76

LAWS OF MARYLAND.

and every year, until the principal of said bonds is paid; said
bonds to be sold at public auction at such times and in such
amounts as shall be determined by the mayor and council;
provided, the whole amount of said bonds issued shall not
exceed three thousand dollars as aforesaid; and said bonds
shall not be liable to county or municipal taxation.

Redemption
of bonds.

205 C. And to provide for the payment of said bonds as
authorized by section 205 A, as they shall mature, and for the
payment of the annual interest thereon, there shall be levied
by the mayor and city council, annually for three years, an
amount sufficient to pay the interest on said bonds so issued ;
and at the expiration of the three years, there shall bo levied,
annually, by the mayor and council, an amount sufficient to
pay the interest on the debt, and five hundred dollars of the
principal thereof, and the mayor and council shall thereafter
pay, annually, tive hundred dollars of the principal of said
debt; and the said bonds, when issued, shall be made to fall
due so as to be payable as herein provided.

Duties of tax
collector.

205 D. Said bonds, when signed by the mayor and attested by
the clerk as directed in section 205 B, shall be handed over to
the tax collector, who shall receipt for the same, which receipt
shall be tiled and safely kept by the clerk to the mayor and
council, and the bond of the tax collector shall be responsible
for the safe keeping by the tax collector of said bonds and the
proceeds thereof; the tax collector shall sell said bonds at
public auction, at such times and in such amounts as the mayor
and council shall order; he shall transfer and deliver the same
as sold to the purchaser and receive the money therefor, and
shall report under oath to the mayor and council, his proceed-
ing in the premises, with the names of the persons to whom
said bonds have been transferred, together with the amounts
received by him from said sales; said money shall be credited
on the books of the tax collector, to the Fire Improvement
Loan Fund, and paid out by him for the purpose named in
section 205 A, for which it was received.

Register of
bonds to be
kept.

205 E. The mayor and council shall cause to be kept a care-
ful register of the bonds so issued and the transfers thereof,
and as the same are called in and paid off, they shall be can-
celled, and a record of such cancellation, by numbers, amounts
and names of last holders of said bonds, shall be made and
entered upon the books in which said bonds are registered.