WM. PRESTON LANE, JR., GOVERNOR. 1287

are hereby authorized and empowered to borrow on the
credit of the Town of Centreville and issue its coupon
bonds therefor in an amount not in excess of One Hundred
Thousand Dollars ($100,000.00) for the purpose of con-
structing streets, roads, curbings to sidewalks, grading of
roads and streets and making necessary improvements
thereto, within the limits of the Town of Centreville, the
said amount so borrowed to be used for no other purposes
whatsoever.

SEC. 2. And be it further enacted, That the said bonds
shall be issued in such denominations as shall be deter-
mined by the Town Commissioners of Centreville, shall
bear interest at a rate to be determined by said Town
Commissioners, not in excess of four per centum (4%)
per annum payable semi-annually, shall be dated on the
day of their issue and shall mature not exceeding twenty
years from the date of their issue, or may be retired
serially as the Town Commissioners of Centreville may
determine. Said bonds shall be exempt from all state,
county and municipal taxation. They shall be signed in
the name of said corporation by the President thereof, and
the seal of the corporation affixed thereto by the President
thereof to each bond so issued.

SEC. 3. And be it further enacted; That the Town Com-
missioners of Centreville be and are hereby authorized
and directed to levy each year, so long as said bonds are
outstanding and not paid, a tax sufficient to redeem the
same at their maturity and to pay the interest thereon,
the proceeds of said tax to be kept in a special fund and
in no case to be used for any other purpose. In case such
bonds shall be issued in any year after the making of the
regular levy for that year, then the Town Commissioners
of Centreville are authorized and directed to pay any and
all interest coming due before the next levy out of any
other funds at its disposal and to make the next levy suffi-
cient to reimburse such other funds for amounts so paid.

SEC. 4. And be it further enacted, That the Town Com-
missioners of Centreville be and are hereby authorized and
empowered to do all acts and things necessary to issue and
sell said bonds, to have same registered when necessary,
and to do all things necessary to carry out the purposes
of this Act.

SEC. 5. And be it further enacted, That this Act shall
take effect June 1st, 1947.

Approved April 16, 1947.