104

LAWS OF MARYLAND.

Reports to
be made

section, shall forthwith make reports to the County Commis-
sioners and School Commissioners of Prince George's county,
fully setting forth the terms and character of said contract and
the debts incurred thereby, a synopsis of which report shall be
duly published in the usual manner of publishing county ex-
penditures.

SEC. 5. And be it enacted, That for the purpose of paying

Directed to
borrow
money.

for said lot or lots, and erection and furnishing of said high
school building, the School Commissioners of Prince George's
county are hereby authorized and directed to borrow, on the
endorsement of the County Commissioners of Prince George's
county, who are hereby authorized in their discretion to endorse
said bonds, on the credit of said county, an amount not exceed-
ing the sum of ten thousand dollars, and to issue coupon bonds
therefor in sums of not less than one hundred dollars and not
more than one thousand dollars each, to be signed by the presi-
dent of said board of school commissioners and countersigned
by the school examiner of said board, with the seal of said
board attached, and to be registered by the said school exami-
ner of Prince George's county, in a separate book kept for
that purpose, and said bonds shall bear interest at the rate of
five per cent, per annum, payable semi annually, on the first
day of May and November of each year, until the said bonds
shall be paid ; and said bonds shall be forever exempt from all
taxation for any purpose, and shall have printed on them a dis-
tinct reference to this Act, as authorizing the issue thereof ; or
the County Commissioners, in their discretion, are hereby
authorized and empowered to levy at the next levying term, or
any succeeding levying term, a sum of money, not exceeding
ten thousand dollars, for the purpose aforesaid.
SEC. 6. And be it enacted, That the School Commissioners
of Prince George's county are hereby authorized and directed

Money to be,
retained.

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 Prince George's 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, should said bonds be issued and endorsed
as aforesaid.

How issued
and when
redeemable

SEC. 7. And be it enacted, That said bonds shall be issued
in five series, each consisting cf one-fifth of the amount of
bonds to be issued under the Act, and dated the first day of
May, eighteen hundred and ninety-eight, and shall be redeem-