EMERSON C. HARRINGTON, GOVERNOR. 99

missioners, " as provided in Section 4 of this Act. During the
first year following the purchase of said plant the Mayor and
Council shall levy upon all property liable to taxation in the
City of Hagerstown an amount sufficient to pay the interest on
said bonds so issued and outstanding, and during each and
every year thereafter, for a period of nineteen years, the
Mayor and Council shall levy each and every year upon all
property liable to taxation in the City of Hagerstown an amount
sufficient to pay the interest on said bonds so issued and out-
standing, less such amount as may have been earned from the
operation of said plant, over and above all operating and main-
tenance charges, during the preceding year, which amount
shall be used, together with the amount raised by said levy for
the payment of interest on said bonds, and at the expiration of
said period of twenty years there shall be levied annually by
the Mayor and Council of Hagerstown, in addition to the levy
for interest hereinbefore authorized an amount sufficient to
pay two per cent of the principal of said outstanding bonded
debt, which amount shall be used by the said Mayor and
Council for the redemption of so much of said bonded indebted-
ness, and this levy shall be continued from year to year until
the debt created hereunder is paid in full, and said bonds,
when issued, shall be made to mature so as to be payable as
herein provided.

The Mayor and Council of Hagerstown shall keep a full
registry of the bonds authorized to be issued by this Act with
the names of the purchasers thereof, with the date of issue,
the date of maturity of each bond, the date of sale and the
amount of each bond, together with the names of any subse-
quent purchaser thereof, and when a bond is redeemed said
bond shall at once be cancelled on the face thereof and an entry
of said cancellation shall be made on said book of registry;
said bonds when issued shall be, and they are hereby exempt
from all payment of County and Municipal taxes.

SEC. 11. And be it further enacted, That in the purchase
of said water plant the Mayor and Council of Hagerstown is
hereby authorized and empowered to assume the bonded debt
now resting upon the property, plant and franchises of the
Washington County Water Company if it deems it advisable
so to do, and in the event that the Mayor and Council of
Hagerstown shall purchase the plant of the Washington County
Water Company under the provisions of this Act subject to the
bonded indebtedness resting thereon, the Mayor and Council