972

LAWS OF MARYLAND.

Sinking fund

SEC. 5. And be it enacted, That the school commissioners
of Anne Arundel county are hereby authorized and directed
to retain each and every year, from the sums of money appro-
priated to them by the County Commissioners to the support
of the public schools of Anne Arundel county, a sufficient
amount of money to meet the interest and to create a sinking
fund to pay the principal of said bonds as they mature until
the last of said bonds issued under this act shall have been
paid and cancelled.

Maturity of
bonds.

SEC. 6. And be it enacted, That said bonds shall be issued
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
May, eighteen hundred and ninety-four, and shall be redeem-
able as follows: The first series, tive years after date; the
second scries, 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; the sixth series,
thirty years after date; and said bonds shall be advertised and
sold to the highest bidders for cash by the school commis-
sioners; provided, said bonds shall not be sold for less than
their face value.

SEC. 1. And be it enacted, That for the purpose of

To reserve a
sum for
redemption
of bonds.

redeeming said bonds at their maturity, and for securing the
prompt payment of the interest thereon, the school commis-
sioners and school examiner of Anne Arundel county shall,
for the year eighteen hundred and ninety-four and annually
thereafter, reserve a sufficient sum to pay the annual interest
on said bonds, and in addition thereto the sum of six hundred
and sixty-six dollars and sixty-seven cents of the principal of
said debt; and the interest on said bonds shall be received by
the treasurer of said county for taxes upon presentation of the
coupons of the current year, and the said coupons taken in
payment of taxes shall be accounted for to the County Com-
missioners by the said treasurer as other vouchers and pay-
ments by him, and thereupon burned and destroyed by the
County Commissioners.

SEC. 8. And be it enacted, That the six hundred and sixty-

Reserve fund
to be kept
separate.

six dollars and sixty seven cents, annually reserved by the
school commissioners and school examiner of Anne Arundel
county, as provided by the preceding section, to meet the said
bonds issued by the county school commissioners, as provided
for in this act, shall be kept by them entirely separate and dis-
tinct from the school funds, and shall be accounted for by him