1180 LAWS OF MARYLAND.

town of Snow Hill, an amount not exceeding the sum of six
thousand dollars, and to issue coupon bonds therefor in sums
of not less than one hundred dollars and not more than one

thousand dollars each, to be signed by the Mayor of said
town and to be countersigned by the treasurer of said corpora-
tion with the seal of said town attached; said bonds shall bear
interest at the rate of five per centum per annum, payable
semi-annually on the first days of January and July, in each
and every year, until the said bonds are paid. Said bonds
shall be exempt from municipal and county taxation and shall
have printed on them a distinct reference to this Act directing
their issue, and the money arising from the sale of said bonds
shall be used for the purpose of improving the streets set forth
in this section, and for no other purpose whatever.

- SEC. 2. And he it enacted. That said bonds shall be issued in
series from one to six inclusive, according to the aggregate
amount issued, each series consisting of one thousand dollars
of said amount, and shall be redeemable and payable as fol-
lows : One thousand dollars thereof on the first day of July, in
the year 1941; one thousand dollars thereof on the first day of
July in the year 1942; one thousand dollars thereof on the
first day of July in the year 1943; one thousand dollars thereof
on the first day of July in the year 1944; one thousand dollars
thereof on the first day of July in the year 1945; one thousand
dollars thereof on the first day of July in the year 1946, until
the whole amount so issued shall have been paid, and said
bonds shall be sold at public or private sales, and in such
amounts, not less, however, than one thousand dollars at any
one time, and not exceeding the total sum of six thousand dol-
lars, and at such times as the Mayor and Council -of Snow
.Hill in their discretion may deem proper until the said six
series have been issued and sold, provided that none of said
bonds shall be sold at less than par.

SEC. 3. And be it enacted, That for the purpose of redeem-
ing said bonds at their maturity and for securing the prompt
payment of the interest thereon, the said Mayor and Council
are hereby empowered and directed to annually levy on the
taxable property of said town such sums of money as shall in
their discretion be necessary for the prompt payment of the
interest on said bonds and the principal thereof when the same
may become due. All surplus arising from said special levy,
after the payment of said interest and the necessary costs and
betterments and repairs, shall be by the said Mayor and Coun-
cil invested in some safe securities as a sinking fund, which
shall not at any time be diverted from the purpose of this
Act.