98

LAWS OF MARYLAND.

said county, that is to say, the excess of outstanding county paper
over and above the amount of uncollected taxes levied in each of

the following years respectively, to wit: eighteen hundred and

seventy-four, eighteen hundred and seventy-five, eighteen hundred

and seventy-six, eighteen hundred and seventy-seven, eighteen

To apply

hundred and seventy-eight, eighteen hundred and seventy-nine,

eighteen hundred and eighty and eighteen hundred and eighty-one;

and the residue of the proceeds of said bonds (not including any

premium thereon,) shall be used for the payment of the current ex-

penses of said county, beginning with and including those provided

for by the annual levy for said county, made in March, eighteen.

hundred and ninety, and the expenses of said county thereafter.

SEC. 5. And be it enacted, That the county commissioners of

Prince George's county, shall in each year levy upon the assessable

property in said county, such sum of money as may be necessary to

pay the interest on the said bonds, as said interest may become due;

and the said county commissioners at their levy-laying term in the

year nineteen hundred and at each successive levy-laying term

thereafter, so long as maybe necessary, shall levy the sum of four
thousand dollars, which said sums when collected by the respective

treasurers and collectors of taxes for said county, shall constitute a.

sinking fund for the redemption of said bonds, and the first four

thousand dollars of county taxes collected in each of the several

Sinking

years aforesaid out of the total levy of such years respectively, shall

fund.

be taken and are hereby declared set apart for such sinking fund

and for immediate investment as hereinafter provided, and shall be

a first lien on such levies respectively; said sinking fund shall be

under the control and management of said county commissioners,

and the money belonging thereto shall be invested only in the se-

curities of the United States, of the State of Maryland, of the city

of Baltimore, and of the counties of the State of Maryland; said

county commissioners shall keep said securities in some safe deposit

company in the State of Maryland in a secure box, locked with two

diverse locks, the key of one of which shall be at all times kept by

Securities

the county treasurer, and that of the other by the president of the

board of commissioners of the county, and the money belonging to

said fund until its investment shall be held by the treasurer of said

county; in making said investments, or changing the same, a.

majority of the whole board of county commissioners shall concur ;

and such majority shall likewise be present whenever said box in

said safe deposit company shall be opened, and in each annual state-

ment of the affairs of Prince George's county, a full statement shall

be made of the condition of said sinking fund and the securities

thereof.

SEC. 6. And be it enacted, That the money arising from the

Deposit.

sale of said bonds shall be deposited by said county commis-

sioners to the credit of the board of county commissioners of