EDWIN WARFIELD, ESQ., GOVERNOR.

565

shall be advertised by the said County Commisioners and
sold to the highest bidder for cash, provided that the same
shall be sold for not less than their par value.
SEC. VII. And be it enacted, That for the purpose of

CHAP. 313

redeeming said bonds at their maturity, and for securing the
prompt payment of the interest thereon, the said County
Commissioners shall, for the year 1906 and annually there-
after, until the maturity of the last of the bonds issued under
authority of this Act, levy a tax on the assessable property
of said county sufficient to pay the annual interest on said
bonds, to wit: The sum of ten thousand dollars for the first
five years, and in addition thereto the sum of five thousand
dollars of the principal of said debt; the county treasurer of
said county shall reserve, out of the money collected by him
for county purposes generally, a sum sufficient to pay interest
on said bonds when due, and pay the sum under order of
the County Commissioners of said county.
SEC. VIII. And be it enacted, That the sum of five thousand

Tax to be
levied.

dollars, levied annually as provided in the preceding section,
shall be held by said County Commissioners as a sinking
fund for the redemption of said bonds at their maturity, and
the said County Commissioners shall from time to time
deposit the moneys belonging to said sinking fund, one-half
thereof in the Annapolis Savings Institution and the other
half thereof in the Annapolis Banking and Trust Company,
at the rate of not less than three per centum per annum
interest, said sinking fund and interest to be used in the
purchase of any of said bonds that may be offered for sale
and redemption; and after the purchase of any such bonds
or the redemption of the same at maturity by said County
Commissioners, they shall be immediately destroyed; and
no portion of the sinking fund shall be devoted to any other
purpose than the purchase and liquidation of said bonds ;
and should the said County Commissioners or any other
person having charge of said sinking fund suffer the same to
be diverted or applied to any other purpose than the invest-
ment for the purchase of the bonds hereby authorized, or
the redemption of the same, then the said board of County
Commissioners shall be deemed guilty of a misdemeanor,
and the members of said board, individually or collectively,
shall be subject to a fine of not less than the amount so
applied or divested.

Sinking fund.