hereby
to be issued, as aforesaid, shall be applied exclusively to the
payment of the present outstanding four per cent, bonds
issued under the Act of the General Assembly of Maryland,
passed at the session of eighteen hundred and eighty-four,
Chapter four hundred and ninety-four, to the extent of sixty-
five thousand dollars, and the present outstanding four per
cent, bonds issued under the Act of the General Assembly of
Maryland, passed at the session of eighteen hundred and
eighty-six, Chapter two hundred and thirty-nine, to the
extent of one hundred and twenty-three thousand and seven
hundred dollars, now redeemable and payable by said Fred-
erick County.

Exempt from
county and
municipal
taxation.
How applied.

SEC. 5. And be it further enacted, That the said County
Commissioners shall, in each and every year, levy upon the
assessable property in Frederick County such sums of money

Annual levy
to pay
interest, et