824

LAWS OF MARYLAND.

the public schools of Anne Arundel 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, untilthe last of
said bonds issued by them under this Act shall havebeen paid
and cancelled ; and the said bonds and coupons shall be made
payable at Annapolis, Maryland.

Issued in six
series.

SEC. 6. And be. it enacted, That said bonds shall be issued in
six series, each consisting of one-sixth of the amount of 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 ; the fifth series, twenty-five years after
date; and the sixth series, thirty years after date; and said
bonds shall be advertised and sold to the highest bidder or bid-
ders for cash by the school commissioners ; provided, said bonds
shall not be sold for less than their face value.

Reserve a
certain
amount.

SEC. 7. And be it enacted, That for the purpose of redeem-
ing 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 hundred and seventy-six dollars and sixty-six cents
($176.66) of the principal of said debt, as aforesaid; said one
hundred and seventy-six dollars and sixty-six cents ($176.66)
so annually reserved by the school commissioners and school
examiner of Anne Arundel county, shall be kept by them
entirely separate and distinct from the school funds, and shall
be accounted for by said examiner in his annual statement to
the County Commissioner, and shall be held by said county
school commissioners as a sinking fund for the redemption of
said bonds at their maturity ; and the said county school
examiner shall, from time to time, in each year, deposit in the
Annapolis Savings Institutions, on interest for the benefit of
said fund, all moneys belonging to said sinking fund, to be
used in the purchase of any of said bonds that may be offered
for sale and for redemption thereof at maturity ; and upon the
purchase of any or such bonds, or the redemption of the same
at maturity by the school examiner, they shall be immediately
cancelled by stamping across their face and upon each
coupon thereof cancelled by the sinking fund ; and no portion
of said sinking fund so set apart shall ever be diverted to any
other purpose than to the purchase and liquidation or redemp-
tion of said bonds ; and should the school examiner or any