882

LAWS OF MARYLAND.

Improvements in said counties, and subject to the
disposition of any future legislation of this State.

Bonds.

Sec. 3. And be it enacted, That when a demand
shall be made for any portion of the aforesaid sum
of five hundred thousand dollars, and in the judg-
ment of the Treasurer the condition of the Treasury
should require it, it shall be the duty of the Trea-
surer, and he is hereby authorized, to cause bonds of
the State of Maryland, not exceeding the amount
of one hundred and twenty-five thousand dollars
in any one year, in denominations of not less than
five hundred dollars each, and bearing coupons
for interest payable semi-annually at six per cent,
interest, to be issued in the usual form, and pro-
posals for the sale of the said bonds, made by ad-
vertisement, in such papers as he may select.

Interest.

Sec. 4. And be it enacted, That for the payment
of the interest and the redemption of the principal
of the said bonds when due, there shall be levied
upon the assessable property of the State, a tax of
one cent on the hundred dollars, to be collected as
other taxes are now collected, and the proceeds of
said tax shall be paid to the Treasurer of the
State, and be by him set apart for the payment
of the interest and for the redemption of the
principal of said bonds, and he shall invest the
surplus of receipts from the said tax, after paying
interest as a sinking fund for the redemption of
said bonds.

When re-
deemable.

Sec. 5. And be it enacted, That the said bonds
shall be redeemable in fifteen years from the date
of the issue of the said bonds.

Approved March 30, 1868,