726 LAWS OF MARYLAND.

sioners, and countersigned by the County Treasurer of said
county, attested by the corporate seal of said county; the said
bonds to be separately noted and recorded in a book to be kept
for that purpose. Said bonds shall bear interest at the rate of
five per centum per annum, payable semi-annually on the first
day of July and January in each year, and shall be forever ex-
empt from all taxation for county, municipal and county school
purposes, and shall have printed on them a distinct reference to
this Act, authorizing their issue.

SEC. 3. Be it enacted, That said bonds shall be issued in three
series, as follows: Sixty thousand dollars, payable in ten
years; sixty thousand dollars, payable in twenty years; eighty
thousand dollars, payable in thirty years after the date of their
issue, which date shall be as of July 1, 1908. The said bonds
shall be advertised by the said County Commissioners and sold
to the highest bidder for cash, provided that the same shall not
be sold for less than their par value, nor shall the said County
Commissioners pay any commissions in the sale thereof; pro-
vided, further, that they may, in their discretion, sell the same
at public auction at the courthouse door in Elkton, or else sell
by sealed bids to be opened publicly on the day named in said
advertisement, when the award shall be made to the highest
bidder, but they may reject any or all bids; and all bids shall be
accompanied by a certified check for ten per cent, of the amount
of such bid, and the checks of unsuccessful bidders shall be im-
mediately returned to them.

SEC. 4. Be it enacted, That the County Commissioners, in
pursuance of the objects of this Act, shall only use for the im-
provement of the roads twenty-five thousand dollars per annum,
for each two years, until the whole sum is exhausted, and in the
work to be done upon said roads from the monies hereby nego-
tiated, they may, in their discretion, use it as a separate, indi-
vidual fund, or they may use the same in connection with the
State appropriation, guaranteed to the several counties of the
State under the Act known as the "Shoemaker Act," or in
connection with any other Act that may become a law appro-
priating other or further sums, from the State, to the aid of
the several counties, for the purpose of improvements of the
public roads in said county.

SEC. 5. Be it enacted, That in view of the fact that only
twenty-five thousand dollars of the money shall be used for the
aforesaid purpose in any one year, that the County Commis-
sioners, although required to sign and seal said bonds, may, in
their discretion, sell at any one time only such amount thereof
as may be necessary for the immediate purposes of this Act.