2014 WASHINGTON COUNTY. [ART. 22.

SCHOOLS.

1883, ch 225.

343. The county commissioners are authorized and empow-
ered, in their discretion, to issue bonds to an amount not exceed-
ing twenty thousand dollars, in sums not less than one hundred
nor more than one thousand dollars, to be signed by the presi-
dent of the board of said county commissioners, and countersigned
by the clerk of said board; said bonds to bear interest at a rate
not exceeding five per cent, per annum, payable semi-annually on
the first day of April and the first day of October in each and
every year during which said bonds may run and remain unpaid;
and the coupons for interest on said bonds shall be receivable by
the collector of the taxes for said county, in payment of county
taxes, and said bonds shall be exempt from county taxation.

Ibid.

344. Said bonds shall be issued to mature at such dates as
shall not require the payment in any one year of more than one
thousand dollars of the principal sum thereof, and shall be re-
deemable at the pleasure of said county commissioners, at or be-
fore their maturity; but none of said bonds shall be issued to
mature before the first day of April, in the year eighteen hun-
dred and eighty-nine.

Ibid.

345. To redeem said bonds, the county commissioners shall,
annually, levy upon the assessable property of said county a tax
sufficient to pay the interest on said bonds and the principal of
such portions as may mature in each and every year after the
date of their issue, and the said levy shall be designated as
"School-house fund."

Ibid.

346. The proceeds arising from the sale of said bonds shall
be paid over by the county commissioners to the treasurer of the
board of school commissioners of said county, who shall apply
said proceeds, under the direction of said board of school commis-
sioners, to the purchase of such lots and the erection and furnish-
ing of such school buildings as said board of school commis-
sioners may contract for, and to no other purpose.