86

LAWS OF MARYLAND.

May issue
bonds.

205 H. To provide for borrowing the money as authorized
by the preceding section, the Mayor and Council are empow-
ered to issue bonds in such denominations as they may deter-
mine, said bonds to be signed by the Mavor and attested by
the clerk to the Mayor and Council, with the seal of the
town attached and registered in a book to be kept by the
said clerk, and to bear interest at the rate of four per centum
per annum, payable on the first days of January and July, in
each and every year, until the principal of said bonds is paid,
said bonds to be sold at public auction at such times and in such
amounts as shall be requested of the Mayor and Council by
the Board of Street Commissioners; provided, that the whole
amount of said bonds issued shall not exceed seven thousand
dollars; and said bonds shall not be liable to county and
municipal taxation.

Payment of
principal
and interest

205 I. And to provide for the payment of said bonds as
authorized by section 205 H, as they shall mature, and for the
payment of the annual interest thereon, there shall be levied
by the Mayor and Council annually, for three years, an
amount sufficient to pay the interest on the said bonds so
issued, and at the expiration of three years there shall be
levied annually by the Mayor and Council, an amount suffi-
cient to pay the interest on the debt and five hundred
dollars of the principal thereof; and the Mayor and Council
shall thereafter pay annually five hundred dollars of the prin-
cipal of said debt, and the said bonds when issued shall be
made to fall due so as to be payable as herein provided.

Duties of tax
collector.

205 j. Said bonds when signed by the Mayor and attested
by the clerk as directed in section 205 H, shall be handed over
to the tax collector, who shall receipt for the same, which
receipts shall be filed and safely kept by the clerk of the
Mayor and Council, and the bond of the tax collector shall
be responsible for the safe keeping by the said tax collector of
said bonds and the proceeds thereof. The tax collector shall
sell said bonds at public auction, at such times and in such
amounts as the Mayor and Council shall order; he shall trans-
fer and deliver the same as sold to the purchaser, and receive
the money therefor, and shall report, under oath, to the
Mayor and Council, his proceedings in the premises, with the
names of the persons to whom said bonds have been trans-
ferred, with the amounts- received by him from said sales; said
money shall be credited on the books of the tax collector to
the drainage fund, and paid out by him for the purpose named
in section 205 G of this act, for which it is received and in the
manner as provided.