214 LAWS OF MARYLAND. [Ch. 104]

they are hereby authorized and directed to issue bonds in the
name of the Board of County School Commissioners of Dor
chester County, with the endorsement thereon of the County
Commissioners of Dorchester County, which endorsement said
County Commissioners are hereby authorized and required to
give, the amount of ten thousand dollars, or so much thereof
as the building committee shall require. Said bonds shall bo
issued in sums not less than one hundred dollars nor more than
five hundred dollars each. And shall be signed by the presi
dent of said Board of School Commissioners and countersigned
by the secretary of said board, with the corporate seal of said
board attached; such bonds shall be dated the first day of July,
1912, and shall bear interest at the rate of five per cent, per
annum, payable on the first day of January and July in each
year, until the said bonds are respectively paid; for which semi
annual interest, proper interest coupons, payable to bearer, shall
be attached to said bonds, to be signed by the president of the
Board of County School Commissioners and countersigned by
the secretary thereof; said bonds shall be made payable to the
bearer, 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 said principal and interest; such endorsement 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 countersigning the same with the
corporate seal of said County Commissioners attached thereto:
said bonds and every part thereof and the interest thereon, being
exempt from all county and municipal taxation, whether laid
directly or indirectly in the hands of any corporation or indi-
vidual holder thereof.

SEC. 5. And be it enacted, That the said bonds shall be
issued in ten series, each consisting of one-tenth of the amount
of bonds to be issued by said school commissioners under this
act, and shall be paid and redeemed, both principal and interest,
by the County Commissioners of Dorchester County aforesaid,
as follows: The first series one year after date, the second series
two years after date, the third series three years after date, the
fourth series four years after date, the fifth series five years
after date, the sixth series six years after date, the seventh
series seven years after date, the eighth series eight years after
date, the ninth series nine years after date, and the tenth series
ten years after date, and said bonds shall be advertised and