108 LAWS OF MARYLAND. [CH. 56

shall bear interest at the rate of five per cent, per annum, pay-
able semi-annually, on the first day of July and January of
each year; shall be signed by the President of said County Com-
missioners of Somerset County; attested by the Treasurer of
said Somerset County, and the seal of said County Commis-
sioners of Somerset County attached thereto, and the said bonds
shall be exempt from State, county and municipal taxation, and
the coupons or the interest on said bonds shall be received in
payment of taxes levied and assessed by said County Commis-
sioners of said Somerset County.

SEC. 2. And be it further enacted, That said bonds shall be
issued to mature as follows, that is to say, seven thousand five
hundred dollars ($7, 500. ) thereof on the first day of January,
1926, and annually thereafter on the first day of January in
each year the sum of seven thousand five hundred dollars
($7, 500. ) of said bonds shall mature and be paid until all of
said bonds have been matured and have been paid, the last
seven thousand five hundred dollars ($7, 500. ) thereof maturing
on the first day of January, 1945.

SEC. 3. And be it further enacted, That the County Commis-
sioners of Somerset County shall levy each year in advance at
the time of making their regular levy, a tax sufficient to meet
and pay the bonds which shall mature the year next following
said levy, and to pay the interest which shall fall due on all of
said bonds outstanding, during the year next succeeding said
levy, and said taxes shall be collected as other County taxes arc
collected.

SEC. 4. And be it further enacted, That said bonds when
prepared and executed as hereinbefore provided, shall be sold
by the County Commissioners of said Somerset County either
at public or private sale, at such time or times, but not later
than April the first, nineteen hundred and twenty-five, and on
such notice as the said County Commissioners may deem proper,
but at not less than the par value thereof and accrued interest,
and if sold at private sale, such sale shall be made only after
competitive bidding by sealed offers with the privilege of re-
jecting any and all bids, and the County Treasurer of Somer-
set County shall keep a register of said bonds with the name
or names of the purchasers, and the amount realized from said
sales, and the date of maturity of the several bonds, and shall
enter therein when each of said bonds shall be redeemed.