754

LAWS OF MARYLAND.

Exempt from
taxation.

State of Maryland, which bonds or certificates of
debt shall be exempt from State, county and muni-
cipal taxation, and shall bear interest at the rate
of six per centum per annum, payable semi-
annually, on the first days of January and July
in each year, and be redeemable in not less than
ten nor more than fifteen years, at the pleasure of
the State, and which said bonds or certificates of
debt shall be sold for not less than their par value,
and the proceeds passed to the credit of the said
"Deaf and Dumb Asylum Loan," and the same
are hereby appropriated for the purpose of paying
all liabilities incurred in the construction and
furnishing of the buildings necessary for the pur-
poses of said Asylum, and the Treasurer of the
State is hereby directed to pay to the President
and Board of Visitors of the Asylum of the Deaf
and Dumb for the State of Maryland, on the war-
rant of the Comptroller, the proceeds of the loan
aforesaid, at such times and in such amounts as
may by them be deemed necessary for the purposes

Issue bonds.

of this Act, or the Treasurer may instead issue to
the said President and Board of Visitors the said
bonds or certificates of debt, at not less than their
par value; provided, that no such payment shall
be made to the said President and Board of Visitors

Contract for
building.

until they shall have invited bids, upon specifica-
tions furnished, and entered into a contract with
responsible parties for the construction of said build-
ings, which contract shall have been approved by
the Board of Public Works.

Special tax.

Sec. 18. And be it enacted, That a special tax
of one-fourth of one cent be and the same is hereby
laid on every hundred dollars' worth of the tax-

Sinking fund.

able property of this State to meet the interest and
create a sinking fund for the redemption of the
bonds or certificates of debt herein directed to be
issued, and the said tax shall be annually levied,
collected and paid over to the State Treasurer until
the debt created by this Act shall have been paid,
and a separate and distinct account shall be kept
thereof, and the proceeds thereof are hereby pledged
to the payment of the principal and interest of the
said bonds or certificates of debt, and for that pur-
pose so much thereof as may be necessary shall
first be applied to the payment of the interest on •
the bonds or certificates of debt hereby created,