60

LAWS OF MARYLAND.

Bonds,
Amount

County be and they are hereby authorized and empowered

and

in their discretion, to issue bonds to an amount not exceed-

Denomi-
nation.

ing seventy -five thousand dollars in sums not less than one

hundred nor more than one thousand dollars each, to be

signed by the president of the board of said County Com -

missioners and countersigned by the clerk of said board ;

said bonds to bear interest at the rate of 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 taxes for said county in payment of

county taxes, and said bonds shall be exempt from county

taxation.

When to

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

Mature.

issued to mature at such dates as shall not require the pay-

ment in any one year of more than five thousand dollars of

the principal sum thereof, and shall be redeemable 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 nineteen hundred.

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

Tax or

County Commissioners of Allegany County shall, annually

Interest

levy upon the assessable property of said county a tax suffi-

and
Redemp-

cient to pay the interest on said bonds and the principal of

tion.

such portions as may mature in each and every year after

the date of their issue, and the said levy shall be designa-

ted as " School House Fund. "

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

the sale of said bonds shall be paid over by the County

Commissioners of said county to the Treasurer of the Board

of School Commissioners of said county, who shall apply

said proceeds under the direction of the said Board of

School Commissioners, to the purchase of such lots and the

Proceeds

erection and furnishing of such school buildings as said

of Bonds

Board of School Commissioners may contract for and for no

other purpose.

Effective.

SEC. 5. And be it enacted, That this Act shall take effect

from the date of its passage.

Approved March 2d, 1892.