LLOYD LOWNDES, ESQUIRE, GOVERNOR.

and close at 3 o'clock P. M., and the names of all persons vot-
ing shall be registered by the said clerk; the ballots shall have
printed on them the words, "for the issue of water and electric
light bonds, and " against the issue of water and electric light
bonds." The said judges shall make immediate returns of the
votes cast to the clerk of the Circuit Court for Worcester county,
and if a majority of the votes cast shall be against the issuing
of water and electric light bonds, then in that case no bonds
shall be issued; but if a majority of the votes cast shall be for
the issuing of water and electric light bonds; then the said
Mayor and Council of Pocomoke City shall issue said bonds to
the amount of $25,000 or less, as hereafter provided.

SEC. 3. And be it enacted, That if the decision by said

759

election shall be for the issuing of water and electric light;
bonds, the Mayor and Council of Pocomoke city are hereby
authorized and directed to borrow on the credit of the town of
Pocomoke city an amount not exceeding the sum of twenty-
five thousand dollars, and to issue coupon bonds therefor in
sums of not less than one hundred dollars and not more than
one thousand dollars each, to be signed by the Mayor of the
said town and to be countersigned by the Secretary and Treas-
urer of the corporation, with the seal of the, said town attached
and to be registered by said Secretary and Treasurer in a sepa-
rate book kept for that purpose; said bonds shall bear interest
at the rate of not more than six 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
purposes, and shall have printed on them a distinct reference
to this act, and the election directing their issue.

SEC. 4. And be it enacted, That said bonds shall be issued
in twenty-five series, each consisting of one thousand dollars of

May issue
bonds.

the said amount and shall be redeemable as follows: one thou-
sand dollars thereof in five years from the date of their issue,
and thereafter annually one thousand dollars in each and every
year until the whole amount so issued shall have been paid ;
and said bonds shall be sold at public or private sale, in the
discretion of said Mayor and Council; provided, that none of
said bonds shall be sold at less than par.

Redemption
o£ bonds.

SEC. 5. And be it enacted, That for the purpose of redeem-
ing said bonds at their maturity, and for securing the prompt
payment of their interest thereon, the said Mayor and Council
are hereby empowered and directed to apply all net income

Tax to pay
Interest and
principal.