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Redemption
of bonds.
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SEC. 7. And be it enacted, That for the purpose of redeem-
ing said bonds at their maturity, and for securing the prompt
payment thereof, the school commissioners and school exami-
ner of Anne Arundel county shall, for the year eighteen
hundred and ninety-six, and annually thereafter, reserve the
sum of four hundred dollars of the principal of said debt, as
aforesaid; said four hundred dollars so annually reserved by
the school commissioners and school examiner of Anne Arun-
del county, shall be kept by them entirely separate and dis-
tinct from the school funds, and shall be accounted for by
said examiner in his annual statement to the County Com-
missioners, and shall be held by said County School Commis-
sioners as a sinking fund for the redemption of said bonds at
their" maturity; and the said county school examiner shall,
from time to time, in each year, deposit in the Annapolis
Saving Institution, on interest for the benefit of said fund, all
moneys belonging to said sinking fund, to be used in the
purchase of any of said bonds that may be offered for sale
and for the redemption thereof at maturity; and upon the
purchase of any of such bonds, or the redemption of the same
at maturity by the school examiner, they shall be immediately
cancelled by stamping across their face and upon each coupon
thereof " cancelled by the sinking fund; " and no portion of
said sinking fund so set apart shall ever be diverted to any
other purpose than t» the purchase and liquidation or redemp-
tion of said bonds; and should the said school examiner or
any other person having charge of said sinking fund, suffer
or permit the same, or any part thereof, to be diverted from
or applied to any other purpose than the investment thereof
for the purchase of said bonds, and the purchase and redemp-
tion of the same, then the person or party eo offending shall
be deemed guilty of a misdemeanor, and on conviction thereof,
shall be subject to a fine of not less than, the amount so mis-
applied or diverted, or to imprisonment in the House of
Correction for a period of not less than six months nor more
than three years, or to both such fine and imprisonment, at the
discretion of the court.
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Account to
be kept.
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SEC. 8. And be it enacted, That the examiner shall keep
a separate account of the money collected each year by him
for and applied toward the payment of the interest, and de-
posited to meet the principal of said bonds at maturity,
and no part thereof shall be chargeable with insolvencies
allowed the treasurer on account of failure of assessments or
collections.
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