JOHN WALTER SMITH, ESQ., GOVERNOR.

76i

of eighteen hundred and ninety-four, authorizing an election
for Mayor and Councilmen for said town, and the ballots
shall have printed on them the words, "For the Issue of
Street Improvement and Electric Light Bonds" and "Against
the Issue of Street Improvement and Electric Light Bonds;"
the returns of said election shall be made in the same man-
ner as is provided for in the said municipal election, and if
the majority of the votes cast shall be against the issuing
street improvement and electric light bonds, then and in
that case no bonds shall be issued; but if a majority of the
votes cast shall be for the issuing of street improvement and
electric light bonds, then the said Mayor and Council of
Snow Hill shall issue said bonds to the amount of fifteen
thousand dollars or less, as hereinafter provided.

How election
shall be held.

SEC. 3. And be it enacted, That if the decision by said
election shall be for the issuing of street improvement and
electric light bonds, the Mayor and Council of Snow Hill are
hereby authorized and directed to borrow on the credit of the
town of Snow Hill an amount not exceeding the sum of fifteen
thousand dollars, and to issue coupon bonds therefor in sums
of not less than one hundred dollars and not more than one
thousand dollars each, to be signed by the Mayor of the said
town and to be countersigned by the secretary and treasurer
of the corporation, with the seal of the town attached, and to

May borrow
money and
issue coupon
bonds.

be registered by the said secretary and treasurer in a separate
book kept for that purpose; said bond shall bear interest at
the rate of five per centum per annum, payable semi-annually
on the first days of January and July in each and every year,
until tbe said bonds are paid; said bonds shall be forever
exempt from all taxation whatsoever, except for State pur-
poses, and shall have printed on them a distinct reference to
the Act and election directing their issue.

Rate of
interest, etc.

SEC. 4. And be it enacted, That said bonds shall be issued
in fifteen series, each consisting of one thousand dollars of the
said amount, and shall be redeemable as follows: One thou-
sand dollars thereof in twenty-five years from the date of their
issue, and thereafter annually one thousand dollars in each
and every year until the whole amount so issued shall have
been paid; and said bonds shall be sold at public or private
sale, in the discretion of said Mayor and Council, provided
none of said bonds shall be so sold at less than par.

When
redeemable.

SEC. 5. And be it enacted, That for the purpose of redeem-
ing said bonds at their maturity, and for securing the prompt
payment of the interest thereon, the said Mayor and Council
are hereby empowered and directed to apply all net income

s

Redemption of
bonds and
payment of
interest, etc.