WM. T. HAMILTON, ESQUIRE, GOVERNOR.

71

vided, that said bonds shall be advertised and sold

to the highest bidder or bidders, at not less than

their face value, by the County Commissioners of

said Montgomery county, for cash.

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

be isued to mature at such dates as shall not require

when to ma-
ture.

the payment in any one year of more than twenty-

five hundred 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 June in the year eighteen

hundred and eighty-three.

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

bonds the County Commissioners of Montgomery

county shall annually levy upon the assessable prop-

Levy upon as-

erty of said county a tax sufficient to pay the inter-

ses-able prop-
erty.

est thereon and the principal of such portion as may

mature in each and every year after the date of their

issue : and said levy shall be designated as " School

Debt Fund."

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

arising from the aforementioned bonds shall be paid

over by the County Commissioners to the Treasury

of the School Commissioners of said county, who

How applied.

shall immediately apply said proceeds to the pay-

ment of the aforesaid indebtedness now due by said

School Commissioners, and to no other purpose.

SEC. 5. And be it enacted, That hereafter the

School Commissioners of said county shall not ex-

Sum to be ex-

pend for school purposes, or for any other purpose, a

pended.

greater sum of money in any one year than shall be

annually levied for school purposes by the County

Commissioners of said county, in addition to the

amount annually received by the said School Com-

missioners from the Treasurer of the State; and

they shall not borrow any sum or sums of money in

Not to borrow.

any one year in excess of their actual receipts and

incomes for such year, as provided for by law; and

it shall not be lawful for said County School Com-

missioners to contract or pay any debt in excess

of the annual revenues provided by law for school

purposes; nor shall the County Commissioners of

said county assume or pay any debt or portion

thereof contracted in violation of the provisions of

this act.