LLOYD LOWNDES, ESQUIRE, GOVERNOR.

of January in each and every year, at a rate of interest not
exceeding five per centum per annum, according to the tenor
of the coupons for said interest, to be thereto attached; and the
said coupons on said bonds shall, as they become payable, be
receivable by the collectors of taxes for said county in payment
of county taxes.

139

SEC. 2. And be it enacted, That said bonds shall be issued
payable ten years from the date thereof, and be redeemable at
any time after the expiration of one year from date, at the
pleasure of said County Commissioners.

Maturity of
bonds.

SEC. 3. And be it further enacted, That said County Com-
missioners are hereby authorized and required to sell said bonds
to the best advantage, at public sale, at such time and upon
such notice as they may 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.

Sale of bonds.

SEC. 4. And be it enacted, That the money raised by the
issue and sale of said bonds, under the provisions of this act,
shall be exclusively appropriated and applied to the payment
of the present outstanding bonded indebtedness of said county
accruing under and by virtue of the Act of Assembly of eigh-
teen hundred and eighty-four, chapter four hundred and ninety-
three, entitled an act to authorize the County Commissioners
of Charles county to issue bonds, bearing a rate of interest not
exceeding five per cent, per annum, to raise money to pay off
the present bonded indebtedness of said county accruing under
the Act of Assembly of eighteen hundred and seventy, chapter
two hundred and ninety-four, and to levy and collect the neces-
sary taxes for the payment of said bonds and the interest
thereon, bearing five per centum interest per annum, said out-
standing bonded indebtedness maturing on or before January
1st, A. D. 1897, and payable by said county.

Application
of proceeds.

SEC. 5. And be it enacted, That the County Commissioners
of Charles County shall, in each and every year, levy upon the
assessable property in said 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 may be required
to gradually retire and redeem such bonds, until they shall
have been redeemed; and said taxes, authorized by this act,
shall be collected as other taxes are collected in said county.

Approved March 27th, 1896.

Tax to pay
interest and
principal.