EMERSON C. HARRINGTON, GOVERNOR. 73

of money which may be borrowed shall not exceed twenty-five
thousand ($25, 000. 00) dollars and provided further that the
rate of interest on the said promissory note shall not exceed six
per cent, per annum. The said bonds shall be coupon bonds
and designated as "St. Michaels Electric Lighting Bonds" and
of the denomination of one hundred ($100. 00) dollars to be
signed by the President of the Commissioners of St. Michaels
and countersigned by the Town Clerk thereof, attested by the
corporate seal of the Town and consecutively numbered from
one to two hundred fifty, both inclusive, and shall bear inter-
est at the rate of, not exceeding five per cent per annum, pay-
able semi-annually on the first day of January and July in each
year accounting from July 1st, 1918, and at such place as the
Commissioners of St. Michaels shall designate, and said bonds
shall have printed on them a distinct reference to this Act au-
thorizing their issue and the ordinance of the Commissioners
of St. Michaels, and shall be exempted from all taxation for
State, county and municipal purposes, and a statement that the
proposition for their issue has been legally approved by the
qualified voters of the Town and shall have appropriately de-
nominated on them some designation of words to indicate the
purpose for which they are issued.

SEC. 3. Be it enacted, That the said bonds to be issued
under this Act shall mature in numerical order to the amount
of five hundred ($500. 00) dollars, in each and every year, be-
ginning July 1st, 1920, and that the said bonds with interest
thereon shall be paid and cancelled by the said Commissioners
of St. Michaels to the amount of five hundred ($500. 00) dol-
lars, during each and every year beginning as aforesaid, until
the whole of the said bonds shall have been paid, and the date
of issue shall be the same on all bonds issued under this Act,
which date shall be July 1st, 1918, and the same, or so many
thereof as may, from time to time, in the judgment of the Com-
missioners of St. Michaels be deemed necessary, shall be adver-
tised by the Commissioners of St. Michaels and sold to the
highest bidder for cash, provided that the same shall be sold for
not less than their par value and accrued interest.

SEC. 4. Be it enacted, That for the purpose of redeeming
said bonds at maturity and for securing the payment of the
interest thereon, the Commissioners of St. Michaels shall apply
any surplus which may be received from time to time from the
operation of the said electric plant, (a separate account of
which shall kept) to the payment of interest aforesaid and the