216 LAWS OF MARYLAND. [CH. 97

on the faith and credit of Caroline County the sum of
twenty-four thousand dollars ($24, 000. 00) and to issue
coupon bonds therefor in sums of one thousand dollars
($1, 000. 00) each, to be signed by the president of the Board
of County Commissioners of Caroline County and counter-
signed by the clerk to said board with the seal of said
County Commissioners of Caroline County affixed thereto,
and said bonds shall be designated as "Caroline County Re-
funding Bonds" and shall be numbered consecutively from
one (1) to twenty-four (24), inclusive, and shall bear interest
at the rate of three and one-half (3 1/2) per cent, per annum,
payable semi-annually on the first day of October and April
of each and every year accounting from the 1st day of
October, 1936, and said bonds shall be exempt from all tax-
ation for State, county and municipal purposes in the State
of Maryland and shall have printed on them a distinct
reference to this Act authorizing their issue.

SEC. 2. And be it further enacted, That the said bonds
to be issued under this Act shall mature in their numerical
order two thousand dollars ($2, 000. 00) annually in each
and every year beginning October 1st, 1940, and that said
bonds with interest thereon shall be paid and cancelled by
the County Commissioners of Caroline County in the
amount of two thousand dollars ($2, 000. 00) during each
and every year beginning as aforesaid until the whole of
said bonds shall have been paid, and the date of issue shall
be the same on all bonds under this Act, which date shall
be October 1st, 1936.

SEC. 3. And be it further enacted, That the County
Commissioners of Caroline County are authorized and em-
powered to sell said bonds to the highest bidder upon sealed
proposals after having given at least ten days' notice by
advertisement in some newspaper printed and published
in Caroline County and by such other advertisement as
the County Commissioners of Caroline County shall deem
advisable, but the right is reserved unto the County Com-
missioners of Caroline County to reject any and all bids.
If no bids are received after such advertisement, or if all
the bids are rejected by the County Commissioners of Car-
oline County the said County Commissioners of Caroline
county are authorized and empowered to sell said bonds at
private sale at not less than par and accrued interest.

SEC. 4. And be it further enacted, That the proceeds
arising from the sale of said bonds shall be applied to the