WM. PRESTON LANE, JR., GOVERNOR. 1971

payment of interest on the money received therefor at more
than four per centum (4%) per annum, computed with rela-
tion to the absolute maturity of the bonds in accordance with
standard tables of bond values, excluding, however, from such
computation the amount of any redemption premium. Within
the limitations prescribed hereby, said bonds shall be issued
to mature on an annual serial maturity plan so that a certain
number of said bonds will mature and be payable in annual
serial installments, although said installments need not be
consecutive. The Town may provide by ordinance the con-
ditions upon which any bonds which may become mutilated,
destroyed or lost after issuance thereof may be replaced.

SEC. 3. And be it further enacted, That any money bor-
rowed, or the proceeds of any bonds issued hereunder, pur-
suant to the authority hereof, shall be paid to the Clerk-
Treasurer of Rockville, who shall disburse the same only for
the purpose of paying for the improvements defined in Section
1 hereof upon vouchers approved by the Mayor and the Coun-
cil of Rockville at any regular or special meeting of said
Mayor or Council.

SEC. 4. And be it further enacted, That the bonds hereby
authorized to be issued, and the interest paid thereon, 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 any bonds
issued by the Town hereunder, as and when said principal
and interest respectively mature and are payable, the Town
may, to the extent now permitted by law, allocate to the pay-
ment of such principal and interest any monies derived by it
from the levy and collection of water rents, sewer rents, or
other like charges, or from front-foot benefit assessments, and
to the extent that any such funds are so allocated to the
payment of said principal and interest, the amount of taxes
hereby required to be levied for said purposes may be reduced
in any fiscal year when such allocation is made. In each fiscal
year in which no such allocation is made, or is inadequate to
meet said principal and interest maturities, the Town shall
levy upon all property subject to assessment for taxation
within its corporate limits, ad valorem taxes sufficient in rate
and amount to provide the money necessary to pay the prin-
cipal and interest when due on any of the outstanding bonds
authorized hereby. Said taxes shall be levied without regard
to any limitations on the powers of taxation of the Town, and