1162 LAWS OF MARYLAND.

thirty-five thousand dollars ($35,000), and to issue coupon
bonds-therefor in sums of one hundred dollars ($100), five hun-
dred dollars ($500) and one thousand dollars ($1,000) each,
to be signed by the Mayor of Easton and countersigned by the
town clerk thereof, attested by the corporate seal of the town;
said bonds to be separately noted and recorded in a book kept
for that purpose. Said bonds shall bear interest at the rate of
four per centum per annum, payable semi-annually, on the first
days of January and July in each year; and shall be forever
exempt from all taxation for State, county and municipal pur-
poses, and shall have printed on them a distinct reference to
this Act authorizing their issue.

SEC. 3. And be it enacted, That the said bonds to be issued
under this Act shall mature to the amount of one thousand dol-
lars ($ 1,000) in each and every year from the date of issuing
the same, and that the said bonds, with interest thereon, shall
be paid and canceled by the said Mayor and Council of Easton
to the amount of one thousand dollars ($ 1,000) during each and
every year 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 A. D., 1910, and
the same shall be advertised by the said Mayor and Council of
Easton 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. And be it enacted, That for the purpose of redeem-
ing said bonds at maturity and for securing the prompt pay-
ment of the interest thereon, the Mayor and Council of Easton
shall annually set aside from the general levy of fifty cents
upon the assessable property of the town of Easton a sufficient
sum to pay one bond or bonds of the par value of one thouasnd
dollars ($1,000) maturing during each and every year, and in-
terest on all the bonds issued under this Act, outstanding and
unpaid, and the amount of said fund shall be separately kept
by the said Mayor and Council of Easton and designated as the
Street Improvement Fund; and any appropriation made by the
County Commissioners of Talbot County to the Mayor and
Council of Easton shall be specially dedicated to said fund,
and shall be applied by said Mayor and Council to the payment
of said bonds and interest, and such sum so appropriated shall
reduce the sum set aside as aforesaid from the general levy
made by the Mayor and Council upon the assessable property of
the town of Easton to the extent of such appropriation.

SEC. 5. And be it enacted, That the moneys arising from the
sale of said bonds shall be paid to the joint order of the Presi-
dent of the Street Commission hereinafter provided for, and the