70 LAWS OF MARYLAND. [CH. 53

ration of the State of Maryland, be and it is hereby author-
ized and empowered to borrow upon the faith and credit
of said town a sum not exceeding One Hundred Thirty-Five
Thousand Dollars ($135,000.) and from time to time to
issue and sell coupon serial bonds in such amount, said
bonds to be signed by the Mayor and countersigned by the
Clerk of said town and to be sealed with the seal of the
town. The entire proceeds of such bonds, after payment
of costs of engraving and all other incidental costs and
expenses connected with the issuance of such bonds, shall
be used, either alone or in connection with any Federal
funds which may be made available, to extend, construct
and improve the water system of said town and may be
used to procure, erect and construct storage facilities as
part of such system.

SEC. 2. And be it further enacted, That the Mayor and
Council of Berlin shall have authority to prescribe, by
ordinance or resolution, the form and tenor of such bonds,
the rate of interest not exceeding five per cent. (5%),
payable semi-monthly, the dates of issuance, the portions
of said bonds to be issued from time to time at specified
dates, and the time and place for the payment of said
bonds and interest. Such bonds shall be in coupon form,
shall be in denominations of One Thousand Dollars
($1,000.) and may be registerable as to principal. Such
bonds shall be issued upon a twenty-two year serial matur-
ity plan and a portion thereof shall be retired annually.
Such bonds may be made redeemable before maturity upon,
payment of the par value thereof with accrued interest.
Such 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 issuance.

SEC. 3. And be it further enacted, That in the sale of
the bonds authorided by this Act, the provisions of Sec-
tions 35 and 36 of Article 31 of the Annotated Code of
Maryland shall apply.

SEC. 4. And be it further enacted, That the Mayor and
Council of Berlin, after the issuance of the bonds author-
ized by this Act and until all such bonds have matured
and been redeemed, shall annually levy a special tax on
the assessable property of said town sufficient to pay the
interest on the bonds outstanding and the principal of
bonds maturing during the next succeeding year. Said
tax shall become a lien upon the property assessed and
shall be collected in the same manner as other taxes.