1128 LAWS OF MARYLAND. [CH. 554

cated and for equipping and furnishing said building; and
to provide for the payment of interest on said bonds and of
the principal thereof by levy of taxes.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the County Commissioners of Somerset County are
hereby authorized and directed to issue not later than July
first, nineteen hundred and thirty-nine, in conformance with
the provisions of this act, Serial Coupon Bonds upon the faith
and credit of said county to the amount of fifty-five thousand
dollars par value, in denominations of one thousand dollars
each, to bear interest from the first day of July, nineteen hun-
dred and thirty-nine, payable semi-annually in each year dur-
ing which said bonds shall be outstanding and remain unpaid
at the rate of three per cent per annum; said bonds when
issued shall be signed by the President of the County Commis-
sioners of Somerset County and countersigned by the Clerk
thereof (provided that the coupons for interest on said bonds
may be authenticated by the engraved, lithographed or printed
signature of said President) and each of said bonds shall have
the corporate seal of said county affixed thereto and shall con-
tain a distinct reference to the act directing the issue of the
same and shall be designated "Somerset County School Bonds
1939 Issue"; and the said bonds when issued and all interest
thereon shall be exempt from state, county and municipal tax-
ation in the State of Maryland.

SEC. 2. And be it further enacted, That the said County
Commissioners of said Somerset County be and they are here-
by authorized and directed to issue and sell said bonds at pub-
lic auction to the highest bidder or bidders therefor reserving
to said County Commissioners the right to reject any and all
bids and said sale shall be made after due notice thereof by
advertisement published in such newspaper or newspapers in
said Somerset County as the said County Commissioners may
determine, for three successive weeks before the day of sale;
the said bonds shall be issued to mature as follows: Fire thou-
sand dollars thereof on the first day of January, nineteen hun-
dred and forty-one, and annually thereafter the sum of five
thousand dollars, on the first of January in each succeeding
year until the whole amount of said issue shall have been re-
deemed; and the coupons for interest on said bonds shall be
payable on the first day of January and of July in each year
until said bonds shall be redeemed respectively.

SEC. 3. And be it further enacted, That the County Com-
missioners of Somerset County shall annually cause to be
levied upon all the assessable property in Somerset County a