74

LAWS OF MARYLAND.

CHAP. 74

How money is
to be applied

money paid for said bonds shall be kept as a separate fund
to be applied only to acquiring or constructing, establishing
and extending said electric light plant, including the neces-
sary buildings, machinery, poles, wires, conduits, lands,
rights in lands and rights of way, therefor, and shall be
disbursed by the Treasurer only for said purposes.
SEC. 5. And be it further enacted. That tweutv-five cents of

Certain sum
appropriated
to maintain
and operate
electric light
plant, etc.

the general tax provided for by the 18th Section of Chapter
621, approved April 11, 1902, of the Acts of the General
Assembly of Maryland of the year 1902, together with any
surplus earnings of the electric lighting plant, shall be and
the same is hereby appropriated, and shall be applied so far
as necessary to the maintenance and operation of said elec-
tric lighting plant, to the payment of the interest on said
bonds, and to the establishment and maintenance of the
sinking fund hereinafter provided for, for the payment of the
principal of said bonds at maturity; and it shall be the duty
of the Treasurer of said corporation to annually set apart
twenty-five fortieths of said general tax as a fund for said
purposes.
SEC. 6. And be it further enacted, That after providing out
of said fund for the maintenance and operation of said elec-

Interest to be
paid by
treasurer out
of said fund

tric light plant, the said Treasurer shall pay the interest upon
said bonds as the same shall become due and payable, out of
said fund; and out of the surplus thereof, after the payment
of said interest, he shall, if such surplus be sufficient, set
apart, as a sinking fund, such amount as will be equal to
the quotient produced by dividing the aggregate par value of
all the bonds issued by the number of years said bonds
shall be issued, to run from the date thereof; and if said
surplus shall be insufficient in any year for said purpose,
then he shall place in the sinking fund the whole of said
surplus, and the deficiency shall be made up out of the
excess of said surplus in subsequent years. And whenever
in any year there shall be, after said payments of interest
and contribution to the sinking fund required for such year,
and the payment of any existing deficiency aforesaid accruing
in any preceding year, a further surplus of said 25/40ths of
said general tax, said surplus shall fall into the general fund
of other taxes collected under said Section 18 of said Act of
1902, and be used as part thereof; and whenever said sink-
ing fund shall equal the amount of the par value of all said