332

LAWS OF MARYLAND.

issued under previous Acts ; sewerage system to be constructed

on such plans as shall meet with the approval of the State

Board of Health.

SEC. 2. And be it enacted, That for the purpose of paying

To redeem old

for the cost of said system of water works and sewerage

bonds by is-
suing new

(and electric lights, if the amount appropriated be sufficiient,)

ones.

and said redemption of bonds previously issued, the Mayor

and Council of said town and their successors in office are

hereby authorized and empowered to issue bonds in the name

of the said municipal corporation to an amount not exceed-

ing the sum of fifty thousand dollars, or so much thereof as

may be necessary, in denominations of one hundred dollars

each ; and each of said bonds shall be payable fifty years after

date, to bearer, redeemable, however, at the pleasure of said

Mayor and Council of Kensington and their successors, at any

time after the expiration of ten years from their respective

dates, and shall bear interest in the meantime at the rate of

not more than five per centum per annum, payable semi-an-

nually according to the tenor of the coupons for said interest,

to be attached to said bonds, and said bonds, together with

the said coupons, shall be signed by the Mayor and counter-

signed by the treasurer of said town, and the said bonds shall

Exempt from

be exempt from county and municipal taxation ; said bonds

taxation.

shall have printed on them a distinct reference to the Act

of Assembly authorizing the issue thereof, and shall be regis-

tered by the said treasurer in a separate book to be specially

provided for that purpose.

SEC. 3. And be it enacted, That the proceeds of the sale

Will pay off

of said bonds hereby authorized to be issued by the Mayor

bonds due
and to be-

and Council of the town of Kensington and their successors

come due.

in office shall be applied : First, to paying off all bonds now

due or to become due, issued under previous Acts of the As-

sembly, and the remainder, or so much thereof as may be

necessary, to construct the aforesaid water works and sewer-

age system of the said town of Kensington, as the Mayor and

Council thereof shall determine. If an electric lighting sys-

tem can be installed within the amount appropriated they

shall have the power to include this in their work of con-

struction.

SEC. 4. And be it enacted, That the Mayor and Council

Creating a

of the town of Kensington shall have power and authority,

sinking fund.

and are hereby required to annually levy all necessary taxes

on the property within the taxable limits of said corporation

for the payment of the interest on the bonds hereby authorized