142

LAWS OF MARYLAND.

the clerk of said board, said bonds to bear interest at a rate not
exceeding five per cent, per annum, payable semi-annually, on
the first day of April and the first day of October in each and
every year during which said bonds may run and remain
unpaid, and the coupons for interest on said bonds shall be
receivable by the collector of taxes for said county in payment
of county taxes, and said bonds shall be exempt from county
taxation.
SEC. 2. And be it enacted, That said bonds shall be issued

When to
mature.

to mature at such dates as shall not require the payment, in
any one year, of more than five thousand dollars of the princi-
pal sum thereof, and shall be redeemable at the pleasure of said
County Commissioners at or before their maturity, but none of
said bonds shall be issued to mature before the first day of
April in the year nineteen hundred and fifteen.
SEC. 3. And be it enacted, That to redeem said bonds the

Redemption
of bonds.

County Commissioners of Allegany county shall annually levy
upon the assessable property of said county a tax sufficient to
pay the interest on said bonds, and the principal of such por-
tions as may mature in each and every year after the date of
their issue, and the said levy shall be designated as the "School
House Fund No. 2."

Proceeds to
be paid to
treasurer of
the board
of school
commis-
sioners.

SEC. 4. And be it enacted, That the proceeds arising from,
the sale of said bonds shall be paid over by the County Com-
missioners of said county to the treasurer of the Board of
School Commissioners of said county, who shall apply said
proceeds, under the direction of the said Board of School Com-
missioners, to the purchase of such lots and the erection and
furnishing .of such school buildings as such Board of School
Commissioners may contract for, and for no other purpose.

Effective

SEC. 5. And be it enacted, That this Act shall take effect
from the date of its passage.
Approved March 14, 1898.

CHAPTER 69.
AN ACT to authorize the Mayor and Councilmen of Frost-
burg to issue bonds for the purpose of redeeming the pres-
ent outstanding bonds of said municipal corporation.

Authorized t<
issue coupor
bonds.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Mayor and Councilmen of Frostburg be and
they are hereby authorized to issue coupon bonds in the name
of the said corporation to an amount not exceeding fifty-five