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CHAP. 73
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CHAPTER 73.
AN ACT to authorize the County Commissioners of Talbot
county to issue bonds of the said county to the amount of
ten thousand dollars ($10,000) for the purpose of provid-
ing money to pay for the building and furnishing of a
school house in the town of St. Michaels for the accommo-
dation of the St. Michaels Primary School, and to levy a
tax for the payment of the said bonds.
SECTION 1. Be it enacted by the General Assembly of Ma-ry-
land, That the County Commissioners of Talbot county be
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Authorized to
borrow a
sum of
money and
issue coupon
bonds there-
for.
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and they are hereby authorized and empowered to borrow in
their discretion, on the credit of Talbot county, the sum of
ten thousand dollars ($10,000), and to issue coupon bonds
therefor in the sum of five hundred dollars each, to be signed
by the president of the board of said County Commissioners
of Talbot county, and attested by the treasurer of said county,
and the corporate seal of the County Commissioners of
Talbot county shall be affixed thereto, which said bonds shall
bo denominated "St. Michaels Primary School Loan Bonds,"
and the said bonds shall bear interest at the rate of four per
centum per annum, payable semi-annually, accounting from
the date of the insurance thereof, and the said bonds shall
be sold by the said County Commissioners of Talbot county
for a sum of money not less than the par value of the samel
SEC. 2. And be it enacted, That the said bonds to be issued
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Bonds to
mature, one
in each and
every year,
etc.
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under this Act shall mature one in each and every year from
the date of issuing the same, and the said bonds with inter-
est thereon shall be paid and cancelled by the said County
Commissioners of Talbot county, one during each and every
year, until the whole of the said bonds have been paid, and
the date of issue shall be the same on all the bonds issued
under this Act.
SEC. 3. And be it enacted, That to pay and cancel the said
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Tax to be
levied.
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bonds issued under this Act the said County Commissioners
of Talbot county shall annually levy upon the assessable
property of Talbot county a tax sufficient to pay the one
bond maturing during each and every year, and interest on
all the bonds issued under this Act, outstanding and unpaid,
and the amount of the said tax shall be separately kept by
the said County Commissioners of Talbot county and desig-
nated as the St. Michaels Primary School Loan Fund.
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