760

LAWS OF MARYLAND.

arising from water and electric rents after the expense of any
necessary betterments, proper repairs and necessary expenses
are made first, to the payment of the interest on said bonds;
and secondly, as to the remainder, if there be any, to be in-
vested in a sinking fund for the payment of the said bonds as
they respectively mature. The coupons on said bonds shall be
receivable in payment of taxes due to said town. In the event
said water and electric light rents shall not be sufficient in
amount to pay the interest on said bonds, or the principal
thereof as it shall become due, the said Mayor and Council shall
annually levy on the taxable property of said town, such sums
of money, not exceeding twenty cents on the hundred dollars
as shall in their discretion, be necessary for the prompt pay-
ment of the interest on said bonds, and the principal thereof
when the same may become due, and any surplus on hand at
any time arising from such levy shall be, by the said Mayor
and Council, invested in some safe securities as a sinking fund,
which shall not at any time be diverted from the purpose of
this act.

SEC. 6. And be it enacted, That the money arising from
the sale of said bonds shall be paid to the Mayor and Council
of said town and by them deposited in the First National Bank

Registry of
bonds, etc.

of Pocomoke city, and shall only be drawn therefrom on check
signed by the Mayor and countersigned by the Secretary and
Treasurer; and the said Secretary and Treasurer shall keep in
a book for the purpose, a full registry of the bonds sold, the
different series, the number of the bonds, and the name of the
purchaser and amounts realized on sale, and any transfer and
assignments of the eame.

To purchase

electric

light plant.

SEC. 7. And be it enacted, That the said Mayor and Coun-
cil shall have power to purchase electric light plant, &c., to
advertise for proposals for the erection of water reservoirs,
conduits, plugs and all necessary equipments for proper water
works and a sufficient supply of water, and the said Mayor and
Council may reject any and all bids, or award the contract to
the lowest responsible bidder therefor, at their discretion, re-
quiring any accepted bidder to give bond in such penalty as
said Mayor and Council shall determine, conditioned for the
faithful performance of the contract entered into.

Effective.

SEC. 8. And be it enacted, That this act shall take effect
from the date of its passage.

Approved April 4, 1896.