1436 LAWS OF MARYLAND. [CH. 585

exceeding 5% per annum to be paid thereon, the dates of
issue, and the time and place at which interest is to be
paid. Such bonds or notes shall be in coupon form, shall
be in denominations of one hundred ($100.00) dollars, or
any multiple thereof and may be made registerable as to
principal. Such bonds or serial notes shall be issued upon
the fifteen (15) year serial maturity plan in such manner
that one-fifteenth of the bonds or notes shall mature and
become payable at the end of each year after the date of
issue until all the bonds or notes have been paid and retired.
Provided, however, that the Town Commissioners shall
have the right in their discretion to call any or all of said
bonds or notes at any time. Said bonds or notes shall be
signed by the President of the Board of Commissioners of
Thurmont and have the corporate seal of Thurmont affixed
thereto. The principal amount of said bonds or notes and
every part thereof and the interest payable thereon shall
be and remain exempt from State, County and municipal
taxation.

SEC. 2. And be it further enacted, That out of the actual
cash proceeds from the sale of any of said bonds or notes
shall be first paid the cost of printing and other outlays
and expenses and charges connected with their issue and
the entire balance of said actual cash proceeds together
with any interest that may be received on the same, shall
be retained by the Town Commissioners of Thurmont until
needed to pay for the construction of new streets, improve-
ment, repair and extension of existing streets and for
construction and extension of sewer lines. The said Town
Commissioners of Thurmont shall receive and expend the
monies only as herein authorized and shall account for
the same and the expenditure thereof in the same manner
as they account for other monies passing through their
hands.

SEC. 3. And be it further enacted, That the Town Com-
missioners of Thurmont, for the purpose of redeeming
said bonds or notes at their maturity and for the purpose
of securing the prompt payment of interest thereon, shall
annually levy such tax on the assessable property of
Thurmont as shall be necessary to pay the interest on
any bonds or notes that may be issued and outstanding
hereunder as the same become due and payable, and also,
in addition thereto, the Town Commissioners shall annually
levy a tax upon the assessable property of said Town suffi-
cient to pay and retire all of said bonds or notes as they
shall mature.