JOHN WALTER SMITH, ESQ., GOVERNOR.

15

WHEREAS, It would be to the advantage of said county to
redeem said bonds which bear interest at the rate of six per
centum per annum, and to refund the debt by issuing new
bonds at a lower rate of interest.
SECTION 1. Be it enacted by the General Assembly of
Maryland, That for the purpose of redeeming and refunding
the bonds of Dorchester county, issued under chapter eighty-
two of the Acts passed at the January Session, eighteen
hundred and ninety-two, as amended by chapter three hundred
and ninety-four, the County Commissioners of Dorchester

CHAP. 12.

Preamble.

county aforesaid are hereby authorized and empowered to
borrow on the credit of said county the sum of ten thousand
dollars and to give their bond or bills obligatory therefor in
sums of not more than one thousand dollars, each said bonds
or bills obligatory to be signed by the president of the Board
of County Commissioners of said county, to be countersigned
by the County Treasurer of said county and to bear the
corporate seal of the said County Commissioners, affixed
thereto and to bear interest at a rate to be fixed by the said
County Commissioners or a majority of them, not exceeding
.four per centum per annum, such interest to be payable semi-
annually on the tirst day of January and of July in each and

Authorized
to borrow a
sum of money
on bonds.

every year from the date thereof; said bonds to be exempt
from county and municipal taxation, and to be disposed of to
the highest cash bidder after inserting sealed proposals for the
purchase of said bonds by notice in two or more newspapers
published in Dorchester county, provided that no bond shall
be sold for less than the par value thereof.

SEC. 2. And be it enacted, That said bonds or bills obliga-
tory shall be redeemable at the pleasure of the said County

Exempt from
taxe's.

Commissioners, after the first day of July, nineteen hundred
and seven, and shall be made payable in the discretion of said
County Commissioners, at such times that not more than one
thousand dollars thereof shall mature or fall due in any one
year.
SEC. 3. And be it enacted, That the County Commissioners
of Dorchester county aforesaid are hereby authorized and
empowered to levy annually upon the assessable property of

When
redeemable,

Dorchester county a tax sufficient to pay the semi-annual
interest on said bonds or bills obligatory by them to be issued
in pursuance of this Act, and they are also authorized and
empowered to levy upon the assessable property of said county
whenever necessary, such additional sum or sums as may be
requisite to pay the principal of said bonds or bills obligatory
as the same may .mature or fall due.

Tax to be
levied
annually.