HARRY W. NICK, GOVERNOR. 505

CHAPTER 269.

AN ACT to authorize and empower the Commissioners of East
New Market to issue bonds in an amount not to exceed
Twelve Thousand Dollars ($12, 000. 00) for the purpose of
constructing or installing a sewerage system and making
improvements to the water works in the town of East New
Market.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Commissioners of East New Market, Dorchester
County, be and they are hereby authorized and empowered to
issue bonds of said Corporation, not to exceed Twelve Thou-
sand Dollars ($12, 000. 00), to be dated the 1st day of July,
1937, and to be numbered from one (1) to twenty-four (24),
inclusive, and to be issued in denominations of Five Hundred
Dollars ($500. 00) each, and said bonds to bear interest at a
rate not to exceed four (4) per cent, per annum, payable semi-
annually; said bonds shall become due and payable serially,
one bond of Five Hundred Dollars ($500. 00) falling due each
year, beginning July 1, 1940, and continuing yearly thereafter
until all of said bonds are due and payable, and the bonds
issued pursuant hereto shall be exempt from all State, County
and Municipal taxes.

SEC. 2. And be it further enacted, That the said Commis-
missioners of East New Market shall have full power and
authority to sell said bonds, after advertisement in such news-
paper or newspapers as said Commissioners shall determine,
or said Commissioners may, in their discretion, sell said bonds
over the counter at not less than par, all as the said Commis-
sioners shall determine. The proceeds derived from the sale
of said bonds shall be used for constructing and installing a
sewerage system in the town of East New Market and/or
making improvements to the water works of said town, as
the said Commissioners shall determine. The said Commis-
sioners shall have the power to make contracts for the con-
struction or installation of said sewerage system, or for
doing said work.

SEC. 3. And be it further enacted, That the Commissioners
of East New Market are hereby authorized and directed, if
said bonds are issued, to levy all necessary taxes upon the
property within the taxable limits of the said Corporation for
the payment of interest on said bonds, and for the payment of
the principal of said bonds as they mature.

SEC. 4. And be it further enacted, That this Act shall take
effect June 1, 1937.

Approved May 18, 1937.