292 LAWS OF MARYLAND. [CH. 140

SEC. 5. And be it enacted, That the school commissioners
aforesaid are hereby authorized and directed to retain each
year from the sum of money appropriated by the county 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 until the last
of them shall be paid and cancelled; said bonds and coupons
shall be payable at Annapolis, Maryland.

SEC. 6. And be it enacted, That said bonds shall be issued
in five series, each consisting of one-fifth of the amount of bonds
to be issued and shall be redeemable as follows, the first series
two years after date, the second series four years after date,
the third series six years after date, the fourth series eight
years after date, the fifth series ten years after date; and said
bonds shall be advertised and sold to the highest bidder, but
shall not be sold for less than par.

SEC. 7. And be it enacted, That for the purpose of paying
said bonds at their several maturities the school commission-
ers for the year 1918, and annually thereafter shall reserve the
sum of $1, 000 as part of the principal of said debt; said amounts
so annually reserved shall be kept by the school commissioner
entirely separate and distinct from the general school funds
and shall be accounted for by the examiner in his annual state-
ment to the county commissioners, as a sinking fund for the re-
demption of said bonds at maturity. And the County School
Examiner shall from time to time in each year. deposit in such
bank as the school funds are now deposited on interest to be
used for the redemption or purchase of any such bonds which
upon redemption or purchase shall be immediately burned by
the examiner and the clerk to the county commissioners acting
in conjunction. No part of said sinking fund shall be diverted
to any other purpose; and should the school examiner or other
person having charge of the sinking fund permit the same to be
applied to any other purpose, and the person or persons who
shall divert said fund shall be deemed guilty of a misdemeanor,
and on conviction shall be subject to a fine of not less than the
amount so diverted, or to imprisonment in the Maryland Peni-
tentiary for not less than six months or more than three years.

SEC. 8. And be it enacted, That the examiner shall keep a
separate account of the money collected each year by him for
and applied towards the payment of the interest and deposited
to meet the principal of said bonds at maturity and no part