408 LAWS OF MARYLAND.

assessable property in Baltimore County for such sums as may
be necessary to pay said expenses.

SEC. 4. And be it further enacted, That if the voters of Balti-
more County voting on the question shall by a majority vote
at the election aforesaid declare in favor of the issuance of
said bonds as provided in this Act, then for the purpose of
constructing said new buildings, additions to buildings or pur-
chase of property for schools in and for Baltimore County, the
County Commissioners of Baltimore County be and they are
hereby authorized and empowered to borrow money on the
faith and credit of said County not to exceed in the aggregate
$500,000, and to issue bonds therefor as hereinafter directed,
to be signed by the President of the said Board of County Com-
missioners, and countersigned by the Treasurer of said County
and sealed with the corporate seal of the Board of County
Commissioners of Baltimore County affixed thereto.

SEC. 5. And be it further enacted, That said bonds shall be
known as "Baltimore County School Bonds," and shall be issued
in denominations of five hundred dollars with coupons attached
thereto for the payment of the interest thereon semi-annually
on the first day of January and the first day of July in each
and every year until the maturity thereof, said coupons to
have the signature of the Treasurer of Baltimore County printed
or written thereon. Said bonds shall be dated on the first day
of July, 1914, and shall bear interest from the date thereof at a
rate not exceeding four and one-half per cent. (4 1/2%) per
annum, payable semi-annually as aforesaid, and shall be exempt
from State, County and Municipal taxation. The said bonds
shall be numbered from one to one thousand, both inclusive, and
shall be so issued that fifty of said bonds shall mature in every
year from the date of issuing the same until the whole shall be
paid off and redeemed; that is to say, that bonds numbered one
to fifty, both inclusive, shall be due and payable on the first day
of July, 1915 ; bonds numbered from fifty-one to one hundred,
both inclusive, shall be payable on the first day of July, 1916,
and so on according to their consecutive numbers; fifty of said
bonds shall be due and payable on the first day of July in every
year succeeding their issuance until the whole shall be paid or
redeemed, and whenever any bond or bonds shall be paid or
redeemed, it or they shall be cancelled and destroyed by the
County Commissioners of Baltimore County and a note thereof
made in the minutes of their proceedings.