FRANK BROWN, ESQUIRE, GOVERNOR.

451

SEC. 3. And be it enacted, That this act shall take effect as
soon as the same shall be accepted by a majority of the
members of said company, present and voting, at a meeting
called for that purpose, of which at least two weeks' notice
shall be given by publication in one or more newspapers
published in Frederick county.

Approved April 6th, 1894.

CHAPTER 323.

AN ACT to authorize the Mayor and Alderman of Frederick
to issue bonds to an amount not exceeding thirty -five
thousand dollars, to pay the cost of a new reservoir and of
increasing the water supply of Frederick City.

Effective.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Mayor and Alderman of Frederick be
and they are hereby authorized to issue bonds in the name of
said municipal corporation to an amount not exceeding thirty-
five thousand dollars; the bonds issued under the provisions of
this act shall be issued in sums not less than one hundred
dollars, nor more than five thousand dollars each; and each of
said bonds shall be payable thirty years after date to bearer,
redeemable at the pleasure of said Mayor and Alderman of
Frederick at any time after the expiration of ten years from
their respective dates; and shall bear interest in the meantime
at the rate of four per centum per annum, payable semi-annu-
ally, according to the tenor of the coupons of said interest, to
be attached to said bonds; and the bonds to be issued under the
provisions of this act are hereby exempted from municipal
and county taxation; provided, however, that said bonds shall
not be sold for less than par on the face value thereof in cash
current money.

May issue
bonds.

SEC. 2. And be it enacted, That the proceeds of sale of the
bonds hereby authorized to be issued, shall be applied to the
payment of the costs and expenses incurred in building a
new reservoir, and in otherwise increasing the water supply
and facilitating the distribution thereof in Frederick City, and
to no other use or purpose whatever; and said municipal cor-
poration shall have no power to issue bonds for any greater
amount than thirty-five thousand dollars, nor for any other
purpose than that herein specified.

Proceeds
from sale of
bonds, how
to be used.