88 LAWS OF MARYLAND. [CH. 55

SEC. 7. And be it enacted, That for the purpose of redeem-
ing the said bonds at their maturity, and for securing the
prompt payment of the interest thereon, said Board of County
School Commissioners and their treasurer shall, for the year
nineteen hundred and eighteen, and annually thereafter, re-
serve a sufficient sum to pay the semi-annual interest on said
bonds, and in addition thereto the sum of six hundred dollars
to meet the maturing principal of said debt.

SEC. 8. And be it enacted, That the six hundred dollars
annually reserved by the said Board of County School Com-
missioners and their treasurer, as provided by the preceding
Section to meet the said bonds issued by the said Board of
County School Commissioners, as provided for in this Act,
shall be kept by them entirely separate and distinct from any
other funds, and shall be accounted for by said treasurer in
his annual statement to the said Board of County School Com-
missioners as a sinking fund for the redemption of said bonds
at their maturity; and the said treasurer shall from time to
time deposit the same in the Farmers' National Bank of An-
napolis, Maryland, and the Annapolis Banking and Trust Com-
pany and the Annapolis Savings Institution, in equal quan-
tities at four per cent, per annum interest, for the benefit of
said fund, all moneys belonging to the sinking fund; and no
portion of said sinking fund so set apart shall ever be directed
to any other purpose than to the liquidation of said bonds;
and should the treasurer or any other person having charge
of said sinking fund, suffer or permit the same or any part
thereof to be diverted from or applied to any other purpose
than the investment thereof for the redemption of the same,
then the person or persons so offending shall be deemed guilty
of a misdemeanor, and on conviction thereof shall be subject
to a fine of not less than the amount so misapplied or diverted.

SEC. 9. And be it enacted, That the said treasurer of the
Board of County School Commissioners shall keep a separate
account of the money collected each year by him for and ap-
plied to the payment of the interest and deposited to meet the
principal of said bonds at maturity, and no part of which shall
be chargeable with insolvencies allowed the treasurer on ac-
count of failure of collections.

SEC. 10. And be it enacted, That the money arising from
the sales of the said bonds referred to in Section 6 of this Act
shall be paid to the treasurer of said Board of County School
Commissioners.