EDWIN WARFIELD, ESQ., GOVERNOR.

1075

therefor in sums of not less than one hundred dollars, nor

more than one thousand dollars each, to be signed by the presi-

dent of the said Board of County Commissioners and counter-

signed by the clerk of said board in a separate book kept for

that purpose. Said bonds shall bear interest at the rate of

five per centum per annum, payable semi-annually on the first

day of July and January in each year, and shall be forever ex-

empt from all taxation for county, municipal and school pur-

poses, and shall have printed on them a distinct reference to

the Act as authorizing the issue thereof.

SEC. 6. And be it enacted, That said bonds shall be issued

Bonds to be
issued in se-

in four series, each consisting of one-fourth of the amount of

ries.

bonds to be issued under this Act, and dated the first day of

July, 1904, and shall be redeemable as follows : The first

series five years after date, the second series ten years after

date, the third series fifteen years after date and the fourth

series twenty years after date; and the said bonds shall be

advertised and sold to the highest bidder or bidders for cash

by the County Commissioners; provided, said bonds shall not

be sold for less than face value.

SEC. 7. And be it enacted, That for the purpose of redeem-

Redemption of
bonds at ma-

ing said bonds at their maturity and for securing the prompt

turity.

payment of the interest thereon, the County Commissioners

shall, for the year 1904, and annually thereafter, levy a tax on

the assessable property of said county sufficient to pay the an-

nual interest on said bonds, and in addition thereto the sum of

one thousand dollars of the principal of said debt. The interest

on said bonds shall be receivable by the County Treasurer of

said county for taxes upon presentation, of the coupons of the

current year, and the Treasurer of said county shall, in addi-

tion to the reservation now provided by law for the prompt pay-

ment of public taxes, reserve out of the money collected by him

for county purposes generally, a sum sufficient to pay interest

on said bonds at the times when said interest shall fall due,

which interest shall be payable by the Treasurer of said county

upon the presentation of the coupons as they may fall due.

The said coupons taken in payment of taxes or paid in cash

shall be accounted for to the County Commissioners by the said

Treasurer as other vouchers of payment by him, and thereupon

burned and destroyed.

SEC. 8. And be it enacted, That the one thousand dollars

annually levied for, as provided in the preceding section, shall
be held and invested by said County Commissioners as a sink-

Sinking fund.

ing fund for the redemption of said bonds at their maturity,