176 LAWS OF MARYLAND. [CH. 103

Board of County Commissioners and countersigned by the
Clerk thereof, with the seal of the County Commissioners at-
tached. 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 Dorchester and shall be a lien upon the tax-
able property thereof, 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
maturity of each of the 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 dis-
tinct reference to this Act authorizing the issue thereof.

SEC. 3. And be it further enacted, That the said bonds
shall be redeemable as follows: That is to say, two thousand
dollars, one year after the date of issue, and two thousand dol-
lars thereof every six months thereafter in each and every suc-
ceeding year until the whole amount of said bonds shall have
been fully paid.

SEC. 4. And be it further enacted, That all of the 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 a rate not exceeding five per centum per annum. Said
interest to be payable on the 1st day of January and July in
each year to the maturity of each of said bonds; four of the
said bonds, commencing with No. 1 shall be due and redeem-
able the 1st day of July, following the date of issue; four more
of said bonds, in order according to numbers, shall be due and
redeemable on the succeeding 1st day of January, and four
more of the said bonds each six months thereafter, until all of
said bonds are due and redeemed.

SEC. 5. And be it further enacted, That after the said
bonds shall have been properly and duly executed 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 purposes of this Act, at public sale, to the
best advantage, in the discretion of the said County Commis-
sioners, upon not less than thirty days' notice, provided, that
the said bonds shall be sold upon competitive bidding, by
sealed offers, with the privileges reserved to the County Com-
missioners of rejecting any and all bids.