154

LAWS OF MARYLAND.

SEC. 3. And be it enacted, That the proceeds of the sale of the

bonds hereby authorized to be issued shall be exclusively appro-

priated and applied to the payment of the sums of money already

borrowed by the county commissioners of Frederick county and

expended in building, repairing and replacing bridges in said

Appro-
priate.

county, and to the payment of such further expenses and obliga-

tions as may be or have been incurred by said commissioners in

the building and repair of bridges in said county, and to the re-

demption, payment and satisfaction of such present outstanding

bonds of the county commissioners of Frederick county as are

now redeemable according to the provisions of the respective

acts of the General Assembly of Maryland under which they

were issued.

SEC. 4. And be it enated, That the said county commissioners

of Frederick county shall, in each and every year, levy upon the

assessable property in Frederick county such sum of money as

To pay.

may be necessary to pay the interest on the outstanding bonds

issued in pursuance of this act as the same shall fall due; and

also, after twenty years from the date of said bonds, such further

and additional sums as may be required to gradually retire and

redeem said bonds until all of them shall have been redeemed ;

and said tax authorized by this act shall be collected as other

taxes are collected in said county.

SEC. 5. And be it enacted, That said county commissioners are

authorized to sell and issue such bonds in such manner and upon

such notice as they in their discretion shall deem best; provided

they shall issue the same bearing a lower rate of interest than four

per cent, per annum; but if the said commissioners should fail

to negotiate and issue said bonds at a lower rate of interest than

Interest.

four per cent, per annum, they are then hereby authorized and

required to fix the rate of interest at four per cent, per annum

and sell said bonds to the best advantage at public sale or by bid

upon sealed proposals for cash, after giving such notice of time,

place, manner and terms of sale as they shall determine, but none

of said bonds issued under this act shall be sold for less than

par.

Effective.

SEC. 6. And be it further enacted, That this act shall take

effect from the date of its passage.

Approved March 21, 1890.