PHILLIPS LEE GOLDSBOROUGH, GOVERNOR. 699

SEC. 2. And be it enacted, That for the purpose of meeting
the said subscription the said County Commissioners of Calvert
County be and they are hereby authorized and empowered to
issue bonds in the name of said County, in denominations of
not less than fifty or more than one thousand dollars, bearing
interest at the rate of five per centum per annum, payable at a
period of not more than forty years from the date of their
issue, and to each of the bonds shall be attached coupons for
the payment of interest thereon, payable semi-annually, which
said coupons shall be received in payment of any County taxes
by the County Commissioners of the said County.

SEC. 3. And be it enacted, That the said bonds shall be ex-
empt from County and municipal taxation, and the faith of
Calvert County is hereby pledged for the redemption thereof.

SEC. 4. And be it enacted, That the County Commissioners
of said County shall levy from year to year on the assessable
property of said County such sum of money as shall in their
discretion be deemed necessary for the prompt payment of the
principal and interest of said bonds.

SEC. 5. And be it enacted, That all sums levied on account
of the principal of said bonds shall be collected by the County
Treasurer of Calvert County, or other officer or officers who
may be authorized by law to collect the State tax in said County,
or if there should be at any time no State tax levied by law,
then in that case by such County Treasurer, collector or other
officer or officers as may be by law authorized to collect the
County taxes in said County, and shall be subject to the order
of the County Commissioners of Calvert County, when collected,
and shall be by said County Commissioners deposited in some
savings bank or trust company to meet the interest upon said
bonds, and to create a sinking fund for the redemption of said
bonds at maturity, and a statement of the condition of said
sinking fund to be certified to by the President and Secretary
of the savings bank or trust company where said sinking funds
are deposited, shall be published each year during the first week
in January in the papers doing the County printing; or the said
County Commissioners may invest said sinking fund in the pur-
chase of the bonds hereby authorized to be issued, or the stock
or bonds of this State, or of other States of the Union, or of the
City of Baltimore, or of the Counties or municipalities of this
State, for the purpose of creating a sinking fund for the re-
demption of said bonds at maturity, and the interest, income or
dividends derived from such investments shall also be from time