4838 ARTICLE 22.

each bond, setting forth the premium if any and the said purchase money,
including the premium, shall be credited by him on his books to the
"Water Fund," and the purchase money due the Washington County
Water Company for its plant shall be paid by him to said Company on
warrant or warrants signed by the Mayor for said purpose, but said
fund for all other purposes shall be drawn upon by the "Board of Water
Commissioners," as provided in Section 466 of this Act. During the
first year following the purchase of said plant the Mayor and Council
shall levy upon all property liable to taxation in the City of Hagerstown
an amount sufficient to pay the interest on said bonds so issued and out-
standing, and during each and every year thereafter, for a period of
nineteen years, the Mayor and Council shall levy each and every year
upon all property liable to taxation in the City of Hagerstown an amount
sufficient to pay the interest on said bonds so issued and outstanding,
less such amount as may have been earned from the operation of said plant,
over and above all operating and maintenance charges, during the pre-
ceding year, which amount shall be used, together with the amount raised
by said levy for the payment of interest on said bonds, and at the expira-
tion of said period of twenty years there shall be levied annually by
the Mayor and Council of Hagertsown, in addition to the levy for interest
hereinbefore authorized an amount sufficient to pay two per cent, of the
principal of said outstanding bonded debt, which amount shall be used
by the said Mayor and Council for the redemption of so much of said
bonded indebtedness, and this levy shall be continued from year to year
until the debt created hereunder is paid in full, and said bonds, when
issued, shall be made to mature so as to be payable as herein provided.
The Mayor and Council of Hagerstown shall keep a full registry of
the bonds authorized to be issued by this Act with the names of the
purchasers thereof, with the date of issue, the date of maturity of each
bond, the date of sale and the amount of each bond, together with the
names of any subsequent purchaser thereof, and when a bond is redeemed
said bond shall at once be cancelled on the face thereof and an entry of
said cancellation shall be made on said book of registry; said bonds
when issued shall be, and they are hereby exempt from all payment of
County and Municipal taxes.

1918, ch. 58, sec. 11.

473. In the purchase of said water plant the Mayor and Council of
Hagerstown is hereby authorized and empowered to assume the bonded
debt now resting upon the property, plant and franchises of the Washing-
ton County Water Company if it deems it advisable so to do, and in the
event that the Mayor and Council of Hagerstown shall purchase the
plant of the Washington County Water Company under the provisions of
this Act subject to the bonded indebtedness resting thereon, the Mayor
and Council of Hagerstown shall assume no greater liability than that
which said bondholders now have against said Washington County Water
Company, and the right of said bondholders in law and in equity shall