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Issue and
sale of Bonds.
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are hereby authorized and directed to issue
bonds in sums of not less than five hundred
dollars, nor more than one thousand dollars,
to be signed by the President of said board,
and countersigned by the Clerk, not exceeding
twenty-five thousand dollars, said bonds to
bear interest not exceeding six per cent, per
annum, payable semi-annually on the first day
of January, and on the first day of July , pro-
vided, due notice shall be given in the papers
of the county and a daily paper of large cir-
culation in Baltimore city inviting sealed pro-
posals for the purchase of said bonds; if no
such proposals are received such as the said
Commissioners may deem the best interest of
said county to accept, they shall advertise in
the said papers again, and dispose of the said
bonds to the highest cash bidder and for not
less than par value thereof, and said bonds
shall be exempt from taxes, and the faith and
property of the said county are hereby pledged
for the payment and redemption of the prin-
cipal and interest of the said bonds, and the
interest coupon shall be a legal tender in pay-
ment of county taxes.
SEC. 2. And be it enacted, That the said Com-
missioners shall order all money levied in
previous years for the sinking funds and not
yet paid to their Clerk and Treasurer, to be
collected without further delay by the several
Collectors of said county and paid over to said
Clerk and Treasurer before the said bonds
issued in the year eighteen hundred and sixty-
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Moneys over-
due.
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seven shall become due; and this sinking
fund money, together with the amount realized
from the bonds issued by this act, shall be
used in redeeming all bonds issued under the
said act of eighteen hundred and sixty-seven
and not previously redeemed, and these bonds
when redeemed shall be destroyed by the
Clerk in the presence of said Commissioners,
and a memorandum made upon their books of
the fact and the number and amount of said
bonds.
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