1206

LAWS OF MARYLAND.

shall be indorsed by the County Commissioners of Anne
Arundel county ; and the credit of the county shall be pledged
thereby for the payment of the same, principal and interest ;
such indorsement shall be by the president of the Board of
County Commissioners of Anne Arundel county as such sign-
ing his name, and the clerk of said County Commissioners
countersigning the same, with the corporate seal of said County
Commissioners attached thereto.
SEC. 6. And be it enacted, That the School Commissioners

Retain a sum
of money.

of Anne Arundel county are hereby authorized and directed
to retain each and every year from the sums of money appro-
priated to them by the County Commissioners for the support
of the public schools of Anne Arundel county a sum of money
sufficient 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 by them under this Act shall have been paid
and cancelled, and the said bonds and coupons shall be made
payable at Annapolis, Maryland.
SEC. 7. And be it enacted, That said bonds shall be issued

Issued in five
series.

in five series, each consisting of one-fifth of the amount of the
bonds to be issued by said school commissioners under this Act,
and shall be payable and redeemable as follows : The first series,
five years after date ; the second series, ten years after date ;
the third series, fifteen years after date; the fourth series,
twenty years after date ; and the fifth and last series, twenty-
five years after date. And said bonds shall be advertised and
sold to the highest bidder or bidders for cash by the school
commissioners ; provided, said bonds shall not be sold for less
than their face value.

SEC. 8. And be it enacted, That for the purpose of redeeming

Reserve one
thousand
dollars.

said bonds at their maturity, and for securing the prompt
payment thereof, the school commissioners and school examiner
of Anne Arundel county shall, for the year eighteen hundred
and ninety-eight, and annually thereafter, reserve the sum of
one thousand dollars as part of the principal of said debt as
aforesaid ; provided, however, that one-third of the amount
required annually to be reserved for the sinking fund, and one-
third of , the amount required to pay the semi-annual interest
on said bonds shall be levied on the assessable property of the
fifth election district of said county. It being the intent of
this Act that only two thirds of the whole amount shall be
chargeable against the county school fund at large, and the
other one-third be chargeable against the said fifth district ; said
one thousand dollars so annually reserved by the school commis-