PHILLIPS LEE GOLDSBOROUGH, GOVERNOR. 467

and to issue coupon bonds therefor in sums of one thousand
dollars each, to be signed by the president of said Board of
County School Commissioners of Anne Arundel County and
countersigned by the treasurer of said board, with the seal of
said board attached, and said bonds shall bear interest at the
rate of 5 per cent, per annum, payable semi-annually on the
first day of May and November in each year, until the said bonds
shall be paid; and said bonds shall be forever exempt from
all taxation for any purpose, and shall have printed on them
a distinct reference to this Act as authorizing the issue thereof.
And said bonds shall be issued on the full credit and faith of
Anne Arundel County, and the entire taxable basis of the County
is pledged for their payment.

SEC. 5. And be it enacted, That the Board of County School
Commissioners of Anne Arundel County is hereby authorized
and directed to retain each and every year from the sums of
money appropriated to them by the County Commissioners for
the support of the public schools of Anne Arundel County a
sufficient amount of money to meet the interest to create a
sinking fund to pay the principal of said bonds as they mature
until the last of said bonds issued under this Act shall have
been paid and cancelled.

SEC. 6. And be it enacted, That said bonds shall be issued
in five series, each consisting of one-fifth of the amount of bonds
to be issued under this Act, and dated from the first day of
May, nineteen hundred and fourteen, and shall be redeemable
as follows: The first series, five years after date; the second
series, ten years after date; the third series, fifteen years after
date; and the fourth series, twenty years after date; the fifth
series, twenty-five years after date; and said bonds shall be ad-
vertised at least twenty days in some newspaper in Anne Arun-
del County, and sold to the highest bidder, for cash, by the
Board of County School Commissioners of Anne Arundel
County, provided said bonds shall not be sold for less than
their face value.

SEC. 7. And be it enacted, That for the purpose of redeeming
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 fourteen, and annually thereafter, reserve a suffi-
cient sum to pay the semi-annual interest on said bonds, and
in addition thereto the sum of seven hundred and fifty dollars to
meet the maturing principal, of said debt.