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Session Laws, 1914
Volume 533, Page 1736   View pdf image (33K)
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1736 LAWS OF MARYLAND.

SEC. 8. And be it further enacted, That the County School
Commissioners of Prince George's County shall annually de-
posit in some savings institution in the State of Maryland, on
interest, a sufficient amount of money to create a sinking fund
for the redemption of said bonds at their maturity, and are
hereby authorized and empowered to purchase from the pro-
ceeds of said sinking fund any of said bonds as may be offered
for sale; and upon the purchase of any of said bonds, or the
redemption of the same at maturity, the County School Com-
missioners shall have the said bond or bonds immediately can-
celled by stamping across their face the word "cancelled," and
no portion of said sinking fund, so set apart, shall ever be
diverted to any other purpose than to the purchase and liquida-
tion of said bonds; and should the School Examiner of the
County School Commissioners, or any other person, having
charge of the said sinking fund, suffer or permit the same, or
any part thereof, to be diverted from, or applied to any other
purpose, then the investment thereof for the purchase of said
bonds, and the purchase and redemption of same; then the per-
son or parties so offending shall' be deemed guilty of a misde-
meanor, and upon conviction thereof shall be subject to a fine
of not less than twice the amount so mis-applied or diverted.

SEC. 9. And be it further enacted, That the County School
Examiner for Prince George's County shall keep a separate ac-
count of the money applied each year to the payment of interest
on said bonds, as well as the amount of money deposited each
year to the credit and support of the sinking fund to meet the
principal of said bonds at maturity.

SEC. 10. And be it further 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 Examiner of Prince George's
County, and that it may be applied for the purpose set forth
in this Act the fund so realized shall be paid by the said School
Examiner to the aforesaid Building Committee upon its order;
and the said Building Committee is hereby authorized and di-
rected to pay to the contractor or contractors, or architect em-
ployed by the Building Committee, in accordance with the
terms of their said contract, upon the order of said Building
Committee, such sum or sums of money as such contractor or
contractors are entitled to in the performance of their con-
tracts, and shall pay upon the warrant of the Building Commit-
tee the costs of plans and specifications of the work proposed to

 

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Session Laws, 1914
Volume 533, Page 1736   View pdf image (33K)
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