EDWIN WARFIELD, ESQ., GOVERNOR.

177

Commissioners of Wicomico County be and they are hereby

authorized and directed to issue bonds as hereinafter di-

rected, to be signed by the president of the Board of County

Commissioners and countersigned by the Clerk of the said

Board for Wicomico County with the seal of the County

Commissioners attached.

SEC. 2. And be it enacted. That the amount of the said bonds

shall not exceed, in the aggregate, twenty thousand dollars;

Amount of

to be issued in denominations of five hundred dollars each on

bonds and
dates of re-

the faith and credit of Wicomico County, and bearing interest

demption of
same.

at a rate not exceeding five per cent, per annum, payable

semi-annually ; the said bonds to be made payable in equal

series of one, two, three, four, five, six, seven, eight, nine and

ten years, and to commence the redemption of the same on

the first day of January, in the year 1906; said bonds shall

be numbered and redeemed as numbered, commencing with

number one, redeeming four bonds each year, commencing

with the year 1906, as aforesaid; and the Board of County

Commissioner shall annually levy a tax, the year preceding,

at the regular levy, to meet and pay the interest on said bonds

when issued, and to meet and pay the bonds as they shall

become due, and be collected as other taxes are collected. The

said bonds to be exempt from all State, county and municipal

taxation.

SEC. 3. And be it enacted. That all bonds shall be dated

the first day of July, 1004, and bear interest not exceeding five

Interest not

per cent., and interest to commence from the date of the

exceeding 5
per cent.

issue thereof and payable on the first day of July and January

of each vear. The four of the several bonds commencing

with No. 1 shall be due and redeemable on the first day of

January, 1906, and four more bonds according to numbers

upward in each succeeding year until all of said bonds are

redeemed.

SEC. 4. And be it enacted, That when the said bonds are

properly prepared and duly executed as prescribed the said

Sale of Bonds

Board of County Commissioners are hereby authorized and

required to sell the said bonds to the best advantage at pub-

lic or private sale, at such time and upon such notice as they

may deem expedient, at not less than par, provided that

the said bonds shall be sold upon competitive bidding by

sealed offers, with the privilege of rejecting any and all bids

and that the money arising from the sale of said bonds shall

be kept as a separate fund for the purpose of this Act; and
the County Treasurer shall keep a full registry of the said

Registry of
same.