14 LAWS OF MARYLAND. [CH. 8

to the payment and liquidation of certain outstanding
notes, obligations and floating indebtedness due and
owing by the said County Commissioners of Caroline
County, and to provide for the levying of a tax annu-
ally upon the assessable property of Caroline County
to pay interest thereon and for the redemption and pay-
ment of said bonds as the same shall fall due.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the County Commissioners of Caroline
County be and is hereby authorized and directed to borrow
on the faith and credit of Caroline County the sum of
Ninety Thousand Dollars ($90, 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
countersigned 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 School Construction Bonds" and shall be numbered
consecutively from one (1) to ninety (90), inclusive, and
shall bear interest at the rate of three and one-half (3½)
per cent, per annum, payable semi-annually on the first day
of March and September of each and every year accounting
from the 1st day of March, 1939, and said bonds shall be
exempt from all taxation 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 five thousand dollars ($5, 000. 00) annually in each
and every year beginning March 1st, 1945, and that said
bonds with interest there on shall be paid and cancelled by
the County Commissioners of Caroline County in the
amount of five thousand dollars ($5, 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 March 1st, 1939.

SEC. 3. And be it further enacted, That the County
Commissioners 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 advertise-
ment as the County Commissioners of Caroline County