LLOYD LOWNDES, ESQUIRE, GOVERNOR.

exceeding fifteen hundred dollars in the aggregate, in sums
of not less than one hundred dollars each, said bonds to be
sealed with the seal of said corporation, signed by the Presi-
dent of said board of commissioners, and countersigned by
the Secretary thereof; said bonds to bear interest payable semi-
annually on the first day of July and January of each and
every year, at a rate of interest not exceeding five per centum
per annum, for which interest proper coupons shall be attached
to said bonds, signed and countersigned as aforesaid.

11

SEC. 2. And be it enacted, That said bonds shall be issued,
payable twenty years from the date thereof and redeemable
at any time after the expiration of ten years from date, at the
pleasure of said commissioners of Thurmont, and shall be
exempt from county and municipal taxation.

Redemption
of bonds.

SEC. 3. And be it enacted, That the commissioners of Thur-
mont shall apply the proceeds from the sale of said bonds to
the liquidations of a mortgage indebtedness resting upon the
town hall and hose house of Thurmont.

SEC. 4. And be it enacted, That the commissioners of Thtir-

Application
of proceeds.

mont shall provide annually, out of the usual tax levy, an
amount sufficient to pay the interest on said bonds, and they
shall set apart the further sum of fifty dollars annually, to be
invested in such securities as they may select, to create a sink-
ing fund for the redemption of said bonds.

Sinking fund.

SEC. 5. And be it enacted, That the said bonds shall be sold
by the commissioners of Thurmont at not less than their face
value for cash, after giving at least three weeks' notice by
advertisement in one or more newspapers printed in Frederick
County.

Sale of bonds.

SEC. 6. And be it enacted. That at a municipal election to
be held in Thurmont, at such time and place as may be fixed
by an ordinance of said commissioners of Thurmont, the
qualified voters of Thurmont shall determine by ballot whether
the bonds hereinbefore provided for shall be issued or not, at
which said election there may be written or printed on the
ballots of said voters the words "For issue of bonds," or
"Against issue of bonds," and if a majority of the ballots cast
shall contain the words, "For issue of bonds," then this act
shall become operative and binding, but if a majority of said
ballots shall contain the words "Against issue of bonds," then
this act shall be void and of no effect, and the judge of said

Question to be
voted on.