132 LAWS OF MARYLAND. [CH. 74

CHAPTER 74.

AN ACT to authorize and direct the County Commissioners of
Washington County to issue bonds on the credit of said
County to the extent of Three Hundred and Fifty Thousand
($350, 000. ) Dollars, the proceeds thereof to be used for the
purpose of public road improvements in said County, and
to provide for levying taxes to pay the interest on said bonds
and the bonds as they mature.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That in order to reconstruct and improve certain public
roads in Washington County a loan is hereby created to be
known as the "Washington County Road Loan of 1924, " to the
amount of Three Hundred and Fifty Thousand ($350, 000) Dol-
lars. Two Hundred Thousand ($200, 000) Dollars of said loan
shall be dated the first day of July, 1924, and the remaining One
Hundred and Fifty Thousand ($150, 000) Dollars of said loan
shall be dated the first day of July, 1925. Said loan shall bear
interest at a rate to be fixed by the County Commissioners of
Washington County, not to exceed five (5) per centum per an-
num and the said interest shall be paid semi-annually on Janu-
ary 1st and July 1st in each and every year during which said
bonds shall be outstanding and remain unpaid, and the said loan
and every part thereof and the interest payable thereon, shall
be and remain exempt from State, County and municipal taxa-
tion, and the principal amount of said loan shall be paid upon
the serial annuity herein below specified and all within fifteen
(15) years after the issuance thereof.

SEC. 2. And be it further enacted, That in issuing the said
bonds for said loan, as herein provided in Section 1, the County
Commissioners of Washington County, shall issue said bonds
according to what is known as the serial annuity plan and each
series as issued shall be lettered, beginning with the letter "A"
and so on down the alphabet until the said amount of Three
Hundred and Fifty Thousand ($350, 000) Dollars shall have
been issued so that the entire principal shall be redeemable as
follows:

The Two Hundred Thousand ($200, 000) Dollars of said loan,
bearing date of July, 1924, shall be redeemable as follows:

Series A ................. $11, 000. redeemable July 1st, 1927

Series B ................. $12, 000. redeemable July 1st, 1928

Series C ................. $13, 000. redeemable July 1st, 1929