1348 LAWS OF MARYLAND.

regular levy to meet and pay the interest on said bonds when
issued, and to meet and pay said bonds as they shall become
due, to be collected as other county taxes are collected, said
bonds to be exempt from county and municipal taxes.

SECTION 3. And be it further enacted, That all bonds shall
be dated the 1st day of July, in the year 1914, and bear interest
not exceeding 5% per annum, from the date thereof, payable on
the 1st day of January and July of each year. Two of said
bonds, numbers one and two, respectively, shall be due and re-
deemable on the 1st day of January, 1926, and four more, ac-
cording to numbers upwards, in each successive year thereafter,
until all of said bonds are redeemed.

SECTION 4. And be it enacted, That when the said bonds are
properly prepared and duly executed, as described, the County
Commissioners of Wicomico County are hereby authorized.and
required to sell said bonds to the best advantage at public or
private sale, at such time or times, and on such notice as they
may deem best, at not less than par and accrued interest, pro-
vided said bonds shall be sold on competitive bidding by sealed
offers, with the privilege of rejecting any and all bonds, and
that the money arising from the sale of said bonds shall be kept
by the County Treasurer in a separate fund, to be known as the
"High Schools Improvement Fund," to be used only for the
purpose of additions or improvements to high schools at Salis-
bury and Nanticoke, $21,500 of said "High Schools Improve-
ment Fund" to be used for the building or improving the high
school at Salisbury and $3,500 for building and improving the
high school at Nanticoke. The sum allotted to each school to be
paid over on requisition of the County School Commissioners
of Wicomico County on said County Commissioners, but only
after contract has been made and work has actually commenced
on school the requisition is made for, and the County Treasurer
shall keep a full registry of said bonds with the names of the
purchasers and the amount realized from sales, and dates of
maturity of several bonds, and when redeemed said bonds shall
be at once cancelled on the face of said bonds and on the book
of registry, and shall not be issued again, provided the said
County Commissioners may sell all, or such part of said bonds,
at such time or times, as they in their judgment may deem best.

SECTION 5. And be it further enacted, That the said "High
Schools Improvement Fund" shall be paid by the Treasurer of
Wicomico County on the requisition of the County School Com-