CARROLL COUNTY. 1801

Act, and all taxes, charges and assessments levied and collected as herein-
after provided for the payment of the interest and principal of said bonds
shall be likewise kept as a separate fund by said Mayor and Council of
Mt. Airy. Said bonds shall be a lien on all of the property within or
outside of the corporate limits of Mt. Airy, under the jurisdiction of the
Mayor and Council of Mt. Airy.

1924, ch. 126, sec. 5.

246. For the purpose of retiring the said bonds authorized to be issued
by this Act, and the payment of the interest thereon, there shall be levied
against all the assessable property within the corporate limits of the said
town of Mt. Airy, by the Mayor and Council of Mt. Airy, annually, so
long as any of said bonds are outstanding and not paid, a tax sufficient
to meet the interest or any part of said interest on said bonds as it becomes
due, and to pay the principal thereof as they mature, said tax to be deter-
mined, levied, collected and paid over in the following manner: At least
30 days before the tax levying period of each year the said Mayor and
Council of Mt. Airy shall then determine the amount necessary to be
raised for the ensuing year for the payment of the interest or such portion
thereof and proportionate part of principal of said bonds in any one year
to be determined by the usual table of redemption of bonds by annual
deposit in a sinking fund on interest, if sinking fund bonds are used, or the
amount to be paid on the principal of said bonds in any one year, if serial
bonds are used, to be determined by the amount of the bond to be matured
or redeemed that year, and after deducting all amounts in hand applicable
to payment of interest and principal on said bonds, as hereinafter pro-
vided, they shall determine the number of cents per $100 necessary to raise
the said amount, and the said Mayor and Council of Mt. Airy in its next
annual levy shall levy said tax on all land and improvements and any
other property assessed for purposes within said town of Mt. Airy, which
tax shall be levied and collected as the said town taxes now are, or may be
hereafter by law levied and collected, and have the same prioritv rights,
bear the same interest and penalties, and in every respect be treated the
same as said taxes for the town of Mt. Airy now are. The tax so levied
for the ensuing year shall be collected by the tax collecting authorities
and every sixty days the said tax collector shall remit the full amount of
the tax so collected to the Mayor and Council of Mt. Airy. From the
money so received, together with the amount in hand, to the credit of said
bond fund, said Mayor and Council of Mt. Airy shall first pay all interest
on said bonds as it matures, and shall then deposit in some bank or banks
in Mt. Airy in its name as a fund to be known as the "Water Supply Sink-
ing Fund Account," if sinking fund bonds are used, or as a fund to be
known as the "Water Supply Bond Account," if serial bonds are used, the
amount so raised for payment of the principal of said bonds. Should
receipts from said taxes or other sources be inadequate to pay the principal
on said bonds, by reason of defaults or otherwise, such deficiency shall be
added to and collected in the next year's tax, if sinking fund bonds are
used, or such deficiency shall be made up by a special tax on all of the