FRANK BROWN, ESQUIRE, GOVERNOR.

CHAPTER 583.

AN ACT to authorize the "President and Commissioners" of
North East, in Cecil County, to issue bonds to an amount
not exceeding five thousand dolllars, for the purpose of
improving the streets, highways and sidewalks of the town.

999

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the president and commissioners of North
East, Cecil county, be and they are hereby authorized and
empowered and directed to issue bonds of said president and
commissioners, to be designated as improvement bonds, not
exceeding the sum o.f five thousand dollars in the aggregate,
in sums not less than fifty dollars each, in four series, to be
designated series A, series B, series C and series D, respec-
tively, each scries aggregating the sum of one thousand two
hundred and fifty dollars, and no more, to be signed by the
president of said commissioners, and countersigned by the
secretary thereof, and sealed with the corporate seal of said

May Issue
bonds.

president and commissioners; said bonds to bear interest, pay-
able semi-annually on the first day of July and on the first
day of January in each year, at the rate of five per centum
per annum, for which interest proper coupon shall be attached
to said bonds, signed and countersigned, as aforesaid.

Interest.

SEC. 2. And be it enacted, That series A of said bond shall
be issued payable five years from the date thereof, series B, in
ten years from the date thereof, series C, in fifteen years from
the date thereof, and series D, in twenty years from the date
thereof; each and every of the said series of bonds may be
redeemed at the pleasure of said president and commissioners
prior to the date of their maturity; and shall be exempt from
all county and municipal taxation.

Maturity of
bonds.

SEC. 3. And be it enacted, That the said president and
commissioners shall provide annually out of the annual tax
levy an amount sufficient to pay the interest on said bonds; and
they shall annually set apart the further sum of two hundred
and fifty dollars, to be invested in such safe securities as they
may select, to create a sinking fund for the redemption of the
several series of said bonds upon their maturity.

To levy tax to
pay interest
and prin-
cipal.

SEC. 4. And be it enacted, That all moneys received by the
said president and commissioners from the issue and sale of the
said bonds shall be applied by them to the improvements and

Proceeds,
how to be
applied.