782

LAWS OF MARYLAND.

Authorized
and directed
to borrow
money.

directed to borrow, on the credit of the town of Pocomoke
City, an amount not exceeding the sum of thirty thousand
dollars, and to issue coupon bonds therefor in sums of not less
than over one hundred dollars, and not more than one thou-
sand dollars, each to be signed by the Mayor of said town, and
to be countersigned by the secretary and treasurer of the cor-
poration, with the seal of the said town attached, and to be
registered by the said secretary and treasurer in a separate book
kept for that purpose ; said bonds shall bear interest at a rate
not exceeding five (5) per cent, per annum, payable semi-annu-
ally on the first day of January and July in each and every
year, until the said bonds are paid ; said bonds shall be forever
exempt from all taxation whatever, except for State purposes,
and shall have printed on them a distinct reference to the Act
and the election directing their issue.

SEC. 4. And be it enacted, That the said issue of bonds

One series of
bonds Issued,

shall consist of but one series, and shall mature and be payable
thirty years after the date of their issue,, and may be sold at
private or public sale, in the discretion of said Mayor and
City Council ; provided that none of said bonds shall be sold
at less than par.

SEC. 5. And be it enacted, That for the purpose of redeem-

How to apply
income.

ing said bonds at their maturity, and for securing the prompt
payment of their interest thereon, the said Mayor and Council
are hereby empowered and directed to apply all the income
arising from the said improvements, after the expense of nec-
essary betterments, proper repairs and necessary expenses are
made, first for the payment of the interest on said bonds ; and
secondly, as to the remainder, if there be any to be invested in
a sinking fund, for the payment of said bonds at maturity.
The coupons on said bonds shall be receivable on payment of
taxes due to said town. In event the income arising from said
improvements shall be insufficient in amount to pay the interest
on said bonds as it shall become due, the said Mayor and Coun-
cil shall annually levy on the taxable property of said town
such sums of money, not exceeding thirty cents on the hun-
dred dollars as shall in their discretion be necessary for the
prompt payment of the interest on said bonds and the princi-
pal thereof when the same shall become due, and any surplus
at any time arising from such levy shall be by the Mayor and
Council invested in safe securities as a sinking fund, which
shall not at any time be diverted from the purposes of this
Act.