300 LAWS OF MARYLAND. [CH. 211

exceed the rate of six per centum per annum, payable semi-
annually, unless of shorter duration than at the maturity of
said obligation; and said Mayor and Common Council may
issue and renew or reissue or refund existing issues of
certificates of indebtedness on the so-called serial annuity
plan with a stated amount of principal payable annually for
a period not to exceed twenty years, such annual payments,
with interest not to exceed six per centum, and the final
maturity date of any such issue or issues to be fixed by the
Mayor and Common Council; and any outstanding issue of
said certificates of indebtedness may, with the consent of the
holders of said issue, be refunded or reissued on the serial
annuity plan; and the Treasurer of the Town is charged
with the custody of any moneys received from the sale of said
certificates of indebtedness as above mentioned.

(b) The Clerk of said town shall be charged with the
prompt collection of the moneys arising for sidewalks, curbs,
gutters and street improvements, said funds to be turned
over to the Treasurer of said Town by the Clerk, and the
Treasurer of said Town shall be charged with the safekeeping
thereof, and said funds shall be kept as a separate account and
fund in such bank or banks as the Mayor and Common Council
may designate, and no part thereof shall ever be used for any
other purpose than to liquidate the certificates of indebted-
ness, and interest thereon, issued for the cost and necessary
expenses incident thereto in the construction of sidewalks,
curbs, gutters and roadbed and street improvements; which
certificates when paid shall be cancelled and properly kept and
filed among the papers of said town, a record of which certi-
ficates thus cancelled shall be entered upon a book kept for
the purpose aforesaid; and the Treasurer of said town and
the Clerk of said town, for the purposes of this sub-title, shall
be bonded in an amount left to the discretion of the Mayor
and Common Council, but in no case in an amount less than
Two Thousand Dollars ($2,000).

(c) The Mayor and Common Council of University Park
are directed to levy anuually an ad valorem tax upon all
of the assessed property of said town, sufficient to produce
during any one period of twelve months, a sum sufficient for
such period to meet the principal and interest payments on
said certificates of indebtedness issued for any improvements
hereinbefore provided and to meet the principal payments and
interest on any series of serial annuity certificates of indebt-
edness issued for the purpose of refunding existing certificates
of indebtedness, less such an amount as may be reasonably
anticipated from the collection for assessments of sidewalks,