276

LAWS OF MARYLAND.

said bonds shall be forever exempt from all taxation what-

soever, and shall have printed on them a distinct reference

to this Act directing their issue.

SEC. 2. And be it enacted, That said bonds shall be issued

Relative to the
issue of

in series from one to fifteen, inclusive, according to the ag-

bonds.

gregate amount issued, each scries consisting of one thousand

dollars of said amount, and shall be redeemable and payable

as follows : One thousand dollars thereof on the first day of

July in the year 1925, and thereafter annually on the first day

of July in each and every year one thousand dollars thereof.

until the whole amount so issued shall have been paid ; and

said bonds shall be sold at public or private sale and in such

amounts, not less, however, than one thousand dollars at any

one time, and not exceeding in the total the said sum of fif-

teen thousand dollars, and at such times as the said Mayor and

Bonds to be

Council of Snow Hill in their discretion may seem proper,

sold not less
than par.

until the said fifteen series have been issued and sold ; pro-

vided that none of said bonds shall be sold at less than par.

SEC. 3. And be it enacted. That for the purpose of re-

Levy on tax-
able property.

deeming 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 annually levy

on the taxable property of said town such sums of money as

shall in their discretion be necessary for the prompt payment

of the interest on said bonds and the principal thereof when the

same may become clue. All surplus arising from said special

levy, after the payment of said interest and the necessary

costs of betterments and repairs, shall be by the saicl Mayor

and Council invested in some safe securities as a sinking fund.

which shall not at any time be diverted from the purposes of

this Act.

SEC. 4. And be it enacted, That the money arising from the

Money to be

sale of said bonds shall be paid to the Mayor and Council of

used in im-
provement of

said town, and by them be deposited in bank, and shall only

streets, etc.

be drawn therefrom by checks signed by the Mayor and coun-

tersigned by the Treasurer; and the said Mayor and Council

of Snow Hill are hereby authorized and empowered to use said

funds in the payment of the expenses for the improvement of

the streets, avenues, alleys and ways of said town of Snow

Hill, which the said Mayor and Council of Snow Hill are by

this Act authorized to have made.

SEC. 5, And be it enacted, That the Mayor and Council of

Snow Hill be and they are hereby authorized and empowered