58

LAWS OF MARYLAND.

CHAP. 44.

When
redeemable.

SEC. 2. And be it enacted, That said bonds shall be issued
payable twenty years from the date thereof, to be redeemable
at any time after the expiration of five years from date at the
pleasure of said County Commissioners.
SEC. 3. And be it further enacted, That the said County

Bonds to be
sold.

Commissioners are hereby authorized and required to sell said
bonds to the best advantage, at public sale, at such time and
upon such notice as they deem expedient; provided, however,
that they shall not sell any of the bonds authorized to be
issued under this Act for less than par or the face value
thereof for cash in current money ; provided, however, that
the said County Commissioners may, if in their discretion
they may elect to do so. offer for a limited time at private
sale, any or all of said bonds at par, at a lower rate of interest
than the maximum amount provided herein.
SEC. 4. And be it enacted, That the money raised by the
issue and sale of said bonds, under the provisions of this Act,
with the exception of any surplus that may arise from pre-

How
appropriated

miums thereupon, over and above the amount required for
the purpose, shall be exclusively appropriated and applied to
the payment of the present outstanding bonded indebtedness
of said county accruing under any and all Acts of Assembly
now in force, with the exceptions of chapter five hundred
and forty-six of the Acts of eighteen hundred and ninety-
four ; and the County Commissioners of Charles County
shall in each and every year levy upon the assessable property
of said county such sum of money as may be necessary to
pay the interest on the outstanding bonds by them issued in
pursuance of this Act, as the same shall fall due, and such
further sum as in their discretion may be required and set
aside as a fund to gradually retire and redeem said bonds,
until they shall have been redeemed ; and said taxes authorized
by this Act shall be collected as other taxes are collected in
said county.
SEC. 5. And be it further enacted, That this Act shall
take effect from the date of its passage.
Approved March 13, 1902.