1132 LAWS OF MARYLAND. [CH. 553

district 5, vbe and they are hereby authorized and directed to
borrow, on the endorsement of the County Commissioners of
Anne Arundel County, who are hereby authorized and directed
to endorse said bonds on the credit of said county, to an amount
not exceeding the sum of six thousand dollars ($6, 000. ) and
to issue coupon bonds therefor in sums of three hundred dollars
each, to be signed by the President of the said Board of County
School Commissioners of Anne Arundel County and counter-
signed 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 June and December 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 oi
Anne Arundel County, and the entire taxable basis of the Coun-
ty is pledged for their payment.

SEC. 2. And be it enacted, That the Board of County
School Commissioners of Anne Arundel County is hereby au-
thorized and directed to retain each and every year from the
sums of money appropriated to them by the County Commis-
sioners for the support of the public schools of Anne Arundel
County, a sufficient amount of money to meet the interest and
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. 3. And be it enacted. That said bonds shall be issued
in four series, each consisting of one-fourth of the amount of
bonds to be issued under this Act, and dated from the first day
of June, nineteen hundred and sixteen, and shall be redeem
able as follows: The first series, five years after date; the
second series, ten years after date; the third series, fifteen
years after date; the fourth series, twenty years after date;
and said bonds shall be advertised at least twenty days in some
newspaper of Anne Arundel 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. 4. And be it enacted, That for the purpose of redeem-
ing the said bonds at their maturity, and for securing the-
prompt payment of the interest thereon, said Board of County