1078 LAWS OF MARYLAND. [Ch. 692]

Commissioners and countersigned by the clerk thereof, with
the seal of the said County Commissioners attached. The said
bonds to be issued in the denomination of five hundred dollars
($500.00) each, on the faith and credit of the county of Dor-
chester aforesaid, and to bear interest from the date of the
issue thereof at the rate of not more than five per centum
per annum, payable semi-annually; which said interest to the
maturity of each of said bonds shall be provided for and set
forth in the coupons attached to each of said bonds. Which
said bonds shall be numbered consecutively and shall have
printed on them and on the coupons attached to them a dis-
tinct reference to this act authorizing the issue thereof.

SEC. 3. And be it enacted, That the said bonds shall be
redeemable as follows: That is to say, fifteen hundred dollars
($1,500.00) thereof on the first day of January, in the year
nineteen hundred and fourteen, and thereafter annually fifteen
hundred dollars ($1,500.00) on the first day of January in
each and every year until the whole amount of said bonds shall
have been fully paid.

SEC. 4. And be it enacted, That all of said bonds shall be
dated the first day of July, nineteen hundred and twelve, and
bear interest from the date thereof, at the rate of five per cen-
tum per annum. Said interest to be payable on the first day
of January and July in each year to the maturity of each of
said bonds; three of said bonds, commencing with No. 1 shall
be due and redeemable the first day of January, nineteen hun-
dred and fourteen; three more of said bonds, in order, accord-
ing to numbers, shall be due and redeemable on the first day of
January in each and every succeeding year thereafter until all
of said bonds are due and redeemable.

SEC. 5. And be it enacted, That after the said bonds shall
have been properly prepared and duly executed as herein pre-
scribed, the said County Commissioners of Dorchester County
are hereby authorized and directed to sell the said bonds at such
times and in such numbers as may be necessary for the objects
and purposes of this act, at either public or private sale, to the
best advantage, in the discretion of the said County Commis-
sioners, upon such notice as the said County Commissioners
may deem expedient; provided, that the said bonds shall be
sold upon competitive bidding, by sealed offers, with the privi-
leges reserved to the County Commissioners of rejecting any
and all bids, and provided further, that none of said bonds shall
be sold for less than par.