676

LAWS OF MARYLAND.

separate book kept for that purpose ; that said bonds shall

bear interest at the rate of five per cent, per annum, payable

semi-annually on the first day of October and April in each

year until the said bonds shall be paid ; that said bonds

shall be forever exempt from all taxation for any purpose,

and shall have printed on them a distinct reference to the

act as authorizing the issue thereof.

SEC. 6. And be it enacted, That said bonds shall be issued

Bonds to
be issued

in tive series, each consisting of one-fifth of the amount of

in five

bonds to be issued under this act, and dated the first day of

series.

July, eighteen hnnndred and ninety-two, and shall be

redeemable as follows : The first series five years after date ;

the second series ten years after date ; the third series fif-

teen years after date ; the fourth series twenty years after

date, and the fifth series twenty-five years after date, and

said bonds shall be advertised and sold to the highest bid-

ders for cash by the county commissioners ; provided said

bonds shall not be sold for less than face value.

SEC. 7. And be it enacted, That for the purpose of redeem-

Levy a tax

ing said bonds at their maturity, and for securing the prompt

to redeem

n payment of the interest thereon the county commissioners

bonds.

shall for the year eighteen hundred and ninety-two, and

annually thereafter levy a tax on the assessable property of

said county sufficient to pay the annual interest on said

bonds, and in addition thereto the sum of one thousand dol-

lars of the principal of said debt. The interest on said bonds

shall be receivable by the treasurer of said county for taxes

upon presentation of the coupons of the curreut year; and

the treasurer of said county shall in addition to the reser-

vation uow provided by law for the prompt payment of

public school tax reserve out of the money collected by him

for county purposes generally a sufficient sum to pay the

interest on said bonds at the times when said interest shall

full due, which interest shall be payable by the treasurer of

said county upon the presentation of the coupons as they

may fall due. The said coupons taken in payment of taxes

or paid in cash shall be accounted for to the county commis-

sioners by the said treasurer as other vouchers of payments

by him and thereupon burned and destroyed.

SEC. 8. And be it enacted, That one thousand dollars

Sinking

annually levied for as provided in the preceding section shall

fund

be held and invested by said county commissioners as a

sinking fund for the redemption of said bonds at their

maturity and the said county commissioners shall from

time to time invest the money's belonging to said sinking

fund in any safe investment, or in the purchase of any said

bonds, that may be offered for sale and redemption. And