EMERSON C. HARRINGTON, GOVERNOR. 465

of the said Board of County School Commissioners of Anne
Arundel County and countersigned by the Treasurer of the
said Board, with the seal of the 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 the said bonds
shall be exempt forever 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 pay-
ment.

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 sum 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 Sixteen, 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 the said bonds shall be
advertised at least twenty days in some newspaper in 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. 7. 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 the
County School Commissioners and their treasurer shall, for the
year Nineteen Hundred and Sixteen, annually thereafter, re-
serve a sufficient sum to pay the semi-annual interest on said
bonds and in addition thereto the sum of Seven Hundred and
Fifty Dollars ($750. ) to meet the maturing principal of said
debt.