296

LAWS OF MARYLAND.

Commissioners, and countersigned by the clerk of said

board, said " bonds" to bear interest at a rate not exceed-

ing 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 taxes for said county in

payment of county taxes, and shall be exempted from

county taxation.

SEC. 2. And be it enacted, That said " bonds " shall be

When to

issued so as to mature at such dates as shall not require,

mature

the payment in any one year of more than one thousand

dollars of the principal sum thereof, and shall be redeem-

able at the pleasure of said County Commissioners, at or

before their maturity, but none of said "bonds" shall be

issued to mature before the first day of April in the year

eighteen hundred and ninety-three.

SEC. 3. And be it enacted, That to redeem said " bonds "

the County Commissioners of Washington County shall an-

Levy tax.

nually 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 said levy shall be

designated as " School House Fund."

SEC. 4. And be it enacted, that the proceeds arising from

Purchase

the sale of the aforesaid "bonds " shall be paid over by the

lot and
build.

County Commissioners to the treasurer of the Board of

School Commissioners of said county, who" shall apply said

proceeds to the purchase of a lot of ground in Hagerstown

in election district No. 21 and the erection thereon of a

building for a graded school and for no other purpose.

SEC. 2. And be it enacted, That this act shall take effect

Effective.

from the date of its passage.

Approved March 28th, 1892.