JOHN WALTER SMITH, ESQ., GOVERNOR.

the year of the issue of said bonds, and annually thereafter until
the maturity of said bonds, to levy a tax on the assessable
property of said town sufficient to pay the interest thereon,
and in addition thereto the sum of not less than two hundred
and fifty dollars of the principal of said debt for the payment
of same at maturity. The said sum so levied for payment of
principal shall, be held and invested by the said Commission-
ers as a sinking fund for the redemption of said bonds at their
maturity, and the said Commissioners shall, from time to
time, deposit the money belonging to said sinking fund and
the increment thereof in some Safe Depository, which pays
interest on deposits, or may purchase and redeem any of said
bonds as may be offered for sale and redemption, and upon
the purchase of any such bonds by the said Commissioners
they shall be immediately cancelled by writing across their
face "Cancelled by the Sinking Fund," and no portion of
said sinking fund so levied for, shall ever be diverted to any
other purpose than to the purchase and liquidation of said
bonds; and should the Commissioners of St. Michaels, or any
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 for the purchase and
redemption of said bonds, the party so offending shall be
deemed guilty of a misdemeanor; and on conviction thereof
shall be subject to a fine of not less than the amount so mis-
applied or diverted; provided, however, said Commissioners
may, in addition to the amount now allowed by law to be
levied on the assessable property of St. Michaels, levy an
additional tax not to exceed twenty cents on each one hun-
dred dollars in any one year, for the purpose of providing for
the interest and for creating the sinking fund contemplated
by this Act.

127

SEC. 4. And be it enacted, That the Commissioners of St.
Michaels are hereby authorized and empowered to construct
and erect water works and electric light plant for said town, and
empowered to do all acts necessary and proper for the carrying
out the provisions of this Act; and said Commissioners shall
have full control over the said water works and electric light
plant, with authority to employ such superintendents, work-
men or other employees as may be necessary or proper to
carry on the same, and to purchase all supplies and materials
needed in constructing or conducting the same, and also to
provide rules and regulations for supplying said town with
water and light, and to fix and establish from time to time a
schedule of rates and charges to be made and collected for the

Empowered to
construct and
erect plant.