488

LAWS OF MARYLAND.

to retain each and every year from the sum of money appro-

Creating a
sinking fund

priated to them by the County Commissioners for the support

of the public schools of Anne Arundel County a sum of money

sufficient to meet the interest and to create a sinking fund to

pay the principal of said bonds as they mature until the last of

said bonds issued by them under this Act shall have been paid

and cancelled, and the said bonds and coupons shall be made

payable at Annapolis, Maryland.

SEC. 7. And be it enacted, That said bonds shall be issued

Bonds to be
issued in

in three series, each consisting of one-third of the amount of

series.

bonds to be issued by said School Commissioners under this

Act, and shall be payable and 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 said bonds

shall be advertised and sold to the highest bidder or bidders

for cash by the School Commissioners ; provided said bonds

shall not be sold for less than their face value.

SEC. 8. And be it enacted, That for the purpose of redeem-

A reserve fund

ing said bonds at their maturity and for securing the prompt

for redemp-
tion of bond.

payment thereof, the School Commissioners and School Ex-

aminers of Anne Arundel County shall, for the year 1904 and

annually thereafter, reserve the sum of one thousand dollars

as part of the principal of said debt as aforesaid ; provided,

however, that one-third of the amount required annually to be

reserved for the sinking fund and one-third of the amount

required to pay the semi-annual interest on said bonds shall

be levied on the assessable property in the Fifth Election Dis-

trict of said county. It being the intent of this Act that only

two-thirds of the whole amount shall be chargeable against the

county school fund at large, and the other one-third be charge-

able against the said Fifth District ; said one thousand dollars so

annually reserved by the School Commissioners of Anne Arun-

del County shall be kept by them entirely separate and distinct

from the school funds, and shall be accounted for by the Exam-

iner in his annual statement to the County Commissioners of

Anne Arundel County, and shall be held by said County Com-

missioners as a sinking fund for the redemption of said bonds at

the time or times of their maturity ; and the said County School

Examiner shall from time to time in each year deposit in the

County School
Examiner to

Annapolis Savings Institution on interest for the benefit of said

deposit fund

fund all moneys belonging to said sinking fund, to be used

in bank.

in the purchase of said bonds or any of them that may be

offered for sale and for the redemption of said bonds at

maturity ; and upon the purchase of any of such bonds or the