LLOYD LOWNDES, ESQUIRE, GOVERNOR.

of County School Commissioners and countersigned by the
secretary thereof. Said bonds shall be made payable to the
bearer and shall be forever exempt from all taxation, other
than taxation for State purposes, and shall have printed on
them a distinct reference to this act as authorizing the issue
thereof. Said bonds shall be endorsed by the County Com-
missioners of Anne Arundel county, and the credit of said
county shall be pledged thereby for the payment of the same,
principal and interest; such endorsement shall be by the presi-
dent of the Board of County Commissioners of Anne Arundel
county, as such, signing the same, and the clerk of said County
Commissioners countersigning the same, with the corporate seal
of said County Commissioners attached thereto; provided,
however, that the issue of said bonds on the part of the School
Commissioners of said county, and the endorsement of the
same by the County Commissioners of said county shall be
simultaneous with the issue of six thousand dollars ($6,000) of
bonds by the Mayor, Counsellor and Alderman of the city of
Annapolis for the same purpose, as provided and directed by
the subsequent sections of this act, or with the providing by
said Mayor, Counsellor and Alderman in some other manner,
whether by loan, negotiated or otherwise, of said sum of six
thousand dollars for the purpose of contributing towards the
erection and furnishing of said building.

SEC. 5. And be it enacted, That the School Commissioners

477

of Anne Arnndel county are hereby authorized and directed to
retain each and every year from the sums of money appropri-
ated to them by the County Commissioners for the support of
the public schools of Anne Arundel county, a sufficient
amount of money to meet the interest and to create a sinking
fund to pay the principal of said bonds as they mature, until
the last of said bonds issued by them under this act shall have
been paid and cancelled; and the said bonds and coupons shall
be made payable at Annapolis, Maryland.

Sinking fund.

SEC. 6. And be it enacted, That said bonds shall be issued
in six series, each consisting of. one-sixth of the amount of
bonds to be issued by said School Commissioners under this
act, and shall be payable and redeemable as follows: The
first series, five years after date; the second series, ten years
after date; the third series, fifteen years after date; the fourth
series, twenty years after date; the fifth series, twenty-five
years after date; the sixth series, thirty years after date; and
said bonds shall be advertised and sold to the highest bidder or
bidders for cash by the School Commissioners; provided, said
bonds shall not be sold for less than their face value.

How bonds to

be issued.