HENRY LLOYD, ESQUIRE, GOVERNOR.

missioners of Washington county be and they
are hereby authorized and empowered, in their
discretion, to issue bonds to an amount not
exceeding ten thousand dollars, in sums not
less than one hundred nor more than one
thousand dollars, each to be signed by the
President of the Board of said County Commis-
sioners, and countersigned by the Clerk of said

587

Board, said bonds to bear interest at a rate not
exceeding five per cent, per annum, payable
semi-annually, on the first day of April and
the first day of October, in each and every
year, during which said bonds may run and
remain unpaid; and the coupons for interest
on said bonds shall be receivable by the Col-
lector of taxes for said county in payment of
county taxes, and shall be exempt from county
taxation.

SEC. 2. And be it enacted, That said bonds
shall be issued to mature at such dates as shall
not require the payment in any one year of

Issue bonds.

more than one thousand dollars of the prin-
cipal 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 April, in the year eighteen hun-
dred and eighty-seven.

SEC. 3. And be it enacted, That to redeem
said bonds the County Commissioners of Wash-

Mature at
certain dates..

ington county shall annually levy upon the
assessable property of said county a tax suf-
ficient to pay the interest on said bonds, and
the principal of such portions as may mature
in each and every year after the date of their
issue, and said levy shall be designated as
"School House Fund."

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

Levy to r e -
deem.

arising from the sale of the aforementioned
bonds shall be paid over by the County Com-
missioners to the Treasurer of the Board of
School Commissioners of said county, who
shall apply said proceeds to the purchase of a

Proceeds —
how applied.