762

LAWS OF MARYLAND.

SECTION 1. Be it enacted by the General Assembly of the
State of Maryland, That before the maturity of any of the
bonds authorized to be issued by section 246 L and 246 M of the

May issue
refunding
bonds.

Article 17, of the Code of Local Laws of Maryland, entitled
"Prince George's County," sub-title "Laurel," providing for
the improvement and repair of the streets of Laurel, Maryland,
and authorizing the issuance of bonds for that purpose, and
whenever the Mayor and City Council of Laurel deem it for
the best interest of said town, they shall have the power to
issue the bonds of said town so as to change, but not
to increase the amount of bonds authorized in sections
246 L and 246 M, such bonds to be entitled "Refunding
Bonds," and to state on their face what bonds are being re-
funded by them. In no event, however, shall such refunding
bonds be payable at a date later than twenty years from the
date of the first bonds issued under the authority of said sec-
tions 246 L and 246 M, and in no event shall the rate of interest
on said refunding bonds exceed five per centum per annum,
payable at such time and at such place as shall seem most
advantageous for said town. In case such refunding bonds
are issued, the fund provided for by section 246 L for the pay-
ment of the bonds in said section authorized to be issued, shall
be kept intact and be applied to the payment of said refund-
ing bonds, principal and interest, pro tanto, and the balance
necessary to pay all of said refunding bonds, principal and
interest, shall be payable in the manner as provided for in sec-
tion 246 K of said Article 17 of the Code of Local Laws
of Maryland. Whenever such refunding bonds are issued, the
Mayor and City Council of Laurel shall have the right to
exchange said bonds for a like amount of bonds heretofore
issued under said sections 246 L and 246 M, and the bonds
refunded shall then be destroyed and cancelled in the presence
of the City Council and so certified on the records of said
town, said refunding bonds shall be signed by the Mayor,
countersigned by the treasurer and attested by the clerk of said
town of Laurel, with the corporate seal of said town attached;
and provided, further, that the refunding bonds issued here-
under shall only be issued to take up said bonds heretofore
issued, and the debt shall not hereby be increased.

Effective.

SEC. 2. And be it enacted, That this act shall take effect
from the date of its passage.

Approved April 4, 1896.