LLOYD LOWNDES, ESQUIRE, GOVERNOR.

601

they are hereby authorized and empowered, in their discretion,
to borrow on the credit of said county an amount, not exceed-
ing ten thousand dollars and to issue coupon bonds therefor,
in sums of not less than one hundred dollars and not more than
five hundred dollars each to be signed by the president of said
Board of County Commissioners, and to be countersigned by
the clerk to said board with the .seal of said board attached,
and to be registered by said clerk in a separate book provided
and kept for that purpose, and that said bonds shall bear inter-
est at a rate not exceeding five per cent, per annum, payable
semi-annually, on the first day of Jane and December, in
each year, until the said bonds are paid, and said bonds shall
forever be exempt from all taxation for county and municipal
purposes and shall have printed on them a distinct reference to
the act authorizing their issue, and the money arising from the
sale thereof, shall be applied to the building of a public
school building in Elkton, as hereinafter provided.

May issue
bonds.

SEC. 2. And be it enacted, That the said bonds shall be issued
in serial numbers, from one to the concluding serial number,
and shall be redeemable and payable as to the first five hundred
dollars in four years from the date of their issue, and so on at
the said rate of five hundred dollars yearly until the whole are
paid, and the payment thereof shall be in the order of their
serial numbers, beginning with the first serial number, and thus
continuing in consecutive order until the whole are paid; and
in making sale of said bonds, should they all be printed with
the full number of coupons for the semi-annual interest required
to be paid on those last maturing, the County Commissioners
shall cut from said bonds and destroy all coupons that mature
later than the date limited for the redemption of any of such
bonds, and the said bonds shall be sold by sealed bids, for which
the said County Commissioners shall advertise in some paper
published in either Philadelphia. New York city or Baltimore,
as in their discretion may seem best, and also in one or more
local papers published in Cecil county, and said advertisement
shall state where the said bids shall be publicly opened in the
office of the County Commissioners at Elkton; but none of
said bonds shall be sold for less than their face value.

Redemption
ot bonds.

SEC. 3. And be it enacted, That for the purpose of paying
the interest on said bonds the said County Commissioners, an-
nually, shall levy at their levy-laying term upon the assessable
property the sum necessary to pay said interest, as a separate
item aside from the levy of the current expenses of said Cecil
county, and they shall also, in the respective years in which

Tax to pay
Interest and
principal.