642

LAWS OF MARYLAND.

be and they are hereby authorized and empowered to issue

bonds of said council of Brunswick to be designated as

Improve-

improvement bonds, not exceeding the sum of twenty thou-

ment
bonds.

sand dollars, in the aggregate in sums of not less than

fifty dollars each, in four series, to be signed by the mayor

of said town and countersigned by the clerk thereof and

sealed with the corporate seal; said bonds to bear interest

payable semi-annually on the first day of June, and on the

first day of December in each and every year, at a rate of

interest not exceeding the sum of six per centum, per

annum, for which interest proper coupons shall be attached

to said bonds, signed and countersigned as aforesaid.

SEC. 2. And he it enacted, That said bonds shall be

When

issued, payable twenty-five years from the date thereof;

payab'e.

and redeemable at any time after the expiration of ten

years from the date, at the pleasure of said council of

Brunswick ; and shall be exempt from all county and munic-

ipal taxation.

SEC. 3. And be it enacted, That' the council of Brurrs-

wick shall provide annually out of the annual tax levy an

Payment
of in-

annual amount sufficient to pay the interest on said bonds

terest.

and they shall set apart the further sum of two huudred

dollars for each series issued to be invested in such securi-

ties as they may select to create a sinking fund for the

redemption of said bonds, upon their maturity.

SEC. 4. Provided that the question of issuing these

Dependent

bonds be submitted to the people of Brunswick at the next

on vote of
people.

election for mayor and common council, to be held in

August, 1892, and that no contracts under this act be

entered into until the issuing of said bonds shall be ratified

by the people.

SEC. 5. And be it enacted, That this act shall take effect

Effective

from the date of its passage.

Approved April 7th, 1892.