988

LAWS OF MARYLAND.

Way issue
bonds.

court house and other public offices in said county; and for the
purpose of paying; for said repairs and improvements as afore-
said, the said County Commissioners are hereby authorized and
required to borrow on the credit of the county such sum or
sums of money as may be necessary, not exceeding in all the
sum of twenty thousand dollars, and to issue bonds or coupon
bonds therefor in sums of not less than five hundred dollars
nor more than one thousand dollars, the same to be signed by
the president of the board of said commissioners, and to be
countersigned by the clerk to the said board of said county,
and have the corporate seal of said commissioners affixed
thereto, bearing interest not exceeding five per centum per
annum, payable semi-annually on the first .day of January and
July in each and every year.

Maturity of
bonds.

SEC. 2. And be it enacted, That said bonds shall be issued
payable twenty years from the date thereof, and be redeemable
at any time after the expiration of five years from date, at the
pleasure of the said County Commissioners.

To levy tax to
pay interest
and prin-
cipal.

SEC. 3. And be it further enacted, That the said County
Commissioners are hereby authorized and directed to levy
annually, on the assessable property of said county, a tax suffi-
cient to pay the interest on said bonds, and shall also levy
annually, for the first five years after the issuing of said bonds,
the sum of five hundred dollars, and for the ten years next
succeeding, the sum of one thousand dollars per annum, to
provide a sinking fund for the payment of said bonds; the
said sum so annually levied to be deposited in the savings
banks of Somerset county, annually, on the first day of Sep-
tember in each year, beginning with the year eighteen hundred
and ninety-five, at such rate of interest as may be agreed upon
by the said bank and the said board of County Commissioners.

Exempt Iron
taxation.

SEC. 4. And be it further enacted, That the bonds author-
ized by this act shall be exempt from the payment of State
and county and municipal taxes.

Effective.

SEC. 5. And be it enacted, That this act shall take effect
from the date of its passage.

Approved April 6th, 1894.