Evening capital and Maryland gazette. (Annapolis, Md.) 1910-1922, 1916-05-20
PUBLIC LOCAL LAWS
FOR ANNE ARUNDEL COUNTY.

Arundel county to borrow money on
the credit of Anne Arundel county to
erect, heat and furnish annexes or
additions to the following public
schools in said county: School Is,
District 3; School ., District 81;
School Is, District 3; School 4, Dis
trict 8; School 6, District 3; School
Z, District 3; School l, District B;
School 4, District l; School 10, Dis
trict A.; School ., District 5.
Section /. Be it enacted by the Gen
eral Assembly of Maryland, That the
Board of County School Commissioners
of Anne Arundel county, for the pur-
pose of erecting, heating and furnish
ing annexes or additions to the follow
ing public school buildings in Anne
Arundel county, namely, School Is, Dis
trict 5; School ., District 3; School Is.
District 3; School 4, District 3; School
| 6, District 3; School z, District 3;
School l, District 3; School 4, District
l; School 10, District 4; School ., Dis
trict 5, be, and they are hereby auth
| orized and directed to borrow, on the
endorsement of the County Commission
ers of Anne Arundel county, who are
hereby authorized and directed to en-
| dorse said bonds, on the credit of said
county, an amount not exceeding the
sum of six thousand ($6,000.00) dollars,
and to Issue coupon bonds therefor in
sums of three hundred dollars ($300),
each, to be signed by the President of
said Board of County School Commits
sioners of Anne Arundel county and
countersigned by the Treasurer of said
Board, with the seal of said Board at.
tached, and said bonds shall bear in.
terest at the rate of per cent. per an
mum, payable semiannually on the first
day of June and December in each year,
until the said bonds shall be paid; and
said bonds shall be forever exempt
from all taxation for any purpose, and
shall have printed on them distinct
reference to this Act as authorizing the
issue thereof. And said bonds shall be
issued on the full credit and faith of
Anne Arundel county, and the entire
taxable basis of the county is pledged
for their payment.
See. 2. And be it enacted. That the
Board of County School Commissioners
of Anne Arundel county is hereby au-
| thorized and directed to retain each
| and every year from the sums of money
! appropriated to them by the County
Commissioners for the support of the
public schools of Anne Arundel county.
sufficient amount of money to meet
a.
fund to pay the principal of said bonds
as they mature until the last of said
bonds issued under this Act shall have
been paid and cancelled
Sec. 3. And be it enacted, That said
bonds shall be issued in four series,
each consisting of one fourth of the
amount of bonds to be issued under
this Act, and dated from the first day
of June, nineteen hundred and sixteen,
and shall be redeemable as follows:
The first series, five years after date;
the second series, ten years after date
the third series, fifteen years after
date; the fourth series, twenty years
after date; and said bonds shall be ad-
vertised at least twenty days in some
and sold to the highest bidder, for cash,
by the Board of County School Com.
missioners of Anne Arundel county,
provided said bonds shall not be sold
for less than their face value.
See. 4. And be it enacted, That for
the purpose of redeeming the said bonds
at their maturity, and for securing the
mi no nf int
on, said Board of County School Com
missioners and their treasurer shall,
for the year nineteen hundred and six
teen, and annually thereafter, reserve
a sufficient sum to pay the semi-annual
interest on said bonds, and in addition
thereto the sum of two hundred and
thirty-ive ($235.00) dollars, to meet
the maturing principal of said debt.
Sec. s.. And be it enacted, That the
two hundred and thirty-fve ($235.00)
dollars annually reserved by the said
Board of County School Commissioners
and their treasurer, as provided by the
preceding section to meet the said pay
ments of said bonds issued by the
Board of County School Commission
ers, as provided for in this Act, shall
be kept by them entirely separate and
distinct from any other funds, and shall
be accounted for by said treasurer in
his annual statement to the said Board
of County School Commissioners as a
sinking fund for the redemption of
said bonds at their maturity; and the
said treasurer shall each year deposit
in the Farmers National Bank of Anna
polls, Maryland, at three per cent. per
annum interest for the benefit of said
fund, all moneys belonging to the sink
ing fund; and no portion of said sink
ing fund so set apart shall ever be
diverted to any other purpose than to
the liquidation of said bonds; and
should the treasurer or any other per-
son 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 invest
ment thereof for the redemption of the
same, then the person or persons so Of
Tending shall be deemed guilty of a
misdemeanor, and on conviction thereof
shall be subject to fine of not less
than the amount so misapplied or d.
verted.
Sec. 6. And be it enacted, That the