740

LAWS OF MARYLAND.

CHAPTER 535.

AN ACT to repeal chapter one hundred and twenty-one

of the acts of eighteen hundred and ninety, entitled

" An act to authorize the County Commissioners of Prince

George's County to issue bonds, &c.," and to re-enact

the same with amendments so as to read as follows :

SECTION 1. Be it enacted by the General Assembly of

Amended

Maryland, That chapter one hundred and twenty-one of the

acts of eighteen hundred and ninety, title "An act to

authorize the County Commissioners of Prince George's

County to issue bonds, &c.," be and the same is hereby

repealed and re-enacted with amendments so as to read as

follows :

2. The County Commissioners of Prince George's County

Toissne

are hereby authorized and empowered to issue coupon bonds

coupon

of said county to an amount not exceeding eighty thousand

bonds.

dollars, in sums of not less than one hundred dollars, nor

more than one thousand dollars, to be signed by the presi-

dent of said board of county commissioners and counter-

signed by the clerk thereof, and under the corporate seal

of said board of commissioners, bearing interest at the

rate of. five per cent, per annum, payable semi-annually on

the first day of January and the first day of July in each

year ; which bonds shall be exempt from county, and munic-

ipal taxation ; the coupons when they become due shall be

received by the treasurer of said county in payment of

county taxes.

When
payable.

3. Said bonds shall be payable thirty years after date.

4. Said county commissioners are hereby authorized and

Authority
to sell

required to sell said bonds to the highest bidder for cash at

a public letting of said bonds, to be held by said county

commissioners after not less than twenty days advertise-

ment in one or more newspapers published in the cities of

Baltimore and Washington, D. C., provided, that said

commissioners shall not sell any of said bonds for less than

their par value ; and provided also, that any premium

devised from the sale of said bonds shall be applied to the

payment of the interest first accruing thereon.

5. The money arising from the sale of said bonds shall

Money

be applied as follows : So much thereof, as may be required,

from sale-
how to be

not exceeding fifty-six thousand dollars, shall be applied in

applied

settlement of the deficiencies existing and due by said

county on account of outstanding county paper that is to

say the excess of such paper over and above the amount of