EDWIN WARFIELD, ESQ., GOVERNOR.

1337

age system, and to issue bonds and to levy taxes on the
assessable property of the town to repay the money bor-
rowed and the interest thereon.

SECTION 1. Be it enacted by the General Assembly of Mary-

CHAP. 796

land, That the Mayor and Council of the town of Glen Echo,
in Montgomery county, be and they are hereby authorized to
acquire by purchase or otherwise a system of water works
and sewerage system for the use of said town.

SEC. 2. Be it enacted by the General Assembly of Mary-
land, That the Mayor and Council of Glen Echo are hereby

Acquire water
works and
sewerage
system.

authorized find directed to issue registered bonds in the
name of the Mayor and Council of Glen Echo in the sums of
two hundred dollars each, each to be numbered from one to
thirty-five consecutively; said bonds shall be made payable
in order of their numbers; the first bond shall be due and
payable one year from the date of issue, and bond number
two shall be due and payable two years from the date of
issue, and thereafter each bond shall mature and be paid
each consecutive year from the maturity of bond number
one; provided, however, that the Mayor and Council of
Glen Echo are hereby granted the option to redeem any and
all bonds outstanding fifteen years from date of its issue ;
said bonds to be signed by the Mayor of Glen Echo and the
clerk of the said Mayor and Council of Glen Echo to the
amount of seven thousand dollars, bearing interest at not
more than five per centum per annum, payable annually on
each and every year and dated on the date of their issue,
and same shall be exempt from county and municipal taxa-
tion.

SEC. 3. And be it enacted by the General Assembly of Mary-

Registered
bonds Issued

land, That the proceeds of the sale from said bond issue of
seven thousand dollars, or so much thereof as may be neces-
sary for this purpose, shall be by the said Mayor and Council
of Glen Echo used and applied to the payment of costs and
expense of acquiring by purchase or otherwise, maintaining
and keeping in repair said water and sewerage system, and
the plant for the same, for the use of Glen Echo, as the said
Mayor and Council may order and direct, and the said
bonds are hereby declared to be the first lien upon the plant
and franchise of said water and sewerage system.

How proceeds
of sale shall
be applied.