1176 LAWS OF MARYLAND.

attached coupons for the several interest payments, having
the printed or engraved signatures of the Mayor and town
treasurer thereto, and the bonds and coupons shall be made pay-
able at such, bank or banks as the Mayor and Council may des-
ignate by ordinance or resolution, and all of said bonds shall
be forever exempt from all taxation, except for State purposes,
and they shall be known as the "Pocomoke City Floating Debt
Bonds of 1908," and upon each of them shall be engraved or
printed a special reference to this Act as authorizing the issue
thereof.

SEC. 3. And be it enacted, That the Mayor and Council of
Pocomoke City shall sell the said bonds for cash, at one or
more sales, public or private, as they may deem best, and the
money arising from such sale or sales shall be deposited in
such bank or banks as the Mayor and Council shall designate,
and shall be disbursed and applied by the Mayor and Council
to the payment of all the present floating debt of said town,
including the unpaid indebtedness incurred in re-laying and
improving the public sewers on Market street, and incurred in
sinking the public wells of said town, and if there shall be
any surplus after the payment of all the floating debt, that
surplus shall be applied by the Mayor and Council to re-laying,
improving and extending the public sewers and water mains
of said town.

SEC. 4. And be it enacted, That the Mayor and Council of
Pocomoke City, at such times as are now or shall be here-
after fixed by law for levying the town taxes of Pocomoke City,
are hereby authorized, empowered and directed to levy annually
upon the taxable property of said town such sums of money
as, in their judgment, may be necessary for the prompt payment
of the interest upon the said bonds as it falls due, and for
redeeming and paying off the principal of said bonds at their
maturity, and after paying the accrued interest of said bonds,
all the surplus remaining from said special tax shall be in-
vested by the Mayor and Council in some safe security or
securities as a sinking fund to be applied to the payment of
the principal of said bonds at their maturity, and none of the
money derived from said special tax shall be diverted from the
purpose for which it is levied, and said special tax shall fall
due at the same time that the other town taxes fall due under
the provisions of law, and it shall be collectible in all respects
as the other town taxes of Pocomoke City are collectible under
the existing provisions of law.

SEC. 5. And be it enacted. That all Acts or parts of Acts in-
consistent with or in conflict with this Act be and the same are
hereby repealed.