442 LAWS OF MARYLAND.

same to be signed by the president of the Board of County
Commissioners and countersigned by the clerk thereof, with the
seal of the said County Commissioners attached. The said
bonds to be issued in the denomination of five hundred dollars
($500.00) each, on the faith and credit of the County of Dor-
chester, aforesaid, and to bear interest from the date of the
issue thereof, at the rate of not more than five per centum per
annum, payable semi-annually; which said interest to the ma-
turity of each of said bonds shall be provided for and set forth
in the coupons attached to each of said bonds. Which said
bonds shall be numbered consecutively and shall have printed
on them and on the coupons attached to them a distinct refer-
ence to this Act authorizing the issue thereof.

SEC. 3. And be it enacted, That the said bonds shall be re-
deemable as follows: That is to say, one thousand dollars
($1,000.00), thereof, eighteen months after date of issue, and
thereafter annually one thousand dollars ($1,000.00), on the
first day of January, in each and every succeeding year until
the whole amount of said bonds shall have been fully paid.

SEC. 4. And be it enacted, That all of said bonds shall be
dated the 1st day of July, in the year issued, and bear interest
from the date thereof, payable semi-annually, at the rate of five
per centum per annum. Said interest to be payable on the
first day of January and July in each year to the maturity of
each of said bonds; two of said bonds, commencing with No. 1
shall be due and redeemable the first day of January, nineteen
hundred and sixteen; two more of said bonds, in order, accord-
ing to numbers, shall be due and redeemable on the first day
of January in each and every succeeding year thereafter, until
all of said bonds are due and redeemable.

SEC. 5. And be it enacted, That after the said bonds shall
have been properly and duly executeo as herein prescribed, the
said County Commissioners of Dorchester County, are hereby
authorized and directed to sell the said bonds at such times and
in such numbers as may be necessary for the objects and pur-
poses of this Act, at either public or private sale, to the best
advantage, in the discretion of the said County Commissioners,
upon such notice as the said County Commissioners may deem
expedient; provided, that the said bonds shall be sold upon
competitive bidding, by sealed offers, with the privileges re-
served to the County Commissioners of rejecting any and all
bids, and provided further, that none of said bonds shall be
sold for less than par.