862 LAWS OF MARYLAND. [Ch. 590]

and extending its systems of water works and sewerage, and
of improving the streets, highways, alleys and bridges; with
a proviso that the amount of said bonds to be issued and the
specific purpose to which the proceeds are to be applied be
first submitted to and approved by a vote of the qualified
voters of said Town of Brunswick.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Mayor and Council of Brunswick, in Frederick
county, be and they are hereby authorized and empowered to
issue bonds in the name of said municipal corporation to an
amount not exceeding thirty thousand dollars ($30,000.00),
the said bonds to be issued in sums of not less than fifty dollars
nor more than five hundred dollars each, to be sealed with the
corporate seal, signed by the Mayor and countersigned by the
Clerk of the Council of said town, each of said bonds to be
payable thirty years after date, to bearer, redeemable, how-
ever, at the pleasure of the Mayor and Council at any time
after ten years after their respective dates; said bonds to bear
interest at the rate not exceeding five per cent, per annum, pay-
able semi-annually, on the presentation of the interest coupon
to be issued with said bonds; and said bonds shall be exempted
from all county and municipal taxation, but shall be subject to
State taxation.

SEC. 2. And be it enacted. That the proceeds of the sale of
said bonds, none of which are to be sold below par, shall be
applied to the acquiring, erecting, operating and maintaining
an electric plant, of constructing, improving and extending its
systems of water works and sewerage, and of improving its
streets, highways, alleys and bridges, or to any one or more of
said purposes and in such proportions as the Mayor and Council
may think proper.

SEC. 3. And be it enacted, That said Mayor and Council
shall have power and authority, and are hereby required, to
levy all necessary taxes upon the property within the taxable
limits of said town, not exceeding the rate of taxation fixed in
its charter, as the same may be amended, for the purpose of
paying the interest on said bonds, and also the principal thereof
at "maturity; and the said Mayor and Council shall create a
sinking fund for the payment of said bonds at maturity, or
when redeemable, and shall levy the necessary taxes therefor;
said sinking fund shall be invested annually in some safe
securities to be selected by the Mayor and Council.