1162

LAWS OF MARYLAND.

which interest shall be payable by the treasurer of said county
upon the presentation of the coupons as they may fall due.
The said coupons taken in payment of taxes or paid in cash
shall be accounted for to the County Commissioners by the
said treasurer as other vouchers of payment by him, and there-
upon burned and destroyed.
SEC. 9. And be it enacted, That the one thousand dollars

Held as a
sinking
fund.

annually levied for as provided in the preceding section,'
shall be held and invested by said County Commissioners as a
sinking fund for the redemption of said bonds at their matu-
rity, and the said County Commissioners shall from time to
time invest the moneys belonging to said sinking fund in any
safe investment, or in the purchase of any of said bonds that
may be offered for sale and redemption. And upon the pur-
chase of any such bonds or the redemption of the same at
maturity by the County Commissioners, they shall be imme-
diately cancelled by stamping across their face "Cancelled by
the Sinking Fund," and no portion of said sinking fund so levied
for shall ever be diverted to any other purpose than to the
purchase and liquidation of said bonds. And should the said
onnty Commissioners or any other person having charge of
said sinking fnnd 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 purchase of said bonds and the pur-
chase and the redemption of the same, then the person or
party so 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.
SEC. 10. And be it enacted. That from the money collected

Sum of
money set
apart.

each year on account of the taxes by the treasurer, the said
sum of one thousand dollars shall be set apart for said sinking
fund, and a separate account of the same be left by the treas-
urer and deposited to the credit of said fund, and no part of
which shall be chargeable with insolvencies allowed the treas-
urer on account of failure of assessment or collections.
SEC. 11. And be it enacted, That the money arising from

Keep a regis-
try olfthe
bonds sold.

the sales of said bonds as provided in section seven of this Act
shall be paid to the treasurer of said county, who shall keep in
a book for the purpose, a full registry of the bonds sold, the
different series, the numbers of the bonds, and the names of
the purchasers and amounts realized on sales, and any transfers
or assignments of the same.
SEC. 12. And be it enacted, That the funds realized from
the sale of said bonds shall be applied to the purposes set forth