182

LAWS OF MARYLAND.

deemed and retired, and the proceeds of such tax shall be

paid to the said commissioners and forthwith applied by

them to the redemption of said bonds when and as soon as

they become redeemable, and the said proceeds are hereby

pledged to the payment of the interest and principal of

said bonds.

SEC. 5. And be it enacted, That so much of the proceeds

Sinking
f und to be

of the tax hereby authorized, and required to be levied and
collected, as may be abplicable to the redemption and pay-

Invested.

ment of the principal of the bonds issued under this act,

and which may be collected and received by the commis-

sioners of Easton for and duiing the three years next pro-

ceeding the term after which the said bonds are redeemable

at the pleasure of the said commissioners, when and as soon

as the same may be received in each of said years shall be

invested by the said commissioners in such interest bearing

securities, readily convertible into money as the said com-

missioners may determine, and the said securities shall be

sold and the proceeds thereof applied to the redemption of

said bonds when and as soon as the same are redeemable at

the pleasure of the said commissioners.

SEC. 6. And be it enacted, That the said Commissioners of

Easton shall cause a separate and distinct account to be

Account of

kept of the number and amount of the bonds which may be

bonds and

issued under this act of the person or persons, by whom the

to whom
issued to

same may be taken or held, of the amount received in each

be kept

year from tax hereby authorized to be levied, and of the

disposition thereof, and when, and as soon as one or more of

the bonds aforesaid are purchased or redeemed, the same

shall be cancelled and destroyed, and a memorandum of

auch cancellation and destruction, describing such bond

or bonds, shall be entered on said account.

And be it enacted, That this act shall take effect from the

Effective.

date of its passage.

Approved March 15th, 1892.

CHAPTER 136.

AN ACT to incorporate the town of Aberdeen, in Harford

County.

SECTION 1. Be it enacted by the General Assembly of

Incor-

Maryland, That the citizens of Aberdeen and its vicinity,

porated

in Harford County, be and they are hereby constituted a

body corporate, by the name of "The Commissioners of