1108 LAWS OF MARYLAND. [CH. 577
CHAPTER 577.

AN ACT to authorize and empower the President and
Commissioners of Princess Anne, in Somerset County,
State of Maryland, to issue bonds to be designated
"Princess Anne Re-Funding Bonds, " and to use the pro-
ceeds arising from the sale thereof to pay certain debts
and obligations of the said President and Commissioners
of Princess Anne evidenced by promissory notes in-
curred in and about the construction, rebuilding, repair-
ing, enlarging and improving the system of water supply
and distribution and the sewer system in said town and
for other necessary expenditures.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the President and Commissioners of Prin-
cess Anne, in Somerset County, be and they are hereby
authorized and empowered, subject to the referendum here-
inafter provided, to make and issue not later than the first
day of January, nineteen hundred and thirty-four, bonds
either coupon or registered, to be designated "Princess
Anne Refunding Bonds, " to an amount not exceeding
twelve thousand dollars, in denominations of not less than
one hundred dollars nor more than five hundred dollars
each, to be signed by the President of said corporation and
to be countersigned by the Clerk thereof, with the seal of
said corporation affixed and to bear interest at a rate not
to exceed five per centum per annum, payable semi-
annually on the first days of January and July in each and
every year after the date of said bonds until maturity
thereof, and the coupons or interest on said bonds shall
be received in payment of taxes due said town and the said
bonds shall be exempt from all county and municipal
taxation.

SEC. 2. And be it further enacted, That said bonds
shall be issued to mature as follows, that is to say: five
hundred dollars thereof on the first day of January, nine-
teen hundred and thirty-five, and annually thereafter the
sum of five hundred dollars every year until all of said
bonds shall have matured and been paid; but the said
President and Commissioners of Princess Anne shall have
the right after the expiration of five years from the
date of the issue of said bonds and after public notice
by advertisement of its intention so to do, published in all
the newspapers of said town of Princess Anne, once a