384

LAWS OF MARYLAND.

and bearing six per cent, interest per annum ; said

Interest

bonds hereby authorized to be issued to bear interest

payable.

payable semi-annually, on the first day of January

and the first day of July in each and every year, at

the rate of five per cent, per annum, according to

the tenor of the coupons for said interest to be there-

to attached, and the said coupons on said bonds

Coupons re-

shall, as they become payable, be receivable by the

ceivable for

collector of taxes for said county in payment of

taxes.

county taxes.

SEC. 2. And le it further enacted, That said

bonds shall be issued payable twenty years from the

Payable in

date thereof, and be redeemable at any time after

twenty years.

the expiration of five years from date, at the pleasure
of said County Commissioners.

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

Commission-

County Commissioners are hereby authorized and

ers required
to sell bonds

required to sell said bonds to the best advantage, at
public sale, at such times and upon such notice as

to best advan-
tage.

they shall 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.

Money raised

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

raised by the issue and sale of such bonds under the

provisions of this act, shall be exclusively appro-

Applied to in-

priated and applied to the payment of the present

debtedness.

outstanding bonded indebtedness of said county,

bearing six per cent, interest per annum, now ma-

tured and payable by said county, or that may here-

after become payable by said county; provided,

No larger

however, that no larger amount of money shall be

amount tban

borrowed or bonds issued under the provisions of

necessary.

this act at any time than is necessary at siich time

to pay the amount of such present bonded indebted-

ness then due and payable by said county.

SEC. 5. And be it further enacted, That the said

County Commissioners shall in each and every year

Levy on as-
sessableprop-

levy upon the assessable property in Frederick

erty.

county such sum of money as may be necessary to

pay the interest on the outstanding bonds by them

issued in pursuance of this act, as the same shall fall

due, and also such further and additional sum as