1692 ARTICLE 6.

1896, ch. 178, sec. 32.

508. The Commissioners of Ridgely may, in their discretion, exempt
and release from assessment or taxation for municipal purposes any or
all machinery plant or property erected in said town of Ridgely, for
manufacturing purposes, after the passage of this Act, for a period not
exceeding five years, by agreement or otherwise.

WATER.

1904, ch. 276, sec. 34.

509. The Commissioners of Ridgely are hereby authorized and di-
rected to issue registered bonds in the name of the Commissioners of
Ridgely in sums of five hundred dollars each to be numbered from one to
thirty consecutively, payable thirty-five years from date of issue, the first
bond, or bond number one, shall be due and payable six years from date
of issue; bond number two, seven years from date of issue, and thereafter
each bond shall mature and be paid each consecutive year from the ma-
turity of bond number two, in the order of their consecutive numbers;
provided, however, the Commissioners of Ridgely are hereby granted the
option to redeem any or all bonds outstanding twenty-five years from date
of issue, said bonds to be signed by the president and secretary of the said
Commissioners, attested by the seal of the said Commissioners of Ridgely
to the amount of fifteen thousand dollars or so much thereof as may be
necessary for the purpose of erecting and maintaining waiter works in the
said town of Ridgely, bearing interest at not more than five per centum
per annum, payable semi-annually in each and every year, and dated on
the clay of their issue, and the same shall be exempt from county and mu-
nicipal taxation.

1904, ch. 276, sec. 35.

510. The proceeds of sale from the said bond issue of fifteen thousand
dollars, or so much thereof as may be necessary for this purpose, shall be
by the said Commissioners of Ridgely used and applied exclusively to
the payment of the costs and expenses of erecting, building, working,
maintaining and keeping in repair water works and the plant for the
same for the town of Ridgely, as the said Commissioners may order and
direct, and the said bonds are hereby declared to be a first lien upon the
plant and franchise of the said water works.

1904, ch. 276, sec. 36.

511. The said Commissioners of Ridgely are authorized, empowered
and required to annually levy and collect a special tax of not exceeding
twenty-five cents on every one hundred dollars of taxable property within
the corporate limits of Ridgely, to pay the interest on said bonds and to
gradually redeem and retire such bonds until they shall all have been re-
deemed and retired; and the proceeds of such tax shall be collected by
the Commissioners and forthwith applied by them to the redemption of
said bonds as they shall become redeemable, and the said taxes are hereby