608

LAWS OF MARYLAND.

CHAPTER 429.

AN ACT to authorize the County Commissioners of Charles

County to issue bonds, bearing interest at a rate of interest

not exceeding five per cent, per annum to raise money to

pay off the portion of the bonded indebteduess of said

county accruing under the act of Assembly of eighteen

hundred and eighty-two chapter four hundred and fifty-

four and to levy and collect the necessary taxes for the

payment of said bonds aud the interest thereon.

SECTION 1. Be it enacted by the General Assembly of

May it sue

Maryland, That the County Commissioners of Charles

bonds

County are hereby authorized to issue bonds in sums not .

less than one hundred dollars nor more than one. thousand

dollars each to be signed by the president of the said board

of county commissioners and countersigned by the clerk of

said board, not to exceed in the aggregate five thousand

dollars, and bearing a rate of interest not exceeding five per

cent, per annum, said bonds hereby authorized to be issued

to bear interest payable semi-annually on the first day of

April and October in each and every year, at a rate of

interest not exceeding five per cent, per annum according

to the tenor of the coupons for said interest to be thereto

attached and the said coupons on said bonds shall as they

become payable be receivable by the collector of said taxes

for said county in payment of county taxes.

SEC. 2. And he it further enacted, That said bonds shall

Bonds

be issued payable ten years from the date thereof, and

payable.

redeemable at any time after the expiration of one year

from date at the pleasure of said county commissioners.

SEC. 3. And be it further enacted, That the said county

To sell

commissioners are hereby authorized and required to sell

said bonds.

said bonds to the best advantage at public sale at such

time and upon such notice as they may deem expedient,

provided however that they shall not sell any of the bonds

authorized to be issued under this act for less than par or

the face value thereof for cash in current money.

SEC. 4. And be it further enacted, That the money raised

Use of

by the issue and sale of said bonds under the provisions of

money
from sale

this act shall be exclusively appropriated and applied to

of bonds

the payment of the bonded indebtedness of said county

occurring under and by virtue of this act of Assembly of

eighteen hundred and eighty-two chapter four hundred

and fifty-four, being an act to authorize the county com-

missioners of said county to borrow money to pay arrearages