ALBERT C. RITCHIE, GOVERNOR. 147

County, for the purposes hereinafter set forth, are hereby au-
thorized, empowered and required to issue coupon bonds, pay-
able to the bearer or holder thereof, on the faith and credit of
Dorchester County aforesaid, to the amount of Twenty-five
Thousand Dollars ($25, 000. 00), in denominations of One
Thousand Dollars ($1, 000. 00) each, to be numbered from 1 to
25, consecutively, both inclusive, to bear interest from the date
thereof at the rate of 4½ per centum per annum, payable
semi-annually on the first day of July and the first day of
January, in each year that the same are outstanding, and the
principal thereof to mature and be redeemable as follows:
$13, 000. 00 thereof, in 1948;
12, 000. 00 thereof, in 1949.

The said bonds shall be signed by the President of the Coun-
ty Commissioners of Dorchester County, and his signature
shall be attested by the Treasurer of said County, who shall
affix thereto the corporate seal of the said County Commission-
ers; the coupons on said bonds, for the payment of interest,
shall have the signature of the President of said County Com-
missioners printed thereon; the bonds shall make direct refer-
ence to the Act, as authorizing the issue, and shall be denom-
inated the "Dorchester County School Bonds, " and shall be
exempt from State, county and municipal taxation.

SEC. 2. And be it further enacted, That the said bonds shall
be issued upon the demand of the Board of Education of Dor-
chester County, and shall be dated the first day of July of the
year of issuance, any interest accruing thereon between said date
and the date of sale to be provided for by the said County Com-
missioners in the terms of sale to be prescribed by them. The
said bonds shall be sold by inviting sealed proposals for the pur-
chase of the same, and the advertisements of such sale, the
terms thereof and all details in respect thereto shall be made
by the said County Commissioners; and they shall have the
right to reject any and all bids that may be made for the pur-
chase of said bonds, or any part thereof, and in case of rejec-
tion may readvertise said bonds for sale at such time and in
such manner as they may deem expedient.

SEC. 3. And be it further enacted, That the County Com-
missioners of Dorchester County be and they are hereby em-
powered to levy annually upon the assessable property of said
Dorchester County a tax sufficient to pay the interest on said