732 LAWS OF MARYLAND. [CH. 301

laid directly or indirectly in the hands of any corporation or in-
dividual holder thereof.

SEC. 5. And be it enacted, That the said bonds shall be is-
sued in five series, each consisting of one-fifth of the amount of
bonds to be issued by said school commissioners under this act,
and shall be paid and redeemed, both principal and interest, oy
the County Commissioners of Dorchester County aforesaid, as
follows: The first series three years after date, the second series
four years after date, the third series five years after date, the
fourth series six years after date, the fifth series seven years af-
tei date, the sixth series eight years after date, the seventh ser-
ies nine years after date, the eighth series ten years after date,
and said bonds shall be advertised and sold to the highest bid-
der or bidders for cash by the school commissioners.

SEC. 6. And be it enacted, That for the purpose of redeem
ing said bonds at maturity and for the purpose of securing the
payment thereof, the County Commissioners of Dorchester
County shall levy in each and every year, beginning with the
year 1918, upon the taxable property of Dorchester County,
such sums as shall be required for the payment of the principal
and interest of said bonds, until all of the bonds are redeemed
and paid, and upon the purchase of any of such bonds or the re-
demption of the same at maturity, they shall be immediately
cancelled or destroyed under the direction of the said County
Commissioners and in their presence and when so destroyed a
record of the destruction of the same shall be made and ex-
tended upon the records of the office.

SEC. 7. And be it enacted, That the money arising from
the sale of said bonds as provided in section 5 of this act, shall
be paid to the school treasurer of said county, who shall keep
in a book for that purpose a registry of the bonds, and the
name of the purchasers and the amounts realized: and the said
funds so realized for the sale of said bonds shall be applied to
the purposes set forth in this act, and to no other purpose, and
shall be paid by the school treasurer upon the order of the said
building committee, from a warrant book specially authorized
by said committee, with said warrants numbered consecutively,
and the said treasurer is hereby authorized and directed to pay
the contractor or contractors employed by said building com-
mittee in accordance with the terms of said contract, upon the
warrant of said building committee, with such sum or sums of
money as shall be certified in such warrants that such contractor