FRANK BROWN, ESQUIRE, GOVERNOR.

and countersigned by the clerk of said board, whose duty it
shall be to affix to each and every bond so issued, the seal of
said board; said bonds to bear interest at the rate of not
exceeding four and one half per cent, per annum, payable
semi-annually on the first day of February and the first day of
August, in each and every year during which said bonds may
run and remain unpaid.

29

SEC. 2. And be it enacted, That the said bonds shall be sold
by the County Commissioners of Talbot county aforesaid, to
the highest bidder, for cash, at not less than their par value:
and said bonds shall be exempt from State, county and munici-
pal taxation; and when said bonds are sold, the County Com-
missioners shall register them by numbers, to whom sold,
when due and payable, &c. : and in case of the transfer of any
of said bonds by the holder or holders thereof, notice of such
transfer shall be given to the said County Commissioners, who
shall cause the same to be noted and set forth on the registry
aforesaid; and it shall not be lawful for the said County
Commissioners to pay any part of the principal sum of any oi
said bonds to any new holder, until after notice of transfer as
aforesaid, and the same is noted and set forth in the registry
aforesaid; but the coupons for interest on said bonds shall be
receivable by the collector of taxes for said county in payment
of county taxes, or be payable at the office of the County
Commissioners in Easton, Talbot county, Maryland.

Bonds to be

sold.

SEC. 3. And be it enacted, That said bonds shall be issued
to mature not earlier than on the first day of August, in the
year nineteen hundred and ten, and not later than the first day
of August, in the year nineteen hundred and twenty-four, in
the discretion of the said Board of County Commissioners
and the County Commissioners of Talbot county shall levy it:
each and every year upon the assessable property of saic
county such sum of money as may be necessary to pay the
interest on said bonds and to create a sinking fund sufficient
for the payment of the principal sum at their maturity; and
the money raised by the issue and sale of said bonds, and the
amounts levied and invested on account of the sinking fund
aforesaid, together with the interest arising from such invest
ments, &c., shall be designated as the "Public School Building
Fund."

When bonds
to mature.

SEC. 4. And be it enacted, That the proceeds arising from
the sale of the bonds aforesaid, shall be paid over as soon as
realized by the County Commissioners to the Board of County

Disposition of
proceeds.