PHILLIPS LEI: GOLDSBOROUGH, GOVERNOR. 865

SEC. 2. And be it enacted, That the County Commissioners
of Montgomery County be, and is hereby authorized and em-
powered, in its discretion, to issue bonds to an amount not
exceeding fifty-eight thousand five hundred dollars, in sums of
not less than one hundred dollars nor more than one thousand
dollars each, to be signed by the President of the Board of said
County Commissioners and countersigned by the Clerk of said
Board and sealed with the seal of the office, and dated on the
day of their issue, and to bear interest at a rate not to exceed
five per centum per annum, payable semi-annually on the first
days of April and October in each and every year during which
the said bonds may run and remain unpaid, and the coupons
for interest on said bonds shall be receivable by the Treasurer
of said County in payment of County taxes; provided, that said
bonds shall be advertised and sold to the highest bidder or
bidders, at not less than their face value, by the County Com-
missioners of said Montgomery County, for cash.

SEC. 3. And be it enacted, That said bonds shall be issued
so as to mature the principal of fifteen hundred dollars in one
year from date and three thousand dollars each year thereafter
until the same shall be paid off.

SEC. 4. And be it enacted, That to redeem said bonds the
County Commissioners of Montgomery County shall annually
levy upon the assessable property of said County a tax sufficient
to pay the interest thereon and the principal of such portions
as may mature in each and every year after the date of their
issue; and said levy shall be designated as the "School Debt
Fund."

SEC. 5. And be it enacted, That the proceeds arising from
the aforementioned bonds shall be paid over by the County
Commissioners to the Treasurer of the said Board of County
School Commissioners of said County, less the amount of said
advance through the Treasurer of said County as aforesaid,
which proceeds so received by said Board of County School
Commissioners of Montgomery County shall immediately be
applied to the payment of the indebtedness recited in the pre-
amble to this Act and the balance thereof to be applied by
said Board of County School Commissioners to or toward the
payment of any deficiency there may be in the conduct of the
public schools of said County during the current school year,
and to no other purpose whatsoever.