FRANK BROWN, ESQUIRE, GOVERNOR.
series D, series E, and series F; fifty shares of the par value

393

of one hundred dollars each, shall constitute each series; said
bonds to bear interest as determined by the commissioners, at
a rate or rates of interest not exceeding five and one-half per
centum per annum, payable the first days of January and July
in every year, and the principal shall be due and redeemable
in twenty years from the date of issue of each series that may
be issued, respectively; said bonds shall be signed by the presi-
dent of the board of the commissioners of Cristield, sealed
with the seal of the said corporation and attested by the clerk
thereof; and the faith and assessable property of said town
are hereby pledged for the payment and redemption of the
principal and interest of said bonds; said bonds shall be
exempt from county and municipal taxation; but the commis-
sioners shall not dispose of any of these bonds below par
value.

Interest.

SEC. 92 B. The said commissioners of Crisfield are authorized
in each and every year, to levy and collect a special tax not
exceeding ten cents on every one hundred dollars' worth of
taxable property of all kinds and descriptions liable to assess-
ment and taxation within the corporate limits of the town of
Crisfield, as now established by law, for the sinking fund to pay
the interest on the outstanding bonds, issued by them, as the
same shall fall due, and to gradually redeem and retire such
bonds, until they all shall have been redeemed and retired; and
the proceeds of such tax shall be paid to said commissioners,
and forthwith applied by them to the redemption of said
bonds, when and as soon as they become redeemable; and the
said proceeds are inviolably pledged to the payment of the
interest and principal of said bonds.

To levy tax.

SEC. 92 C. So much of the said proceeds in the sinking fund
as may be applicable to the redemption and payment of
the principal of the bonds issued, and which may be collected
and received by the commissioners of Crisfield, for and during
the three years next preceding the time after which the said
bonds are made redeemable, at the pleasure of the said com-
missioners, when and as soon as the same may be received in
each of said years, shall be invested by the said commissioners
in the purchase of said bonds, provided the same, in the judg-
ment of said commissioners, can be obtained at a fair and
reasonable price; and if said bonds cannot be obtained, then,
and in that case, such proceeds, as soon as conveniently may be,
shall be invested by the said commissioners in such other

Exemption
of bonds.