10(5 LAWS OF MARYLAND. [CH. 64

SECTION 102. "The President and Commissioners of Chesa-
peake City" are hereby authorized and empowered to issue on
the credit of said Town of Chesapeake City bonds to the
amount of Five Thousand Dollars for the purpose of construct-
ing and improving the streets and highways of said Town and
such other municipal improvements as may be necessary in
the discretion of said President and Commissioners, Twenty-
five hundred dollars of said Bond issue to be redeemable upon
the 1st day of January, A. D. 1932, and Twenty-five hundred
dollars thereof to be redeemable on the 1st day of January,
A. D. 1937, said bonds to bear interest at a rate not to exceed
five per cent, per annum, payable semi-annually, and the faith
and assessable property of the said Town are hereby pledged
for the payment and redemption of the principal and interest
of said Bonds. Said Bonds to be of denominations to be deter-
mined by "The President and Commissioners of Chesapeake
City" and shall be signed by the President and Secretary of
the said Corporation and sealed with its seal and properly
attested.

SECTION 103. If necessary in order to pay the interest on
said bonds and to provide a sinking fund for the redemption of
the principal thereof as the same shall mature, the President
and Commissioners aforesaid are hereby authorized and em-
powered to levy annually upon the assessable property of said
Town of Chesapeake City the sum of Twenty (20) cents on
each One Hundred (100) dollars as a separate item, in addi-
tion to the levy of taxes for the current expenses of said Town
from and after, but not before the 1st day of January, A. D.
1927.

SECTION 104. Before said bonds shall be issued for any of
the purposes aforesaid, the said "The President and Commis-
sioners of Chesapeake City" shall first submit said proposition
to bond said town to the vote of the legally qualified voters of
said town, at a special election to be held on some date to be
fixed by them, not earlier than one month from the date of the
passage of this Act, and not later than six months from the
passage of this Act; and if at said election a majority of the
votes cast at said election shall approve of the issue of said

bonds for the purposes aforesaid, then the said "The President
and Commissioners of Chesapeake City" shall issue said bonds,
in the way and manner, and for the purposes hereinbefore pro-
vided; and should a majority of said qualified voters decide

at said election against the issuing of said bonds, then this