PHILLIPS LEE GOLDSBOROUGH, ESQ., GOVERNOR. 999

dollars ($20,000.00), to be issued in denomination of five
hundred dollars ($5.00.00) each, on the faith and credit of
Wicomico County, bearing interest at a rate not exceeding five
per cent, per annum and payable semi-annually, the said bonds
to be made payable in equal series of one, two, three, four, five,
six, seven, eight, nine and ten years, and the redemption thereof
to commence on the first day of January, nineteen hundred
and twenty; said bonds shall be numbered and redeemed as
numbered, commencing with number one, redeeming four bonds
each year commencing with the year nineteen hundred and
twenty as aforesaid, and the County Commissioners shall
annually levy a tax the year preceding at the regular levy to
meet and pay the interest on said bonds when issued and to
meet and pay the bonds as they shall become due, and be col-
lected as other taxes are collected. Said bonds to be exempt
from taxation in Wicomico county and the municipalities
thereof.

SEC. 3. And be it further enacted, That all bonds shall be
dated the first day of July, nineteen hundred and twelve,
and bear interest not exceeding five per cent per annum, inter-
est commence from the date of issue therof and payable on the
first day of January and the first day of July, of each year.
The four of the several bonds commencing with number one
shall be due and redeemable on the first day of January, nine-
teen hundred and twenty, and four more bonds, according to
numbers upward, in each successive year thereafter until all '
of said are redeemable.

SEC. 4. And be it further enacted, That when the said
bonds are properly prepared and duly executed as described,
the said County Commissioners are hereby authorized and
required to sell the said bonds to the best advantage at public
or private sale, at such time and upon such notice as they may
deem expedient, at not less than par; provided that the said
bonds shall be sold upon competitive bidding by sealed offers,
with the privilege of rejecting any and all bids, and that the
money arising from the sale of said bonds shall be kept as a
separate fund for the purposes of this act; and the County
Treasurer shall keep a full registry of the said bonds, with the
names of the purchasers and the amount realized from the
sales and dates of maturity of the several bonds, and when
redeemed the said bonds shall be at once cancelled on the face
of said bonds and on the book of registry and not again be
issued.

SEC. 5. And be it further enacted, That the sum raised by
the issue and sale of the said bonds shall be apportioned and