EDWIN WARFIELD, ESQ., GOVERNOR.

9

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

in serial numbers from one to the concluding serial number

and shall be redeemable and payable as to the first five hundred

dollars in two years from the date of their issue, and so on

at the rate of five hundred dollars yearly until the whole

are paid, and the payment thereof shall be in the order of their

serial numbers beginning with the first serial number and thus

continuing in consecutive order until the whole are paid, and in

making sale of said bonds, should they all be printed with the

full number of coupons for the semi-annual interest required

Payment of

to be paid on those last remaining, the President and Com-

bonds in

missioners of said town of Chesapeake City shall cut from said

series.

bonds and destroy all coupons that mature later than the date

limited for the redemption of any of such bonds, and the said

bonds shall be sold by sealed bids, for which the said Presi-

dent and Commissioners of said town shall advertise in some

newspaper published in the City of Baltimore and also in one

or more local newspapers published in Cecil County, and said

advertisements shall state when the said bids shall be publicly

evened in the office of the President and Commissioners of

said town of Chesapeake City, but none of said bonds shall be

sold for less than their face value.

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

the interest on said bonds the said President and Commis-

sioners of said Chesapeake City annually shall levy upon the

assessable property of said town of Chesapeake City the sum

necessary to pay said interest as a separate item aside from

the levy of the current expenses of said town of Chesapeake

City, and they shall also, in the respective years in which such

bonds shall become due, as hereinafter provided, levy annually

Levying a
tax and re-

the sum of five hundred dollars for the redemption of said

demption of
bonds.

bonds as they shall annually become due, and the interest on

said bonds shall be payable on the presentation of the said cou-

pons as they may fall due, the coupon or coupons so presented

and paid shall be immediately burned and destroyed by the

said President and Commissioners of said town, and as the

said bonds mature and are redeemed, they shall similarly be

delivered and destroyed.

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

sale of said bonds shall be kept as a separate fund for the pur-

poses of this Act, and the clerk aforesaid shall keep a full

Separate

register of said bonds, with the names of the purchasers, the

fund.

amount realized on sales and the dates of the maturity of the

several bonds by their serial number.