566 LAWS OF MARYLAND. [CH. 207

Ellicott City be, and they are hereby, authorized and directed,
for the purpose of establishing, constructing and maintaining an
electric light plant capable of furnishing the residents of Ellicott
City and vicinity with a sufficient supply of electric current for
ordinary purposes, to issue coupon bonds in the name of the
Commissioners of Ellicott City. In order to arrive at the
amount of bonds to be issued, after the aforesaid petition has
been filed with the said Commissioners, they shall employ a com-
petent engineer, who shall make a survey of said Ellicott City,
and submit to the said Commissioners an estimate of the cost of
installing such a plant as they desire to install. After said
cost has been submitted by said engineer, bonds in an amount
sufficient to cover the cost of said installation shall be issued.
Said bonds shall be for sums not less than One Hundred
($100.00) Dollars nor more than Five Hundred ($500.00) Dol-
lars, each to be signed by the President of the Commissioners
of Ellicott City and countersigned by the City Registrar, and
with the corporate seal of said City affixed. They shall be con-
secutively numbered as they shall be issued. Said bonds shall
be issued at such time or times as the said Commissioners of
Ellicott City shall determine, and they shall bear interest at a
rate of not more than five (5%) per centum per annum, payable
semi-annually, at such place or places as said Commissioners of
Ellicott City shall designate. Said bonds shall be so issued that
the sum of One Thousand ($1,000.00) Dollars thereof shall be
due and payable two (2) years from the date of issue and so
that thereafter the same shall mature and be payable each con-
secutive year to the extent of One Thousand ($1,000.00) Dol-
lars per year, in the order of their consecutive numbers; and,
in the order of their maturity, the interest thereon shall cease;
provided, however, that the Commissioners of Ellicott City are
hereby given the option to redeem any or all of said bonds out-
standing fifteen years from the date of issue, and that all of
said bonds issued as aforesaid shall be due and payable fifty-
one (51) years from the date of their issue. Said bonds shall
be forever exempt from County, State and municipal taxes, and
shall have printed thereon a reference to the Act of Assembly
authorizing the issue thereof.

SEC. 81-W. That for the purpose of redeeming said bonds at
their maturity and for the securing of the prompt payment of
the interest thereon, the Commissioners of Ellicott City shall,
for the year of the issue of the bonds and annually thereafter
until the maturity of all of said bonds, levy taxes on the as-