EDWIN WARFIELD, ESQ., GOVERNOR.

667

CHAPTER 388.

AN ACT to enable the Mayor and Council of Snow Hill, in

Worcester County, to borrow upon the faith and credit of

said town a sum not exceeding fifteen thousand dollars, and

to issue and sell coupon bonds therefor, to provide funds for

the improvement of the streets, avenues, alleys and ways of

said Snow Hill, and to provide for the levy and collection of

taxes to meet the interest and principal of said bonds as the

same become due.

SECTION 1. Be it enacted by the General Assembly of Mary-

Issuance of

land, That for the purpose of improving the streets, avenues,

of bonds to
improve

alleys and ways of the town of Snow Hill, as more particularly

streets etc.

hereinafter set out, the Mayor and Council of Snow Hill are

hereby authorized, in their discretion, to borrow upon 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 not less than one hundred dollars and not more than

one thousand dollars each, to be signed by the Mayor of sai.l

town and to be countersigned by the Treasurer of said corpora-

tion, with the seal of said town attached ; said bunds shall bear

interest at the rate of live per centum per annum, payable semi-

annually on the first day of January and July in each and every

year until the said bonds are paid ; said bonds shall be forever

Exempt from

exempt from all taxation whatsoever, and shall have printed on

taxation.

them a distinct reference to the Act directing their issue.

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

Bonds issued

series from one to fifteen inclusive, according to the aggregate

in series.

amount issued, each series 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 nineteen hundred and twenty-five, 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 Mi 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

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

and Council of Snow Hill, in their discretion, may deem proper,

until the said fifteen series have been issued and sold ; provided,

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

SEC. 3. And be it enacted, That for the purpose of redeeming

Levy to be

said bonds at their maturity and for securing the prompt pay-

made to
redeem

ment of the interest thereon, the said Mayor and Council are

bonds.

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 due, all surplus arising from said special levy, after the