124

LAWS OF MARYLAND.

every year, provided due notice shall be given in the

newspapers printed and published in Talbot county,

inviting proposals for the purchase of said bonds;

How disposed.

and the same shall be disposed of to the highest

cash bidder, and for not less than the par value

thereof; and the said bonds shall be. exempt from

county and municipal taxation.

SEC. 3. And be it enacted, That the said bonds

When payable.

shall be issued payable ten years from the date

thereof and redeemable at any time after the ex-

piration of three years from the date thereof, at the

pleasure of the said Commissioners of Easton, duly

elected and qualified as aforesaid, and the said bonds

shall be consecutively numbered as the same shall

be issued.

SEC. 4. And be it enacted, That the said Com-

missioners of Easton, duly elected and qualified as

aforesaid, be and they are hereby authorized and

required, in each and every year, to levy and col-

Special tax.

lect a special tax not exceeding ten cents on every

one hundred dollars worth of the taxable property

of all kinds and descriptions liable to assessment

and taxation within the corporate limits of the town

of Easton as now established by law, to pay the in-

terest on the outstanding bonds by them issued un-

der the provisions of this act, as the same shall fall

due, and to gradually redeem and retire such bonds

Redeem and
retire.

until they shall all have been redeemed and retired,

and the proceeds of such tax shall be paid to the

said Commissioners and forthwith applied by them

to the redemption of said bonds when and as soon

as they become redeemable; and the said proceeds

are hereby inviolably pledged to the payment of the

interest and principal of the said bonds.

SEC. 5. And be it enacted, That so much of the

proceeds of the tax hereby authorized and required

to be levied and collected, as may be applicable to

the redemption and payment of the principal of the

bonds issued under this act, and which may be col-

lected and received by the Commissioners of Easton

for and during the three years next preceding the

time after which the said bonds are made redeem-

able at the pleasure of the said Commissioners, when

How invested.

and as soon as the same may be received in each of

said years, shall be invested by the said Commis-

sioners in the purchase of said bonds, provided the