74

LAWS OF MARYLAND.

by the clerk to the mayor and council, with the seal of the

Borrow-

town attached, and registered in a book to be kept by the

ing
Money.

said clerk, and to bear interest at the rate of four per centum

per annum, payable on the first days of January and July

in each and every year, until the principal of said bonds is

paid ; said bonds to be sold at public auction at such times and

in such amounts as shall be requested of the mayor and council

by the board of street commissioners ; provided that the whole

Provision.

amount of said bonds issued shall not exceed sixty thousand

dollars in addition to the bonds already issued, and said bonds

shall not be liable to county and municipal taxation.

SEC. 203. And to provide for the payment of said bonds

as authorized by section two hundred and two as they shall

mature, and for the payment of the annual interest thereon,

there shall be levied by the mayor and council annually, for

three years, an amount sufficient to pay the interest on the

Payment

said bonds so issued, and at the expiration of three years,

of

there shall be levied, annually, by the mayor and council an

Interest.

amount sufficient to pay the interest on the debt, and two

thousand dollars of the principal thereof ; and the mayor and

council shall thereafter pay annually two thousand dollars of

the principal of said debt, and the said bonds when issued shall

be made to fall due so as to be payable as herein provided.

SEC. 204. Said bonds when signed by the mayor and at-

tested by the clerk as directed in section two hundred and two,

shall be handed over to the tax collector, who shall receipt

for the same, which receipts shall be filed and safely kept

by the clerk to the mayor and council, and the bond of the

tax collector shall be responsible for the safe keeping by the

said tax collector of said bonds and the proceeds thereof;

the tax collector shall sell said bonds at public auction at

such times, and in such amounts as the mayor and council

To sell

shall order, he shall transfer and deliver the same as sold to

Bonds.

the purchaser and receive the money therefor, and shall

report under oath, to the mayor and council his proceedings

in the premises, with the names of the persons to whom said

bonds have been transferred, together with the amounts

received by him from said sales ; said money shall be credited

on the books of the tax collector to the drainage and street

improvement fund, respectively, and paid out by him for the

purpose named in section two hundred and one of this act,

for which it is received, and in the manner as provided ;

provided, however, that at an election to be held on a day

set by the mayor and council of Hagerstown, the creation of

the loan herein provided for shall be submitted to the quali-

fied voters of said town, who shall cast their ballots marked,

printed or written "For the Drainage and Street Improve-