EDWIN WARFIELD, ESQ., GOVERNOR.

461

sioners of Anne Arundel county are hereby authorized and
directed to borrow on the credit of said county an amount

CHAP. 269

not exceeding the sum of sixty thousand dollars, and to
issue coupon bonds therefor in sums of not less than one
hundred dollars nor more than one thousand dollars each,
to be signed by the president of the said board of County
Commissioners, and countersigned by the clerk of said
board; said bonds shall bear interest at the rate of four per
centum per annum, payable semi-annually on the first day
of July and January in each year, and shall be forever
exempt from all taxation from county, municipal and school
purposes, and shall have printed on them a distinct reference
to the Act as authorizing the issue thereof.
SEC. 5. And be it enacted, That said bonds shall be issued

Borrow a sum
of money,

in six series, each consisting of one-sixth of the amount of
bonds to be issued under this Act, and dated the first day of
July, 1906, and shall be redeemable as follows: The first
series five years after date; the second series ten years after
date; the third series, fifteen years after date; the fourth
series twenty years after date; the fifth series twenty-five
years after date, and the sixth series thirty years after date ;
and the said bonds shall be advertised and sold to the highest
bidder or bidders for cash by the County Commissioners ;
provided, said bonds shall not be sold for less than face
value.
SEC. 6. And be it enacted, That for the purpose of redeem-

Bonds to be
Issued.

ing said bonds at their maturity; and for securing the prompt
payment of the interest thereon, the County Commissioners
shall, for the year 1906 and annually thereafter, levy a tax
on the assessable property of said county sufficient to pay
the annual interest on said bonds, and in addition thereto
the sum of nineteen hundred dollars of the principal of said
debt. The interest on said bonds shall be receivable by
the county treasurer of said county for taxes upon presenta-
tion of the coupons of the current year, and the treasurer of
the said county shall, in addition to the reservation now
provided by law for the prompt payment of public taxes,
reserve out of the money collected by him for county pur-
poses generally a sum sufficient to pay interest on said bonds
at the times when said interest shall fall due, which interest
shall be payable by the treasurer of said county upon the
presentation of the coupons as they may fall due. The said

Levy a tax.