JOHN WALTER SMITH, ESQ., .GOVERNOR.

115

sioners of Talbot county affixed thereto, which said bonds shall
be denominated "Consolidated Redemption Loan Bonds," and
eaid bonds shall bear interest at the rate of four per cent, per
annum, payable semi-annually ; and the said bonds shall be
sold by the said County Commissioners of Talbot county for
a sum of money not less than the par value thereof.

SEC. 2. And be it enacted, That the proceeds of the sale
of the said bonds to be issued under this Act, together with
the money now in the sinking fund held by the County

CHAP. 90.

Commissioners of Talbot county, as recited in the preamble to
this Act, shall be applied to the payment in full and cancella-
tion of the Railroad Redemption Loan Bonds to the amount
of thirty-three thousand dollars as a part of the bonded debt
of Talbot county now outstanding, and to the payment in full
of the floating debt of seven thousand and one hundred dollars
now owed by Talbot County, as recited in the preamble to this
Act.

SEC. 3. And be it enacted, That the said bonds to be issued
under this Act shall mature, one during each and every year,

How
applied

from the date of issuing the same, and that the said bonds,
with the interest thereon, shall be paid and cancelled by the
eaid County Commissioners of Talbot county, one during each
and every year, until the whole of the said bonds have been
paid, and the date of issue shall be the same on all the bonds
issued under this Act.

Sjio. 4. And be it enacted, That to pay and cancel the said

When to
mature.

bonds issued under this Act the eaid County Commissioners of
Talbot county shall annually levy upon the assessable property
of Talbot county a tax sufficient to pay the one bond maturing
during each and every year, and interest on all of the bonds
issued under this Act, outstanding and unpaid ; and the amount
of the said tax shall be separately kept by the said County
Commissioners of Talbot county and designated as "The Con-
solidated Redemption Loan Fund."

SEC. 5. And be it enacted, That the bonds hereby authorized.

Tax to

be levied.

and directed to be issued shall be exempt from all county and
municipal taxes, and that coupons for the interest thereon
shall be received by the county treasurer of Talbot county in
payment of county taxes.

SEC. 6. And be it enacted, That this Act shall take effect
from the date of its passage.

Approved March 27, 1902.

Exempt from
taxes.