548 LAWS OF MARYLAND. [CH. 238

attending the schools thereof makes the erection of new school
buildings and equipping of same absolutely necessary for school
accommodations, therefore:

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That for the purpose of erecting new school buildings and
equipping same in Wicomico County, the County Commission-
ers for Wicomico County be, and they are hereby authorized
and directed to issue and sell bonds, said bonds to be signed
by the president thereof, and attested by the treasurer of
Wicomico County with the seal of said County Commissioners
attached thereto, to be known as "Public School Improvement
Bonds of Wicomico County, Maryland. "

SEC. 2. And be it further enacted, That the amount of said
bonds shall not exceed in the aggregate the sum of three hun-
dred thousand dollars ($300, 000), not to be issued in less sums
than one hundred dollars ($100), but may be issued in sums
of one hundred dollars ($100) or any multiple thereof, on
the faith and credit of Wicomico County. Said bonds shall be
dated the first day of July, 1922, and shall bear interest at a
rate not to exceed five (5%) per centum per annum, and the
said interest shall be paid semi-annually on the first day of
January and July each year; and the said bonds shall be and
remain exempt from state, county and municipal taxation, and
the principal amount of said bonds shall be paid upon the serial
annuity plan hereinbelow specified.

SEC. 3. And be it further enacted, That in issuing said
bonds, the County Commissioners of Wicomico County shall
issue them according to what is known as the serial annuity
plan, and the series as issued shall be lettered beginning with
the letter "A" and so on down the alphabet, until the said
amount of three hundred thousand dollars ($300, 000) shall
have been issued, so that the entire principal sum shall be re-
deemable as follows:

Series Amount Redeemable

A............... $7, 000 July 1, 1925

B............... 7, 000 July 1, 1926

C............... 7, 000 July 1, 1927

D............... 7, 000 July 1, 1928

E............... 8, 000 July 1, 1929

F............... 8, 000 July 1, 1930

G............... 8, 000 July 1, 1931

H............... 8, 000 July 1, 1932