834

LAWS OF MARYLAND.

and regulations therefor, and for the proper protection of said
works and water supply.
SEC. 3. And be it enacted, That after repairs and running

Payment
of interest.

expenses are paid out of the water rents, the money received
therefor shall be applied to the payment of the interest on the
bonds issued for the purchase of said water works, as said inter-
est may mature, and all surplus revenue from said water works
accruing prior to the date when said bonds shall be redeemable
as hereinafter provided, shall constitute a sinking fund, to be
invested by the said Commissioners in the name of the Com-
missioners of Chestertown, in some safe security, to be applied
to the redemption of said bonds when redeemable.
SEC. 4. And be it enacted, That the Commissioners of

Issue coupon
bonds.

Chestertown are hereby authorized and empowered to issue
coupon bonds of Chestertown, Kent county, Maryland, to an
amount not exceeding twenty-five thousand dollars, to be des-
ignated as Chestertown Water Bonds, which bonds shall be
signed by the president of the Commissioners of Chestertown,
and by the clerk to said Commissioners, and attested with the
corporate seal of said town, to bear interest not exceeding five
per cent, per annum payable semi-annually, to be issued in
denominations not exceeding five hundred dollars each, and to
be payable twenty-five years after date, and redeemable at the
pleasure of the Commissioners of Chestertown in whole or in
part at any time after five years years from their date, which
bonds and coupons shall be payable in current money of the
United States.
SEC. 5. And be it enacted, That the Commissioners of Ches-

Advertise for
bids.

tertown are authorized to advertise for bids for the purchase of
said bonds, and may sell the same and purchase said water
works for cash, or exchange said bonds for said water works,
whichever they may deem most advantageous.
SEC. 6. And be it enacted, That should the revenues or

Levy a tax.

water rents of Chestertown be insufficient in any year to pay
the interest on said bonds and one twenty-fifth part of the
principal, then the Commissioners of Chestertown are hereby
authorized and levy and collect annually a tax upon the taxa-
ble property in Chestertown for a sum as will, with the net
water rents provide for the payment of the interest on said
bonds as the same matures, and one-twenty-fifth part of the
principal of said bonded debt then outstanding, so the whole of
the said bonds and interest may be provided for and paid in
twenty-five years from the date of their issue.