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Bonds to be
Issued.
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SEC. 4. And be it enacted, That for the purpose of provid-
ing for the payment for the erection and enlargement of
said building and improvement of said grounds the School
Commissioners of Anne Arundel County be and they are
hereby authorized and required to issue bonds in the name of
the School Commissioners of Anne Arundel County with the
endorsement thereon of the County Commissioners of Anne
Arundel County (which endorsement the said County Com-
missioners are hereby authorized and required to give) to the
amount of three thousand and five hundred dollars ; said
bonds shall be issued in sums of not less than one hundred
dollars each nor more than five hundred dollars each, and shall
be signed by the president of said board of County School
Commissioners and countersigned by the secretary of the said
board, with the corporate seal of the said board attached ;
such bonds shall be dated on the first day of July, 1902, and.
shall bear interest at the rate of four per centum per annum,
payable on the first day of January and July iu each and
every year until the said bonds are respectively paid. Said
bonds shall be made payable to the bearer, and shall be exempt
from all taxation, other than taxation for State purposes, and
shall have printed upon them a distinct reference to this
Act as authorizing the issue thereof, or the said Board of
School Commissioners of Anne Arundel county may in their
judgment and discretion borrow said amount of thirty-five
hundred dollars upon a note or notes signed by the president
and secretary, and attested by the corporate seal of said Board
of School Commissioners, which note or notes said Board of
School Commissioners is hereby authorized and empowered
to make and negotiate.
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Authorized
to retain
sufficient
funds to pay
the Interest
on said bond
and create a
sinking fund
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SEC. 5. And be it enacted. That the School Commissioners
of Anne Arundel county are hereby authorized and directed
to retain each and every year from the money appropriated to
their uses by the County Commissioners of Anne Arundel
county a sufficient amount to pay 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 mature
under authority of this Act shall have been paid. And the
said bonds and semi-annual interest shall be payable at
Annapolis, Maryland.
SEC. 6. And be it enacted, That said bonds shall be issued
in two series, the first series consisting of three bonds, the
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