120

LAWS OF MARYLAND.

CHAPTER 37.
AN ACT to authorize the Mayor and Council of the town
of Kensington, Montgomery county, Maryland, to issue
bonds for the purpose of repairing or constructing sidewalks,
and for other necessary public improvements in the said
town.
SECTION. 1. Be it enacted by the General Assembly of Mary

Bonds to be
Issued.

land, That the Mayor and Council of the town of Kensing-
ton, be and they are hereby authorized and empowered to issue
bonds in the name of the said municipal corporation to an
amount not exceeding the sum of tive thousand dollars
($5,000), in denominations of one hundred dollars each, and
each of said bonds shall be payable twenty years after date to
bearer, redeemable, however, at the pleasure of said Mayor
and Council of Kensington, at any time after the expiration of
five years from their respective dates, and shall bear interest in
the meantime at the rate of 5 per centum per annum, payable
semi-annually, according to the tenor of the coupons tor said
interest to be attached to said bonds, and said bonds together
with the said coupons shall be signed by the Mayor and coun-
tersigned by the treasurer of the said town, and the said bonds
shall be exempt from county and municipal taxation; the said
bonds shall have printed on them a distinct reference to the Act of
Assembly authorizing the issue thereof ; and shall be registered
by the said treasurer in a separate book to be especially pro-
vided for the purpose.
SEC. 2. That the proceeds of the sale of said bonds, hereby

How pro-
ceeds from
sale of
bonds to be
applied.

authorized to be issued by the Mayor and Council of the town
of Kensington and their successors in office, shall be applied
to repairing or constructing sidewalks, or making other neces-
sary public improvements in the town of Kensington, as the
the Mayor and Council thereof shall determine.
SEC. 3. That the Mayor and Council of Kensington shall
have power and authority, and are hereby required to levy all

Levy taxes.

necessary taxes upon the property within the taxable limits of
said corporation for the payment of the interest on the bonds
hereby authorized to be issued, as well as for the payment of
the said bonds at maturity, and shall create a sinking iund of
not less than two hundred dollars per annum for that purpose
and levy the necessary taxes therefor.

Effective.

SEC. 4. That this Act shall take effect from the date of its
passage.
Approved March 14, 1898.