126 LAWS OF MARYLAND. [CH. 88

tions prescribed hereby each group of said bonds shall be
issued on an annual serial maturity plan so that a certain
number of said bonds will mature in consecutive annual
serial installments. The Town may provide by ordinance
the conditions under which it will replace any bonds
which may become mutilated or be destroyed or lost after
the issuance thereof.

SEC. 4. And be it further enacted, That the bonds
hereby authorized to be issued and the interest paid there-
on, in the hands of the persons entitled thereto, from time
to time, shall be and remain exempt from all State, county
and municipal taxation of any kind and nature whatsoever
in the State of Maryland.

SEC. 5. And be it further enacted, That in order to
provide for the payment of the principal and interest of
said bonds as and when the same respectively mature
and are payable, the Town shall, in each year that any
of said bonds are outstanding, levy upon all property
subject to assessment for taxation within the corporate
limits of the Town, ad valorem taxes sufficient in rate
and amount to provide the moneys necessary to pay said
principal and interest when due. Said taxes shall be
levied without regard to the limitations on the powers of
taxation of the Town contained in Section 14 of its Charter
as the same now appears in Chapter 846 of the Acts of
1945, but shall nevertheless have the same priority and
lien and shall be levied and collected in the same manner
as other Town taxes and the payment thereof shall be
enforced in the same manner as payment of other Town
taxes are enforced, as prescribed by Section 18 of said
Charter as it appears in Chapter 548 of the Acts of 1937.

SEC. 6. And be it further enacted, That all the pres-
ently outstanding funded or floating indebtedness of the
Town which said Town intends to redeem or retire and
refund or refinance by the issuance of bonds pursuant to
the authority hereof, whether said funded or floating
indebtedness be represented by bonds, notes or other evi-
dence of debt, is hereby declared to be valid and binding
on the Town in accordance with the respective terms
thereof, and no purchaser of the bonds hereby authorized
shall be required to inquire into the validity or propriety
of any such outstanding indebtedness, into the authority
or purpose for incurring the same or into the manner in
which the same was incurred.

SEC. 7. And be it further enacted, That the authority
hereby conferred on the Town is hereby intended to be a