1332 LAWS OF MARYLAND. [CH. 545

such bonds, the rate of interest not exceeding 5 per cent.,
the dates of issuance, the portions of said bonds to be
issued from time to time at specified dates, and the time
and place for the payment of said bonds and interest.
Such bonds shall be in coupon form, shall be in denomina-
tions, of $1000 or any multiple thereof and may be made
registerable as to principal. Such bonds shall be issued
upon a serial maturity plan not to exceed forty years and a
portion thereof shall be retired annually. Such bonds shall
be exempt from all State, County and municipal taxation
and shall have printed on them a distinct reference to the
Act authorizing their issuance.

The Mayor and Council of North Beach are hereby
authorized to impose, by ordinance, water and sewer rents
and make the same liens on the property served and to
provide that receipts from said rents shall be used for
servicing the bonds issued under the authority of this Act
and if such funds are not sufficient for this purpose, then
said Mayor and Council shall levy the taxes provided by
Section 3 of this Act.

SEC. 3. And be it further enacted, That after the issu-
ance of such bonds authorized by this Act and until all
the bonds so issued have matured and been redeemed,
the town of North Beach shall annually levy a special
tax on the assessable property of said town sufficient to
pay the interest on the bonds outstanding and the principal
of bonds maturing during the succeeding year. Said tax
shall become a lien upon the property assessed and shall
be collected in the same manner as other taxes.

SEC. 4. And be it further enacted, That any bonds
issued under the provisions of this Act shall be sold in
conformity with the provisions of Article 31 of the Anno-
tated Code of Maryland and any amendments thereto.

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

Approved April 16, 1947.

CHAPTER 545.
(Senate Bill 310)

AN ACT to repeal and re-enact, with amendments, See-
119 of Article 6 of the Code of Public Local Laws of