WM. PRESTON LANE, JR., GOVERNOR. 2105

ing the water and sewer system of said town, the particular
purpose or purposes to be determined by said Town Commis-
sioners.

SEC. 2. And be it further enacted, That the said Town
Commissioners are hereby authorized to borrow, under the
provisions of this Act, from such bank, banker or trust com-
pany, or from any other source, as they shall from time to
time select. The said Town Commissioners are authorized
to execute and deliver negotiable promissory notes, certifi-
cates of indebtedness, or bonds of the Town Commissioners
of La Plata, to be signed by the Chairman of said Town
Commissioners, with the seal of the said town affixed thereto,
in such denomination or denominations, payable at such pla'ce
and at such date or dates as the said Town Commissioners
shall by resolution provide and/or to issue and sell said
notes, certificates of indebtedness, or bonds upon the faith
and credit of the town in such amount or amounts as said
Commissioners shall determine, but the total amount of such
notes and bonds issued under this Act shall not exceed One
Hundred Thousand Dollars ($100,000). The said notes, cer-
tificates of indebtedness and/or bonds shall bear interest at
such rate or rates, not exceeding three and one-half per cent,
(3 1/2%) per annum, as shall be provided by resolution of
the Commissioners, and in the event of issuance of bonds to
be evidenced by semi-annual coupons attached to said bonds
and bearing the facsimile signature of the Chairman of the
Town Commissioners. If bonds are issued, the provisions
of Sections 35 and 36 of Article 31 of the Annotated Code
of Maryland C1939 Edition), shall be complied with. Said
Town Commissioners are authorized to borrow under the
provisions of this Act by selling the negotiable promissory
notes, certificates of indebtedness and/or bonds herein au-
thorized, at a discount less than the principal amount thereof,
provided that such discount shall not exceed three and one-
half per cent. (3 1/2%) per annum on the principal of said
loan. The said loan and every part thereof and every note,
bond, coupon or other evidence thereof, and the interest
payable thereon, shall be and remain exempt from State,
County and municipal taxation.

SEC. 3. And be it further enacted, That for the purpose
of paying the interest on said notes and/or bonds and
for redeeming said notes and/or bonds as they mature,
the Town Commissioners of La Plata shall annually levy
a tax upon the assessable property of said town sufficient
to pay the annual interest on said notes and/or bonds and to
redeem said notes, and/or bonds as they become due until all