EDWIN WARFIELD, ESQ., GOVERNOR,

229

SEC. 5. And be it enacted, That the Board of County
Commissioners of Anne Arundel county is hereby author-
ized and directed to retain each and every year from the
sums of money appropriated to them by the County Com-
missioners for the support of the public schools of Anne
Arundel county a sufficient amount of money to meet 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
under this Act shall have been paid and cancelled.

SEC. 6. And be it enacted, That said bonds shall be issued

CHAP. 166

Create a sink-
Ing fund.

in six series, each consisting of one-sixth of the amount of
bonds to be issued under this Act, and dated from the first
day of May, nineteen hundred and six, and shall be redeem-
able as follows: The first series, five years after date; the
second series, ten years after date; the third series, fifteen
years after date; and the fourth series twenty years after
date; the fifth series twenty-five years after date; the sixth
series, thirty years after date; and said bonds shall be
advertised and sold to the highest bidder, for cash by the
Board of County School Commissioners of Anne Arundel
county; provided said bonds shall not be sold for less than
their face value.

SEC. 7. And be it enacted, That for the purpose of redeem-
ing said bonds at their maturity, and for securing the prompt

Bonds to be
Issued in six
series.

payment of the interest thereon, said Board of County School
Commissioners and their treasurer shall, for the year nine-
teen hundred and six, and annually thereafter, reserve a suf-
ficient sum to pay the annual interest on said bonds, and
in addition thereto, the sum of six hundred and sixty-six
dollars and sixty-seven cents of the principal of said debt ;
and the interest on said bonds shall be received by the
treasurer of Anne Arundel county for taxes upon presenta-
tion of the coupons of the current year, and the said coupons
taken as payment of taxes shall be accounted for to the
County Commissioners by the said treasurer as other
vouchers and payments by him, and thereupon burned and
destroyed by the County Commissioners.

SEC. 8. And be it enacted, That the six hundred and sixty-
six dollars and sixty-seven cents annually reserved by the
said Board of County School Commissioners and their
treasurer, as provided by the preceding section to meet the said

Reserve a suffi-
cient sum to
pay Interest
on bonds.