138

LAWS OF MARYLAND.

May issue
bonds.

SEC. 2. And be it enacted, That to provide for borrowing
the money as authorized by the preceding section, the Mayor
and Council is empowered to issue bonds in such denomina-
tions as they may determine, said bonds to be signed by the
Mayor and attested by the Clerk to the Mayor and Council
with the seal of the town attached, and registered in a book
to be kept by the said Clerk, and to bear interest at the rate
of four per centum per annum, payable on the first days of
January and July, in each and every year, until the principal
of said bonds is paid; said bonds to be sold at public auction
at such times and in such amounts as shall be requested of
the Mayor and Council by the Board of Street Commissioners;
provided, that the whole amount of said bonds shall not
exceed five thousand dollars, and said bonds shall not be
liable to county and municipal taxation.

Payment of
interest.

SEC. 3. And be it enacted, That to provide for the payment
of said bonds as authorized by Section one of this Act, as
they shall mature, and for the payment of the annual interest
thereon, there shall be levied by the Mayor and Council
annually, for three years, an amount sufficient to pay the
interest on the said bonds so issued, and at the expiration of
three years, there shall be levied annually by the Mayor and
Council an amount sufficient to pay the interest on the debt
and five hundred dollars of the principal of said debt, and
the said bonds, when issued, shall be made to fall due so as
to be payable as herein provided.

Sell bonds at
Public Auction

SEC. 4. And be it enacted, That said bonds when signed by
the Mayor and attested by the Clerk, as directed in Section
two of this Act, shall be handed over to the Tax Collector,
who shall receipt for the same, which receipt shall be filed
and safely kept by the Clerk of the Mayor and Council, and
the bond of the Tax Collector shall be responsible for the safe
keeping by the said Tax Collector of said bonds and the pro-
ceeds thereof. The Tax Collector shall sell said bonds at
public auction at such times and in such amounts as the
Mayor and Council shall order; he shall transfer and deliver
the same as sold to the purchaser, and receive the money
therefor, and shall report under oath to the Mayor and Coun-
cil his proceedings in the premises, with the names of the
persons to whom said bonds have been transferred, with the
amounts received by him from said sales; said money shall be
credited on the books of the Tax Collector to the drainage
fund, and paid out by him for the purpose named in Section
one of this Act, for which it is received and in the manner
provided.