442

LAWS OF MARYLAND.

payment in any one year of only one thousand
dollars of the principal sum thereof, and bearing
interest at the rate of four per cent, per annum,
payable semi-annually on the first day of April
and the first day of October, respectively, at the
office of the county commissioners as aforesaid.
SEC. 4. And be it enacted, That the said county

Levy tar to
pay interest
and redeem.

commissioners shall, in each and every year,
levy upon the assessable property in Talbot
county such sum of money as may be necessary
to pay the interest on the outstanding notes or
bonds by them issued under the provisions of
this act as the same shall fall due, and also such
further and additional sum as may be required
to gradually retire and redeem such notes or
bonds until all of them shall have been redeemed ;
and the money raised by the issue and sale of
said notes or bonds shall be designated as the
"Public School Building Fund."
SEC. 5. And be it enacted, That the proceeds
arising from the sale of the notes or bonds afore-

Money to be
paid to school
commission'rs

said shall be, as soon as realized, paid over by
the county commissioners to the board of county
school commissioners of Talbot county, who
shall keep and apply the same exclusively to the
purchase of sites, and the cost incident to the
repairing of old school houses, and building and
furnishing of new school houses ; and an ac-
count shall be returned to the said county com-
missioners of the expenditure of the fund afore-
said on or before the first day of September in
each and every year, until the whole fund is ap-
plied and expended according to the provisions
of this act.

Effective.

SEC. 6. And be it enacted, That this act shall
take effect from the date of its passage.

Approved April 4, 1888.