232 LAWS OF MARYLAND. [CH. 144

said County Commissioners and countersigned by the Clerk
thereof, in sums of one thousand dollars ($1, 000, 00) bearing
interest from the date of issue thereof at the rate of four and one-
half per cent per annum, payable semi-annually, of which said
bonds twenty thousand dollars ($20, 000. 00) shall be drawn as to
mature on the first day of January, 1929, and twenty thousand
dollars ($20, 000. 00) on the first day of January in each consecu-
tive year thereafter to and including the first day of January,
1938; and ten thousand dollars ($10, 000. 00) on the first day of
January, 1939, and a like sum of ten thousand dollars ($10, 000, -
00) on the first day of January, in each consecutive year
thereafter, to and including the first day of January, 1943 and
said bonds shall have written or printed on them a distinct re-
ference to the Act authorizing and empowering the issuance
of the same, and said bonds when issued shall be exempt from
State, County and Municipal taxation.

SEC. 2. And be it further enacted, That the County Commis-
sioners shall cause to be levied and collected from the assessable
property in Frederick County such taxes as shall be sufficient
to pay for the interest on the outstanding bonds issued in pur-
suance of this Act, as the same shall fall due, and also such
further and additional sums as may be required to retire and
redeem said bonds when and as the same shall mature, until
all of them shall have been redeemed, and said taxes shall be
collected in like manner as other taxes levied in said County
are collected, and when collected, shall be applied to the pay-
ment of the interest on outstanding bonds and the redemption
of the same as they may mature and become payable.

SEC. 3. And be it further enacted, That said bonds shall be
sold, after due advertisement by the County Commissioners,
to the highest bidder or bidders, provided, however, that none
of said bonds shall be sold for less than par value.

SEC. 4 And be it further enacted, That the County Commis-
sioners shall advertise and sell said bonds as above provided, and
shall pay over the proceeds of the sales of said bonds in the years
1927 and 1928, to the Board of Education of Frederick County,
to be by it applied to the specific purposes and the specific
places set forth in this Act, and said Board of Education shall
account for the same and the expenditure thereof in the same
manner it accounts for other moneys passing through its hands.

SEC. 5. And be it further enacted, That this Act shall take
effect from the first day of June, 1927.

Approved March 25, 1927.