84

LAWS OF MARYLAND.

CHAP. 78.

each, and to bear date April 1, 1904, and shall be payable at
a time not exceeding thirty years from date, redeemable, how-
ever, at the pleasure of said municipal corporation after the
expiration of ten years from their date.

SEC. 5. And be it enacted, That the said Burgess and
Commissioners of Middletown are hereby authorized and

Bonds
o be sold.

empowered, after they shall have prepared and signed the
said bonds authorized to be issued in sections 2 and 4 of this
Act, to sell and dispose of said bonds in the manner they
shall deem best, at not less than the par value thereof, to raise
money to carry into effect the provieiuns of this Act.
SEC. 6. And be it enacted, That the proceeds from the sale

How
proceeds
shall be
applied.

of the ten thousand dollars of bonds authorized to be issued
by the second section of this Act shall be applied to the
redemption and payment of the present outstanding bonds of
said corporation issued under authority given in the Acts of
1892, chapter 128, aforesaid, and that the sum of money
required to redeem and pay said last-mentioned bonds, in
addition to the proceeds from the sale of the ten thousand
dollars of bonds aforesaid, shall be paid out of the sinking
fund of said municipal corporation on hand at the time of the
redemption of said bonds.
SEC. 7. And be it enacted, That the proceeds from the sale
of the three thousand dollars of bonds authorized to be issued

How
proceeds
shall De
applied.

by the fourth section of this Act shall be applied to the
redemption and payment of the present outstanding bonds of
said corporation issued under authority given in Acts of 1894,
chapter 31, aforesaid, and that the sum of money required to
redeem and pay said last-mentioned bonds, in addition to the
proceeds from the sale of the three thousand dollars of bonds
aforesaid, shall be paid out of the sinking fund of said munici-
pal corporation on hand at the time of the redemption of said
bonds.

How
construed.

SEC. 8. And be it enacted, That nothing contained in this
Act shall be construed to authorize said municipal corporation
to issue bonds for any other purpose than that herein specified.
SEC. 9. And be it enacted, That the said Burgess and Com-

Registry of
bonds
to be kept.

missioners of Middletown shall cause to be kept and preserved
a careful registry of the bonds called in and cancelled under
the provisions of this Act, and that they are hereby directed to
cancel the bonds so called in as soon as paid and redeemed.
SEC. 10. And be it enacted, That the said Burgess and

Tax to be

levied.

Commissioners of Middletown are hereby authorized and
empowered to levy a tax annually upon the assessable property
of said town sufficient to pay the interest on the bonds issued