934

LAWS OF MARYLAND.

issued under this Act, it shall be immediately cancelled by

the Commissioners of Delmar and its treasurer by stamping

in ink in large letters across its face "Cancelled ;" and the

treasurer and clerk to the Commissioners shall enter in their

respective books, as hereinbefore provided for, opposite the

number of the bond, the date of the purchase, amount paid

Sinking fund.

therefor and the fact of its cancellation ; and a sinking fund

shall be created from the receipts from said water works

when in operation, and the money received therefrom shall not

be applied to any purpose other than for liquidating said bonds

and interest until all are redeemed ; and any person or persons

having charge of said funds or any portions thereof shall

cause or suffer or permit the same to be diverted, they shall

be deemed guilty of a misdemeanor, and on conviction thereof

be subject to a fine of not less than twice the amount so di-

verted or misapplied.

SEC. 7. And be it enacted, That the money so arising from

Money from

the sale of said bonds, which bonds shall be sold either at

sale of bonds

auction or by sealed bids, after due advertisement thereof, to

the highest responsible bidder, and shall not be sold for less

than par value shall be paid to the Commissioners of Delmar,

Maryland, in their corporate capacity, and be by them de-

posited immediately in the name of the Commissioners of

Delmar, Maryland, in some safe and well-known banking in-

stitution in the town of Delmar, Maryland, and in case they

fail or omit so to deposit said money as afore directed, they

each shall be held guilty of a misdemeanor, and upon convic-

tion of such offense, be fined in such sum or be imprisoned, or

both fine and inprisonment, as the court may see fit.

SEC. 8. And be it enacted, That the funds realized from the

Sale of bonds

sale of the bonds or any of them shall be applied to the purpose

limited.

of this Act and no other, and shall be paid out by check

or warrant on the order of the Commissioners, drawn by the

treasurer and signed by him, the treasurer, and attested by

the clerk of the Commissioners and endorsed by the holder of

the warrant. The said commissioners are authorized and

empowered to sell so many of such bonds, and no more, as

shall realize sufficient money to pay the contract price of said

water works, and such other price for the modifications,

changes or enlargements as may develop, if at all, in the

construction and establishment of such works as may be first

permitted and accepted by the commissioners, and agreed upon

between them and the contractor in writing ; provided, the

sum total of all contracts and expenditures shall not exceed