LLOYD LOWNDES, ESQUIRE, GOVERNOR.

Bonds" and "Against the issue of Water Bonds." The re-
turns of said election shall be made in the same manner as is
provided for in the election of municipal officers; and if a
majority of the votes cast shall be " Against the issuing of
Water Bonds," then and in that case no bonds shall be issued ;
but if a majority of the votes cast shall be "For the issuing of
Water Bonds," then the said Burgess and Commissioners may
issue said bonds to the amount of twelve thousand dollars or
less, as hereinafter provided.

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SEC. 3. And be it enacted, That if the decision by said
election shall be for the issuing of water bonds, the Burgess
and Commissioners of Taneytown are hereby authorized at
any time thereafter, to borrow, on the credit of the town of
Taneytown, an amount not exceeding the sum of twelve thous-
and dollars, and to issue coupon bonds therefor in sums of
not less than one hundred dollars and not more than one thous-
and dollars, each to be signed by the Burgess of said town,
and to be countersigned by the clerk and treasurer of said cor-
poration, with the seal of the said town attached, and to be
registered by said clerk and treasurer in a separate book kept
for that purpose; said bonds shall bear interest at the rate of
not more than tive per cent, per annum, payable semi-annually,
on the first day of January and July in each and every year,
until the said bonds are paid. Said bonds shall be forever
exempt from all taxation whatsoever, except for State pur-
poses; and shall have printed on them a distinct reference to
the act and the election directing their issue. Said bonds shall
not be sold for less than their par value.

May issue
bonds.

SEC. 4. And be it enacted, That said bonds shall be issued,
payable forty years from date thereof, and redeemable at any
time after the expiration of seven years from the date thereof,
at the pleasure of the said Burgess and Commissioners of
Taneytown, Carroll County, Maryland; and the said bonds
shall be consecutively numbered as the same shall be issued.

Maturity of
bonds.

SEC. 5. And be it enacted, That for the purpose of paying
the interest on said bonds by them issued under the provisions
of this act, as the same shall fall due, and to gradually redeem
and retire such bonds until they shall all have been redeemed
and retired, the said Burgess and Commissioners are hereby
empowered and directed to apply all net income arising from
water rents, after the expense of any necessary betterments,
extensions or increase of water supply, or proper repairs are
made, first, to the payment of the interest on said bonds; and

Payment of
interest and
principal.