The Prince George's enquirer and southern Maryland advertiser. (Upper Marlborough, Md.) 1882-1925, 1904-06-24

not more than one thousand dollars
each, to be signed by the president OF
said Board of School Commissioners,
and countersigned by the School Ex-
aminer of said Board, with the seal of
said Board attached, and to be regis
tered by the said School Examiner OF
Prince Georges county, in Il separate
book kept for that purpose, and said
bonds shall bear interest at the rate OF
five per cent per annum, payable semi
annually on the first day Of May and
the first day of November each year
until said bonds shall be paid, and
said bonds shall be forever exempt
from all taxation for any purpose, and
shall have printed on them Preference
to this Act as authorizing the issue
thereof"
SECTION 6. Be it enacted, That the
School Commissioners of Prince
Georges County are hereby authoriz-
ed and directed to retain each and ev-
cry year from the sums of money paid
to them by the County Commissioners
of Prince Georges County for the
support of the public schools Of Prince
Georges County, sufficient amount
of money to meet the interest and TO
create sinking fund to pay the prin-
cipal of said bonds as they mature un-
til the last of said bonds issued under
this Act shall have been cancelled,
should said bonds be issued and en-
dorsed as aforesaid.
SECTION I. Be it enacted, That the
first bonds issued under this Act shall
be dated the first day of May, 1904,
and be payable, as to principal, in thir
ty years from the date of their issue,
and said bonds shall be advertised for
sale in two daily newspapers publish
ed in the city of Baltimore to be Sc
lected by the School Board and sold
to the highest bidders for cash and for
not less than their face value by the
School Commissioners Of Prince
Georges county.
SECTION g. Be it enacted, That the
County School Commissioners of
Prince Georges County, shall annual
ly deposit in some savings institution
in the State of Maryland, on interest,
sufficient amount of money to create
sinking fund, for the redemption of
said bonds at their maturity, and are
hereby authorized and empowered to
purchase from the proceeds of said
sinking fnnd any of the said bonds as
may be offered for sale; and upon the
purchase Of any such bonds or the re-
demption of the same at maturity, the
said County School Commissioners
shall have said bond or bonds immed-
lately cancelled by stamping across
their tace the word Cancelled" and no
portion of said sinking fund so set
apart shall ever be diverted to any 9th
er purpose than to the purchase and
liquidation of said bonds; and should
the said examiner of the County
School Commissioners or any other
person, having charge of said sinking
fund, suffer or permit the same, or
any part thereof to be diverted from,
or applied to any other purpose than
the investment thereof for the pur-
chase of said bonds, and the purchase
and redemption of the same, then the
person or party so offending shall be
deemed guilty of a misdemeanor and
upon conviction thereof be subj "cted
to fine of not less than twice the
amount so misapplied or diverted.
SECTION g. And be it enacted, That
the County School Examiner shall
keep separate account of the money
applied each year to the payment OF
interest on said bonds, as we'll as the
amount OF money deposited each year
to the creation and support of the
sinking fund to meet the principal OF
said being at maturity.
SECTION 10. And be it enacted, That
the money arising from the sale of
said bonds as provided in Section OF
this Act shall be paid to the School
Examiner of Prince Georges County
and tnat it may be applied to the pur-
pose set forth in this Act. The funds
so realized shall be paid by the said
School Examiner to the aforesaid
building committee, upon its order,
and the said building committee is
hereby authorized and directed to pay
| to contractor or contractors or archi-
tect employed by the said building
committee, in accordance with the
terms of their said contract, upon the
order of said building committee, such
sum or sums Of money as such con-
tractor or contractors are entitled to