FRANK BROWN, ESQUIRE, GOVERNOR.

409

SEC. 4. And be it enacted, That said bonds shall be issued
in eighteen series, each consisting of one thousand dollars of
the said amount, and shall be redeemable as follows : One
thousand dollars thereof in seven years from the date of their
issue, and thereafter annually one thousand dollars in each and
every year until the whole amount so issued shall have been
paid; and said bonds shall be sold at public or private sale, in
the discretion of said Mayor and Council; provided, that none
of said bonds shall he sold at less than par.

Maturity of
bonds.

SEC. 5. And be it enacted, That for the purpose of redeem-
ing said bonds at their maturity, and for securing the prompt
payment of the interest thereon, the said Mayor and Council
are hereby empowered and directed to apply all net income
arising from water rents after the expense of any necessary
betterments or proper repairs are made — first, to the payment
of the interest on said bonds; and secondly, as to the remain-
der, if there be any, to be invested in a sinking fund for the
payment of said bonds as they respectively mature. The
coupons on said bonds shall be receivable by said Mayor and
Council in payment of taxes due to said town. In the event
that the said water rents shall not be sufficient in amount to
pay the interest on said bonds or the principal thereof as it
shall become due, the said Mayor and Council shall annually
levy on the taxable property of said town such sums of money,
not exceeding twenty cents on the hundred dollars, as shall in
their discretion be necessary for the prompt payment of the
interest on said bonds and the principal thereof when the same
may become due, and any surplus on hand at any time arising
from such levy shall be, by the said Mayor and Council, in-
vested in some safe securities as a sinking fund, which shall
not at any time be diverted from the purposes of this act.

Redemption
of bonds.

SEC. 6. And be it enacted, That the money arising from
the sale of said bonds shall be paid to the Mayor and Council
of said town, and by them be deposited in the First National
Bank of Snow Hill, and shall only be drawn therefrom on
checks signed by the mayor and countersigned by the secretary
and treasurer : and the said secretary and treasurer shall keep
in a book for the purpose a full registry of the bonds sold, the
different series, the number of the bonds and the name of the
purchasers and amounts realized on sale, and any transfer and
assignments of the same.

SEC. 7. And be it enacted, That the said Mayor and Council
shall procure the services of some competent water engineer

Proceeds to
be deposited
in bank.