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second series of four bonds of the amount of bonds to be
issued by said School Commissioners under this Act, and shall
be payable and redeemable as follows : The first series of
bonds twenty-five years after date, the second series of bonds
thirty years afterdate ; and said bonds shall be advertised and
sold to the highest bidder or bidders for cash by the School
Commissioners ; provided, said bonds shall not be sold for less
than their face value.
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CHAP. 387
Issued in two
series.
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SEC. 7. And be it enacted. That for the purpose of redeeming
said bonds at their maturity and for securing the prompt pay-
ment thereof, the School Commissioners and School Examiner
of Anne Arundel county shall, for the year nineteen hundred
and two, and annually thereafter, reserve the sum of two hun-
dred and fifty dollars from the money appropriated to their
uses by the County Commissioners of Anne Arundel county
aforesaid, said two hundred and fifty dollars so annually
reserved by the School Commissioners and School Examiner
of Anne Arundel county shall be kept by them entirely
separate and distinct from the school funds, and shall be
accounted for by said examiner in his annual statement to the
County Commissioners, and shall be held by said County
School Commissioners 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 Savings 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, "Cancelled by the
sinking fund," and no portion of said sinking fund so set
apart shall ever be diverted to any other purpose than to the
purchase and liquidation or redemption 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 redemption of the same, then the person
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Sum
of money
reserved.
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or party so 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 misapplied 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 tine and
imprisonment, at the discretion of the Court.
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Penalty
or violation.
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