HOWARD COUNTY. 3119

bonds to an amount not exceeding twenty-five thousand dollars in sums
of not less than one hundred dollars nor more than one thousand dollars,
each to be signed by the president of the Board of County Commissioners
and countersigned by the clerk of the said board; said bonds to bear inter-
est at a rate not exceeding four per cent, per annum, payable semi-annu-
ally on the first day of January and June in each and every year, and
the coupons of interest on said bonds shall be receivable by the collector
of taxes of said county for the payment of taxes.

1904, ch. 195, sec. 2.

279. The written application or petition requesting the County Com-
missioners to issue said bonds shall be filed in the County Commissioners'
office at least thirty days prior to the annual tax levy.

1904, ch. 195, sec. 3.

280. The said bonds shall be sold by the County Commissioners of
Howard County aforesaid, to the highest bidder for cash, for not less
than their par value, and said bonds shall be exempted from county and
municipal taxation, and said bonds shall be issued to mature not earlier
than twenty years nor later than thirty years from the date of their issue,
in the discretion of the Board of County Commissioners, but said County
Commissioners shall have the power to redeem any of the said bonds
after the expiration of ten years.

1904, ch. 195, sec. 4.

281. The County Commissioners of Howard County shall annually
levy upon the assessable property of the district so petitioning, at the
time of making the county levy, such a sum of money as may be neces-
sary to pay the interest on said bonds, and to form a sufficient sinking fund
for the payment of the principal at the maturity of said bonds, which shall
be collected as other county taxes are collected.

1904, ch. 195, sec. 5.

282. The money arising by the issuing and sale of said bonds, and
the amount levied and invested on account of the sinking fund aforesaid,
together with the interest arising from such investment, shall be desig-
nated as the "Road Fund" of the district for which it is used.

1904, ch. 195, sec. 6. 1906, ch. 297, sec. 6.

283. The proceeds arising from the sale of the said bonds shall be
applied to the building and repairing of the county roads, bridges and
culverts solely in the district which petitioned the County Commissioners
for the issuing of the said bonds, and in no other district and for no other
purpose; provided, however, that when any road, bridge or culvert shall
form the boundary between districts, the County Commissioners shall
assign to each district its portion of said road, bridge and culvert, and the
said roads, bridges and culverts shall be built or repaired under the super-