2J2

LAWS OF MARYLAND.

be attached to said bonds, to be signed by the President of the

Bonds to be
forever ex-

said Board of County School Commissioners and counter-

empt from

signed by the Secretary thereof ; said bonds shall be made

taxation.

payable to the bearer, and shall be forever exempt from all

taxation, and shall have printed on them a distinct reference

to this Act as authorizing the issue thereof, which said bonds

shall be endorsed by the County Commissioners of Dorchester

County, and the credit of said county shall be pledged thereby

for the payment of the said principal and interest ; such en-

dorsement shall be by the President of the Board of County

Commissioners of Dorchester County, as such, signing the

same, and the clerk of said County Commissioners counter-

signing the same, with the corporate seal of said County Com-

missioners attached thereto.

SEC. 5. And be it enacted. That said bonds shall be issued

Series of

in five series, each consisting of one-fifth of the amount of

bonds.

bonds to be issued by said School Commissioners under this

Act, and shall be payable and redeemable, both principal and

interest, by the County Commissioners of Dorchester County

aforesaid as follows : The first series five years after date ;

the second series ten years after date ; the third series fifteen

years after date ; the fourth series twenty years after date ;

the fifth series twenty-five years after date ; and said bonds

shall be advertised and sold to the highest bidder or bidders

for cash bv the School Commissioners.

SEC. 6. And be it enacted. That for the purpose of redeem-

Redemption a
maturity.

ing said bonds at their maturity, and for the purpose of se-

curing the prompt payment thereof, the County Commis-

sioners of Dorchester County shall lew in each and every year,

beginning with the year 1904, upon the taxable property of

Dorchester County the sum of five hundred dollars for the

payment of the principal of said bonds, and shall retain from

the money or moneys levied and appropriated by them for

public school purposes, each and every year, beginning with

the year 1904 as aforesaid, an amount sufficient to pay the

interest of said bonds as the same become due and payable

until all of said bonds are redeemed and paid ; and upon the

purchase of any of such bonds, or the redemption of the same

at maturity, thev shall be immediately cancelled or destroyed

under the direction of the said County Commissioners and in

Record to be

their presence, and when so destroyed a record of the destruc-

kept.

tion of the same shall be made and extended upon the records

of the office.

SEC. 7. And be it enacted, That the money arising from the

sale of said bonds as provided in Section 5 of this Act shall