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CHAP. 166
Kept separate
and distinct
from other
funds.
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bonds issued by the said Board of County School Commis-
sioners, as provided for in this Act, shall be kept by them
entirely separate and distinct from any other funds, and
shall be accounted for by said treasurer in his annual state-
ment to the said Board of County School Commissioners,
and shall be held by said Board of County School Commis-
sioners as a sinking fund for the redemption of said bonds
at their maturity; and the said treasurer shall, from time to
time, deposit the same in the Annapolis Banking and Trust
Company or the Annapolis Saving Institution, on interest,
for the benefit of said fund, all moneys belonging to the
sinking fund or in the purchase of any said bonds that may
be offered for sale and redemption; and upon the purchase
of any such bonds or redemption of the same at maturity
by the treasurer of said Board of County School Commis-
sioners, 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
directed to any other purpose than to the purchase and
liquidation of said bonds; and, should the same treasurer 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 or persons so
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Guilty of mis-
demeanor.
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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.
SEC. 9. And be it enacted, That the said treasurer of the
Board of County School Commissioners shall keep a separate
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Separate
account to
be kept.
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account of the money collected each year by him for and
applied to the payment of the interest and deposited to
meet the principal of said bonds at maturity, and no part
of which shall be chargeable with insolvencies allowed the
treasurer on account of failure of assessments or collections.
SEC. 10. And be it enacted, That the money arising from
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Money to be
paid to treas-
urer.
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the sales of said bonds, as provided in Section 6 of this
Act, shall be paid to the treasurer of said Board of County
School Commissioners, who shall keep in a book for the
purpose a registry of the bonds, and the names of the pur-
chasers and the amount realized, and the transfers or assign-
ments of the same.
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