EDWIN WARFIELD, ESQ., GOVERNOR.

843

they mature until the last of said bonds issued under this Act

shall have been paid and cancelled, should said bonds be issued

and endorsed as aforesaid.

SEC. 7. And be it enacted, That the first bonds issued under

this Act shall be dated the first day of May, 1904, and be pay-

Date of first
bonds issued.

able, as to principal, in thirty years from the date of their issue ;

and said bonds shall be advertised for sale in two daily news-

papers published in the City of Baltimore, to be selected by

the School Board, and sold to the highest bidders for cash and

for not less than their face value by the School Commissioners

of Prince George's County.

SEC. 8. And be it enacted, That the County School Com-

missioners of Prince George's County shall annually deposit in

Redemption at
maturity.

some savings institution in the State of Maryland, on interest,

a sufficient amount of money to create a sinking fund for the

redemption of said bonds at their maturity, and are hereby

authorized and empowered to purchase from the proceeds of

said sinking fund any of the said bonds as may be offered for

sale ; and upon the purchase of any such bonds or the redemp-

tion of the same at maturity, the County School Commissioners

shall have said bond or bonds immediately cancelled by stamp-

ing across their face the word "Cancelled," and no portion of

said sinking fund so set apart shall ever be diverted to any

other purpose than to the purchase and liquidation of said

bonds; and should the said Examiner or the County School

Commissioners or any other person having charge of said sink-

ing fund, suffer or permit the same or any part thereof to be

diverted from or applied to any other purpose than the invest-

Cannot divert
fund.

ment thereof for the purchase of said bonds, and the purchase

and redemption of the same, then the person or party so offend-

ing shall be deemed guilty of a misdemeanor and upon convic-

tion thereof shall be subjected to a fine of not less than twice

the amount so misapplied or diverted.

SEC. 9. And be it enacted, That the County School Ex-

aminer shall keep a separate account of the money applied

Separate ac-
count.

each year to the payment of interest on said bonds, as well as

the amount of money deposited each year to the creation and

support of the sinking fund to meet the principal of said bonds

at maturity.

SEC. 10. And be it enacted, That the money arising from the

sale of said bonds as provided in Section 7 of this Act shall be

Funds to be

paid to the School Examiner of Prince George's County, and

paid to build-
ing committee

that it may be applied to the purpose set forth in this Act the