LLOYD LOWNDES, ESQUIRE, GOVERNOR.

hundred dollars, nor more than one thousand dollars each, to
be signed by, the President and Commissioners of Princess
Anne, and countersigned by the clerk of said board; whose
duty it shall be to affix to each and every bond so issued, the
seal of said board; said bonds to bear interest at a rate not
exceeding five per centum per annum, payable semi-annually,
on the first day of September and the first day of March, in
each and every year during which said bonds may run and
remain unpaid; and the coupons for interest on said bonds
shall be received by the collector of taxes for said town of
Princess Anne in payment of town taxes; and said bonds
shall be exempt from county and municipal taxation.

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SEC. 2. And be it enacted, That said bonds shall be issued
to mature at such time or times as may be determined by said
board; the president and commissioners of Princess Anne, not
exceeding twenty years from the date thereof, and that said
board is hereby authorized and required to sell said bonds to
the best advantage for cash; provided, however, that they
shall not sell any bond issued under this act, for less than par.

Maturity of
bonds.

SEC. 3. And be it enacted, That to redeem said bonds, the
president and commissioners of Princess Anne shall annually
levy upon the assessable property of said town of Princess
Anne a tax sufficient to pay the interest of said bonds, and
sufficient to enable said board to set aside in each and every
year after the date of their issue, the sum of three hundred
and seventy-five dollars, to meet and pay said principal of said
bonds as and when the same shall mature; and said sums when
collected shall be held sacred by said board, and shall not be
used for any other purpose than the payment of the interest on
and redemption of said bonds; and said taxes so levied for
said purpose shall be collected as other taxes are collected in
said town of Princess Anne.

Redemption
of bonds.

SEC. 4. And be it enacted, That the proceeds arising from
the sale of the aforementioned bonds, shall be paid over as
soon as realized by the president and Commissioners of Prin-
cess Anne, to the payment of the aforesaid indebtedness now
due, by and from the said board.

Application
of proceeds.

SEC. 5. And be it enacted, That this act shall take effect
from the date of its passage.

Approved March 6th, 1896.

Effective.