762

LAWS OF MARYLAND.

arising from electric light rents, after paying all necessary
expenses incurred in maintaining and running said electric
light plant and for betterment and repairs, first to the pay-
ment of the interest on said bonds, and secondly as to the
remainder, if there be any, the same to be invested in a sink-
ing fund for the payment of said bonds as they respectively
mature; the coupons on said bonds shall be receivable by
said Mayor and Council in payment of taxes due to said town;
in the event that the net amount received from said electric
light rents, after deducting the aforesaid expenses referred to
in this section, shall not be sufficient in amount to pay the
interest on said bonds and the principal thereof as it shall
become due, the said Mayor and Council shall annually levy
on the taxable property of the said town such sum of money
as shall in their discretion be necessary for the prompt pay-
ment of the interest on said bonds and the principal thereof
when the same may become due; and any surplus on hand at
any time arising from said levy shall be by the said Mayor
and Council invested in some safe securities as a sinking fund,
and shall not at any time be diverted from the purposes of
this Act.

Disposition of
money from
sale of bonds.

SEC. 6. And be it enacted, That the money arising from the
sale of said bonds shall be paid to the Mayor and Council of
said town, and by them to be deposited in the First National
Bank of Snow Hill, and shall only be drawn therefrom on
check signed by the Mayor and countersigned by the secretary
and treasurer, and the said secretary and treasurer shall keep
in a book for that purpose a full registry of the bonds sold,
the different series, the number of the bonds and the name of
the purchaser, and the amounts realized on sale, and any
transfer and assignment of the same, when requested by any
subsequent purchaser or purchasers.

Shall select
depository, etc.

SEC. 7. And be it enacted, That the said Mayor and Council
shall select, in their discretion, some depository in which to
deposit the money for the payment of the principal and
interest of said bonds as the same may mature and become
due, provided that said Mayor and Council shall select, by
resolution, such depository before issuing said bonds, and
shall designate the same on said bonds and on the coupons
thereto attached.

Authority to
purchase
electric light
plant, etc.

SEC. 8. And be it enacted, That the Mayor and Council shall
have power to purchase au electric light plant, and, at their
discretion, advertise for the proposals for the erection of the
same, and to purchase shells and otherwise contract for the