ALBERT C. RITCHIE, GOVERNOR. 673

thereof, with the corporate seal of the said County Commis-
sioners attached, and said bonds are expressly declared to
be a direct obligation upon Anne Arundel County.

SEC. 2. And be it further enacted, That the said bonds
shall bear interest at an annual rate not exceeding five per
cent (5 per cent) payable semi-annually upon the first day of
January and July in each year, and said bonds shall be ex-
empt from taxation for county and municipal purposes when
held by citizens of the State of Maryland. The bonds shall
be known as "Anne Arundel County Public School Building
Bonds." and this shall be printed or lithographed on each
bond, with a. reference to this Act as authorizing the same.
The Board of Education of Anne Arundel County and the
County Commissioners of Anne Arundel County are hereby
expressly authorized to do any and all acts and things in
connection with said bond issue that may be proper, to give
validity to said bonds. The Board of Education of Anne
Arundel County is hereby directed and empowered to sell
and dispose of the bonds herein authorized, at public sale to
the highest bidder or bidders therefor for cash, after thirty
(30) days' public notice by advertisement, provided the said
bond issue or any part thereof shall not be sold for less than
par and accrued interest; and the sale or part or all of said
bonds shall be made at such time and in such amount as the
said board shall deem advisable to carry out the objects of
this Act.

SEC. 3. And be it further enacted, That the said County
Commissioners of Anne Arundel County are hereby author-
ized and required to levy upon the assessable property of said
county at the period of making the annual levy, in each and
every year, while the said bond issue is outstanding, a sum
sufficient to pay the interest thereon as it may be due and
payable, and the further sum of three thousand ($3,000.00)
dollars to create a sinking fund to redeem and retire the said
bonds at maturity. The said sinking fund shall be divided
and deposited in such proportion as the Public School Build-
ing Commission may designate in the Farmers National Bank
of Annapolis, the Annapolis Savings Institution, the Annap-
olis Banking and Trust Company and the Annapolis Bank
of the Eastern Shore Trust Company. The said banks shall
allow interest on the amount of the sinking fund so deposited