FRANK BROWN, ESQUIRE, GOVERNOR.

in his annual statement to the school commissioners, and shall
be held by said county school commissioners as a sinking fund
for the redemption of said bonds at their maturity; and the

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said county school examiner shall, from time to time, deposit
in the Annapolis Saving Institution, on interest, for the benefit
of said fund, all moneys belonging to said sinking fund or in
the purchase of any of said bonds that may be offered for sale
and redemption; and upon the purchase of any of such bonds
or the redemption of the same at maturity by the school
examiner, they shall be immediately cancelled by stamping
across their face, cancelled by the sinking fund; and no portion
of said sinking fund so set apart shall ever be diverted to any
other purpose than to the purchase and liquidation of said
bonds; and should the said school examiner or any other per-
son having charge of said sinking fund, suffer or permit the
same or any part thereof to be diverted from or applied to
any other purpose than the investment thereof for the pur-
chase of said bonds and the purchase and redemption of the
same, then the person or party go offending shall be deemed
guilty of a misdemeanor, and on conviction thereof shall be
subject to a fine of not less than the amount so misapplied or
diverted.

Deposits in
bank.

SEC. 9. And be it enacted, That the examiner shall keep a
separate account of the money collected each year by him for
and applied to the payment of the interest and deposited to
meet the principal of said bonds at maturity, and no part of
which shall be chargeable with insolvencies allowed the treas-
urer on account of failure of assessments or collections.

Separate
account to
be kept.

SEC. 10. And be it enacted, That the money arising from
the sales of said bonds, as provided in section six of this act,
shall be paid to the school examiner of said county, who shall
keep in a book for the purpose a registry of the bonds, and
the names of the purchasers, and the amounts realized, and
the transfers or assignments of the same.

Proceeds to
be paid to
school
examiner.

SEC. 11. And be it enacted, That the fund realized from
the sale of said bonds shall be applied to the purpose set forth
in this act, and shall be paid by the school examiner upon the
order of the building committee, from a warrant book especi-
ally authorized by said committee, with said warrants num-
bered consecutively; and the said building committee is hereby
authorized and directed to pay to the contractor or contractors,
employed by the said building committee in accordance with
the terms of their said contract, upon the warrant of said

Proceeds
from sale of
bonds.