242 LAWS OF MARYLAND. [Ch. 118]

ment, provided the same, or any part of them, shall not be sold,
for less than par and accrued interest.

SEC. 4. Be it enacted, That the bonds and the proceeds of
sale of the same shall be used and applied for the purchase of
the stock of the Annapolis Water Company or to pay off the
indebtedness which the said Mayor, Counselor and Aldermen
of the City of Annapolis, or its Finance Commission acting
under its authority, may have assumed in respect to the pur-
chase of stock of said water company; and the said bonds with
the interest due and to become due thereon, are hereby declared
to be a first lien upon the interest of the Mayor, Counselor and
Aldermen of the City of Annapolis in the stock and property
of the Annapolis Water Company, or its successors, and the
stock of said company owned by the Mayor, Counselor and
Aldermen of the City of Annapolis shall be placed on the books
of the said company in the name of the Mayor, Counselor and
Aldermen of the City of Annapolis as Trustee, so long as said
bonds are outstanding, as security for the payment of the said
bonds and interest, as and when the same become payable; and
should the said obligation not be paid as and when the same
become payable, then the bondholder's lien may be enforced as
other liens are enforced in equity.

SEC. 5. Be it enacted, That the Mayor, Counselor and Alder-
men of the City of Annapolis are hereby authorized to vote the
said stock at any meeting of the said Annapolis Water Com-
pany, and by resolution duly passed to appoint such person or
persons to represent and vote said stock as to it may seem
proper, to nominate directors to said Annapolis Water Com-
pany and generally to have and exercise such powers as stock-
holders have and exercise in private corporations.

SEC. 6. Be it enacted, That the Mayor, Counselor and
Aldermen of the City of Annapolis are hereby authorized,
empowered, directed and required to create a sinking fund
amounting to two thousand one hundred dollars per annum, to
redeem and retire said bonds at maturity, and pay the interest,
thereon, out of the profits accruing to the said Mayor, Counselor
and Aldermen of the City of Annapolis on its stock in the
Annapolis Water Company, and said profits shall become a
special fund to pay a'nd discharge the obligations recognized and
authorized under this act and maintain said plant, and the bal-
ance may be devoted as the said Mayor, Counselor and Alder-
men may determine; which said sinking fund shall be equally
divided and deposited in equal instalments semi-annually in
the Annapolis Banking and Trust Company of Annapolis, the
Farmers' National Bank of Annapolis and the Annapolis Sav-