WM. PRESTON LANE, JR., GOVERNOR. 337

SECTION 1. Be it enacted ty the General Assembly of Mary-
land, That the Mayor and Council of Kitzmillersville, in Gar-
rett County, Maryland, are hereby authorized and empowered,
in their discretion, to borrow upon the faith and credit of
said town a sum not exceeding Fifteen Thousand Dollars
($15,000.00) and to issue and sell coupon bonds therefor in
the denomination of Five Hundred Dollars ($500.00) each,
to be signed by the Mayor of said town and to be counter-
signed by the Clerk of the Council thereof, and the seal of
said town attached, and to be registered by said Clerk of
said Council in a book to be kept by the Mayor and Council
for the purpose of registering "Refunding and Street Im-
provement Bonds", Said bonds by this section authorized
shall be known and designated as "Refunding and Street
Improvement Bonds", and shall bear interest at not more
than three (3) per cent per annum, payable semi-annually,
on the first day of May and November in each and every
year until the said bonds are paid; said 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 issue.

SEC. 2. And be it further enacted, That said bonds shall
be numbered serially and the first shall be due and payable
on the first day of November, 1952, and thereafter one bond,
of the value of Five Hundred Dollars ($500.00) shall mature
and be payable each consecutive year in the order of the
consecutive numbers until the entire issue of said bonds is
taken up and redeemed; reserving the option to the Mayor
and Council aforesaid to take up and redeem at any interest
period after ten years any and all outstanding bonds run-
ning more than ten years, at the face value thereof, with
accrued interest; and said bonds shall be sold at public
or private sale in such amount, not less, however, than Five
Hundred Dollars ($500.00) at any one time and not exceed-
ing in the total the sum of Fifteen Thousand Dollars
($15,000.00), and at such time as the Mayor and Council of
Kitzmillersville, in their discretion, and in the furtherance
of the purposes for which this bond issue is created, may
deem proper. It is especially intended that the power here-
by vested in said Mayor and Council shall be a continuing
power until the whole Fifteen Thousand Dollars ($15,000.00)
shall have been issued and sold.

SEC. 3. And be it further enacted, That the money arising
from the sale of said bonds shall be kept as a separate fund
by the Mayor and Council of Kitzmillersville in some safe
bank, shall be used exclusively for the purposes of this Act