160

LAWS OF MARYLAND.

CHAP. 122

they are hereby authorized and directed to sell the present
school building, either at public or private sale as they

Present school
building to
be sold.

should deem most advantageous for cash, and the proceeds
derived from the sale of the said building shall be paid over
by the said building committee to the treasurer of the
Board of the County School Commissioners to be applied
by them as hereinbefore provided, and the Said School
Commissioners for Dorchester county be and they are
hereby authorized and directed to issue bonds in the
name of the Board of County School Commissioners of
Dorchester county, with the endorsement thereon of the
County Commissioners of Dorchester county, which endorse-
ment said County Commissioners are hereby authorized and
required to give to the amount of five thousand dollars. Said
bonds shall be issued in sums not less than one hundred
dollars nor more than five hundred dollars each, and shall
be signed by the president of the said Board of School Com-
missioners and countersigned by the secretary of said board,
with the corporate seal of said board attached; such bonds .
shall be dated the 1st day of July, 1906, and shall bear

Bonds to bear
interest.

interest at the rate of four per cent, per annum, payable on
the 1st day of January and July, in each year, until the
said bonds are respectively paid; for which semi-annual
interest, proper interest coupons, payable to the bearer, shall
be attached to said bonds, to be signed by the president of
the Board of County School Commissioners and counter-
signed by the secretary thereof; said bonds shall be made
payable to the bearer and shall be forever exempt from all
taxation, and shall have printed on them a distinct reference
to this Act as authorizing the issue thereof, which said
bonds shall be endorsed by the County Commissioners of
Dorchester county, and the credit of said county shall be
pledged thereby for the payment of the said principal and
interest; such endorsement shall be by the president of the
Board of County Commissioners of Dorchester county,
as such signing the same, and the clerk of said County
Commissioners countersigning the same with the corporate
seal of said County Commissioners attached thereto.

SEC. 5. And be it enacted, That said bonds shall be issued

Bonds issued
in ten series

in ten series, each consisting of one-tenth of the amount of
the bonds to be issued by said School Commissioners under
this Act, and shall be paid and redeemed, both principal and