S84

LAWS OF MARYLAND.

of the same, levy a tax on the assessable property of said
town sufficient to pay such part of the interest thereon, if
any, as may not be met by the income from said improve-
ments, less all necessary expenses, and in addition thereto
the sum of five hundred dollars for the payment of the same
at maturity. The said sum of tive hundred dollars (which
may be increased from time to time, if the said Council of
said town shall deem it advisable) shall be held and invested
by said town as a sinking fund for the redemption of said
bonds at their maturity ; and the said town shall from time to
time deposit the money belonging to said sinking fund and the
increment thereof in some safe depository which pays interest
on deposits, or shall invest the same in such safe investments
as to them may seem best, or in the purchase or redemption of
such of said bonds as may be offered for sale. And upon the
purchase of said bonds by said town, they shall be immediately
cancelled by stamping across their face "cancelled by the sink-
ing fund," and no portion of said sinking fund so levied shall
ever be diverted to any other purpose than to the purchase of
said bonds. And should any official of said town, or any per-
son having charge of said sinking fund, suffer or permit the
same or any part thereof to be applied to any other purpose
than the investment for the purchase of said bonds, the party
so offending shall be deemed guilty of misdemeanor, and on
conviction' thereof shall be tined not less than the amount so
misapplied. The money collected each year on account of
taxes to the extent of said sum of five hundred dollars shall
be set apart for said sinking fund, aod a separate account be
kept by said town, and deposited to the credit of said fund,
and no part of which shall be chargeable with insolvencies on
account of failure of assessments or collections.

SEC. 7. And be it enacted) That the money arising from the
sale of said bonds (which said bonds shall be sold either at
auction or by sealed bids, after due advertisement thereof, to
the highest responsible bidder) shall be deposited in some

Money to be
deposited
In Dank.

national bank to the credit of said town, 'and s-Jiall be drawn
out only on checks signed by the Mayor and countersigned by
the Treasurer, on orders of the Council of said town, in pay-
ment for material or labor furnished or performed or for prop-
erty purchased or condemned in carrying out the purposes of
this Act. The Council may also require of said Mayor and
Treasurer a sufficient bond to secure the faithful performance
of their duties as such disbursing officers.