CALVERT COUNTY. 1513

than one thousand dollars each, to be signed by the President of the Board
of County Commissioners, countersigned by the Clerk of the said Board.
The said bonds shall be dated on the date of their issue, and shall be pay-
able, as to principal, not more than thirty years from date, and shall bear
interest at the rate of not more than 5 per cent per annum, payable semi-
annually, in each and every year until maturity and said bonds shall be
forever exempt from all State, county and municipal taxation and shall
have printed on them a reference to this Act, as authorizing the issue
thereof.

1920, ch. 231, sec. 3.

277. The County Commissioners of Calvert County shall advertise
for sealed bids for said bonds, by inserting a notice in at least two daily
newspapers, published in the City of Baltimore, to be selected by them,
at least once a week for two successive weeks before the date of opening
said bids and the said bonds shall be sold to the highest responsible bidders
therefor for cash, provided said bids shall be for not less than the face
value of said bonds, and the terms of bidding and the amount of deposit
required, to be made shall be in the discretion of the County Commis-
sioners, subject to the provisions hereof.

1920, ch. 231, sec. 4.

278. The County Commissioners of Calvert County shall use the
money received from the sale of the bonds, issued hereunder, immediately
upon its receipt, for the specific purpose for which the bonds have been
issued and for no other purpose whatsoever, and any balance left over,
shall be deposited by them in the sinking fund hereinafter provided for
the redemption of the specific bonds from the proceeds of which said sur-
plus was derived.

1920, ch. 231, sec. 5.

279. The County Commissioners of Calvert County are hereby au-
thorized and directed to levy each and every year after any bond issue
under the provisions hereof as a separate fund for each of such issues a
sufficient amount of money to meet the interest on said bonds and to
create a sinking fund to pay said bonds at maturity until the last of said
bonds, issued under this Act shall have been paid and cancelled. Such
funds shall be deposited in some safe banking or savings institution in
the State of Maryland on interest, and County Commissioners are hereby
authorized and empowered to purchase from the proceeds of such sinking
funds any of the bonds which may be offered for sale, when in their judg-
ment it shall be advisable so to do, and upon the purchase of any of such
bonds and the redemption of the same at maturity, the County Commis-
sioners shall immediately cancel said bond or bonds by stamping the same
with the word "Cancelled." No portion of said sinking funds shall ever
be diverted to any other purpose than to the liquidation of said bonds and
in case any of the persons in charge thereof shall so divert or permit the