WM. PRESTON LANE, JR., GOVERNOR 307
SEC. 3. And be it further enacted. That all proceeds
derived from said loan shall be placed in a special fund by
the County Treasurer of Dorchester County and shall be
paid out by him only on warrants from The County Com-
missioners of Dorchester County, which warrants shall be
issued only upon proper vouchers presented by The Board
of Education of Dorchester County, for the purchase of
land for, and the erection and equipment of, new school
buildings and for alterations and repairs to and equipment
of existing school buildings, in Dorchester County, and for
payment of architect's and other professional fees in con-
nection therewith, or for matching Federal funds for such
purposes.
SEC. 4. And be it further enacted, That, before pro-
of paying the interest on said notes, certificates of in-
debtedness and/or bonds, and for redeeming the same as
they mature and become payable, The County Commis-
sioners of Dorchester County shall levy annually a tax
upon the assessable property of said Dorchester County
sufficient to pay the annual interest on said notes, certifi-
cates of indebtedness and/or bonds and to redeem the same
as they become due, until all of said notes, certificates of
indebtedness and/or bonds shall mature and be redeemed.
The taxes so levied shall be collected in the same manner
as other taxes are levied and collected in said County.
SEC. 5. And be it further enacted, That before pro-
ceeding to sell any of said bonds at any time, The County
Commissioners of Dorchester County shall advertise once
a week for not less than two successive weeks in one or
more newspapers published and having a general circula-
tion in Dorchester County, and by such other advertise-
ments as they shall think proper, that they will receive
sealed bids for the bonds described in said advertisement,
under such regulations as The County Commissioners by
their order may pass, and such advertisement shall desig-
nate the place where bids will be received and shall set a
time for doing so not later than fifteen days after the date
of the last publication of said advertisement. All accrued
interest between the date of said bonds and the time of
sale and delivery of any payment for said bonds shall be
adjusted with the purchasers thereof. Upon the day and at
the time mentioned in said advertisement for opening the
bids, The County Commissioners of Dorchester County
shall receive such sealed proposals for the purchase of such
bonds as may be designated in the advertisement. Upon
the opening in public by the said County Commissioners of
|
|