374 LAWS OF MARYLAND.

by the president of the Board of County Commissioners of
Anne Arundel county, as such signing the same, and the clerk

of said County Commissioners countersigning the same, with
the corporate seal of said County Commissioners attached
thereto.

SEC. 5. And be it enacted, That the County School Commis-
sioners of Anne Arundel county are hereby authorized and
directed to retain each and every year from the sums of money
appropriated to them by the County Commissioners for its
support of the public schools of Anne Arundel county a suffi-
cient 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 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. 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 County 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; the sixth series, thirty years after date, and
the said bonds shall be advertised and sold to the highest bidder
or bidders for cash by the County School Commissioners; pro-
vided, said bonds shall not be sold for less than their face
value.

SEC. 7. And be it enacted, That for the purpose of redeeming
said bonds at their maturity, and for securing the prompt pay-
ment thereof the County School Commissioners and the County
School Superintendent of Anne Arundel county shall, for the
year nineteen hundred and eight, and annually thereafter, re-
serve the sum of four hundred dollars of the principal of said
debt, as aforesaid; said four hundred dollars so annually re-
served by the County School Commissioners and the County
Superintendent of Anne Arundel county shall be kept by them
entirely separate and distinct from the school funds and shall
be accounted for by said County Superintendent in his annual
statement to the County Commissioners 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 Superintendent shall; from time to time, in each year,
deposit in some safe and reliable bank, trust company or sav-
ings institution in said county, at the best rate of interest

obtainable, for the benefit of said fund; all moneys belonging