996 DORCHESTER COUNTY. [ART. 10.

municipal taxation, and to create a sinking fund to pay the
principal thereof at maturity, so much of the seven hundred
dollars heretofore required by section 45 of this sub-title of this
article, to be paid annually by the county commissioners to the
town commissioners, for corporate purposes, is set apart and ap-
propriated annually; and the said town commissioners are re-
quired, out of said amount, to pay first, the semi-annual interest
on said bonds; and second, the balance of said sum of seven hun-
dred dollars which may annually remain, after the payment of
the interest on said bonds as aforesaid, shall be set apart for a
sinking fund; and the said town commissioners, in addition to
the said balance, shall annually set apart the sum of two hundred
dollars out of the town levy for a sinking fund, to pay said bonds
as they mature, and they shall annually invest the said sums
which are hereby pledged and appropriated for a sinking fund,
in first mortgages on real estate, Maryland State bonds, United
States bonds, Dorchester county bonds, or the town bonds, for the
redemption of said bonds, and a separate account shall be kept
of said fund; and if the said commissioners shall fail or refuse
to punctually apply the money so appropriated to the payment of
the interest on said bonds, or to set apart and invest the monies
mentioned and appropriated as aforesaid for a sinking fund, they
shall for each of said offences severally be liable to a penalty of
three hundred dollars, to be enforced by indictment of the grand
jury for said county, or be recovered in an action of debt by the
State's attorney for said county, in the name of the State of
Maryland; and any penalty collected or enforced aa aforesaid
shall be paid over by the State's attorney to the treasurer of said
town, for corporate purposes.

1886, ch 250 1888, ch 422.

83. The said town commissioners are authorized, in their dis-
cretion, to issue bonds, not to exceed .in amount four thousand
dollars, upon the faith of the property of said town, of such form
and denomination as the said town commissioners may prescribe,
bearing interest at a rate not to exceed six per cent, per annum,
payable semi-annually on the first days of January and July in.
each year, and to be exempt from taxation; said bonds shall
be divided in four classes—A, B, G, D, of equal respective amounts.