588

LAWS OF MARYLAND.

signed by the president of said board of County Commis-
sioners, and countersigned by the clerk to said board, and
under the seal of said board of County Commissioners, bearing
interest at the rate of five per centum per annum, payable
semi-annually, on the first day of January and the first day of
July in each year, which bonds shall be payable in the follow-
ing manner, to wit : Five thousand dollars thereof in five
years from the date of their issue, five thousand in ten years
from the date of their issue, tive thousand in fifteen years
from the date of their issue, and the remaining five thousand
in twenty years from the date of their issue; and shall be
exempt from county and municipal taxation; the coupons,
when they become due, shall be received by the collectors of
county taxes for said county in payment of county taxes.

Bonds to be
sold.

SEC. 2. Said County Commissioners are hereby authorized
and required to sell said bonds to the highest bidder for cash, at
a public letting of said bonds, to be held by said County Com-
missioners, after not less than twenty days' advertisement in one
or more newspapers published in the cities of Baltimore and
Washington, D. C., and in the "St. Mary's Enterprize" and
the " St. Mary's Beacon ;" provided, that said commissioners
shall not sell any of said bonds for less than their par value ;
and provided also, that any premium derived from the sale of
said bonds shall be applied to the interest first accruing
thereon.

Proceeds
from sale of
bonds, how
to be used.

SEC. 3. The money arising from the sale of said bonds shall
be applied to the payment of the expenses of the repair and
improvement of the public roads for the year eighteen hun-
dred and ninety-four, to the extent of the amount authorized
by law for that purpose; secondly, to the payment of jurors
and witnesses at the terms of the Circuit Court for said
county; thirdly, to the payment of out-pensioners and alms-
house expenses; and as to any balance, to the payment of the
current expenses of the county, in the discretion of the
County Commissioners.

Tax to pay
interest on
bonds.

SEC. 4. The County Commissioners of St. Mary's county
aforesaid shall, in each year, levy upon the assessable property
in said county, such a sum of money as may be required to
pay the interest on said bonds, as said interest shall become
due; provided, that the said commissioners shall, before
levying to pay said interest, first exhaust the money paid to
said county for liquor licenses in the payment of such interest;
and if the money thus received shall exceed the interest on