992

LAWS OF MARYLAND.

Authorized
to borrow
a sum of
money.

authorized and empowered to borrow a sum of money not
exceeding sixty thousand dollars on the faith and credit of the
town, as hereinafter provided, and to issue and sell bonds to
raise said sum of money, which issue of bonds shall be known
and designated as " Electric Light and Improvement Bonds,"
and the money arising from the sale shall be applied and used
exclusively for thepurpose of establishing or assisting in estab-
lishing a plant in Hagerstown to be used for the purpose of
generating electric power to supply light and power, or either
of them, to the citizens of Hagerstown.

SEC. 2. And be it further enacted, That to provide for the

Bonds to be
Issued.

borrowing of the money as authorized by the preceding section,
the Mayor and Council of Hagerstown are empowered to issue
bonds in such denominations as they may determine by ordi-
nance ; such bonds to be signed by the Mayor and attested by
the clerk to the Mayor and Council, with the seal of the town
attached and registered in a book to be kept by said clerk, and
to bear interest at the rate of four per cent, per annum, pay-
able on the first day of January and July in each and every
year until the principal of said bonds, is paid, said bonds to be
sold at public auction at such times and in such amounts as
shall be required of the Mayor and Council by the Board of
Street Commissioners ; provided, that the whole amount of
said bonds issued shall not exceed sixty thousand dollars ; and
said bonds shall not be liable to county and municipal taxation.
SEC. 3. And be it further enacted, That to provide for the

Sum of
money to
be levied.

payment of said bonds, as authorized by section 2 of this Act,
as they shall mature and for the payment of the interest thereon,
there shall be levied by the Mayor and Council, annually, for
three years, after the date of issue of said bonds, an amount
sufficient to pay the interest on said bonds so issued, and at the
expiration of three years from the date of issue there shall be
levied annually by the Mayor and Council an amount sufficient
to pay the interest on the debt and one thousand dollars of the
principal thereof; and the Mayor and Council shall thereafter
pay annually one thousand dollars of the principal of said
debt until said debt is paid, and the said bonds so issued shall
be made to fall due so as to-be payable as herein provided.

Receipt given
and tiled.

SEC. 5. And be it further enacted, That said bonds when
signed by the Mayor and attested by the clerk, as directed in
section 2 of this Act, shall be handed to the tax collector, who
shall receipt for the same, which receipt shall be tiled and
safely kept by the clerk of Mayor and Council, and the
bonds of the tax collector shall be responsible for the safe