254                         LAWS OF MARYLAND.                 [CH. 118

SEC. 2. And be it further enacted, That the said bonds to
be issued under this Act shall mature in their numerical order
five thousand dollars ($5, 000. 00) annually in each and every
year beginning May 1st in the year 1940, and that said bonds
with interest thereon shall be paid and cancelled by the Coun-
ty Commissioners of Caroline County in the amount of five
thousand dollars ($5, 000. 00) during each and every year be-
ginning 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 May 1st, 1931.

SEC. 3. And be it further enacted, That the County Com-
missioners of Caroline County are authorized and empowered
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 re-
served unto the County Commissioners 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 Caroline County the said County Commis-
sioners 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 aris-
ing from the sale of said bonds shall be applied to the payment
and refunding of seventy-five thousand dollars ($75, 000. 00)
of the outstanding notes, obligations and floating indebtedness
due and owing to sundry persons, corporations and banks by
the said County Commissioners of Caroline County.

SEC. 5. And be it further enacted, That for the purpose of
securing the prompt payment of all installments of interest on
said bonds as the same shall become due semi-annual]y as afore-
said, and for the purpose of redeeming said bonds at maturity,
the County Commissioners of Caroline County are hereby
authorized and directed to levy annually a tax upon the assess-
able property of Caroline County in such sum as may be neces-
sary and sufficient to pay the interest on said bonds semi-annu-
ally and to redeem five thousand dollars ($5, 000. 00) of said
bonds annually commencing May 1st, 1940, as aforesaid, until
the same have been fully redeemed and retired.