702 LAWS OF MARYLAND.

hereby authorized and empowered to borrow a sum of money,
not exceeding in the whole the sum of twenty-five thousand
dollars, to be evidenced by bonds bearing interest payable
semi-annually, said loan and every part thereof and the inter-
est thereon being exempt from all county and municipal taxa-
tion in Carroll county whether laid directly or indirectly in
the hands of any corporation or individual holder thereof.

SEC. 2. And be it further enacted, That the Mayor and Com-
mon Council of Westminster is hereby authorized and directed
to have bonds prepared in good and sufficient form not exceed-
ing the aggregate amount of twenty-five thousand dollars, bear-
ing date the first day of July, 1910, in the sum of five hundred
($500) dollars; each of said bonds shall be numbered consecu-
tively from one to fifty, inclusive, and be signed by the Mayor
and countersigned by the Treasurer.with the seal of the cor-
poration affixed, and bear interest at a rate to be fixed by the
Mayor and Common Council of Westminster, not exceeding
four and one-half per cent. (4 1/2 per cent.) per annum, payable
semi-annually on the first day of January and July in each
year. The bonds of this issue numbered one to ten, inclusive,
shall be payable one a year in the consecutive order of their
numbers after the year 1914, bond number one falling due and
being payable July 1, 1915; the bonds numbered 11 to 50, in-
clusive, shall be due and payable two a year in the consecutive
order of their numbers after the year 1924, bond numbered
"11" being due and payable January 1, 1925, bond numbered
"12" July 1, 1925, the rest continuing to fall due and being
payable on the first day of January and July of each year
thereafter in their numerical order until the whole issue is re-
tired and redeemed as herein provided. A portion or the whole
of said bonds may be registered, or may have interest-bearing
coupons as may be determined by the Mayor and Common
Council. They may be sold at public or private sale for such
price, and on such terms and conditions as the Mayor and
Common Council may deem advisable, but if sold at private
sale it shall not be for less than par, and accrued interest.

SEC. 3. And be it further enacted, That so much of said
sum of twenty-five thousand dollars derived from the sale of
said bonds, as may be necessary for the purpose, shall be by the
Mayor and Common Council used and applied exclusively to
the payment of the bonds, bills, notes and obligations now out-
standing and owing or payable by the Mayor and Common
Council of Westminster, including the money due to any ac-
count of the town heretofore employed since the first of Novem-
ber, 1909, in paying notes of the town then outstanding or
owing, which may have since been paid, and the cost or ex-