PHILLIPS LEE GOLDSBOROUGH, GOVERNOR. 1561

thorizing the issue and be forever exempt from all County and
municipal taxation.

SEC. 2. And be it further enacted, That all bonds issued un-
der the provisions of this Act shall be numbered consecutively,
and be redeemable as follows, that is to say, one thousand dol-
lars ($1,000) thereof three years from the date of issue and
thereafter, annually, one thousand dollars ($1,000) each, and
every year until the whole amount of the said bonds issued under
all the series and the coupons thereon shall have been fully paid,
the same shall be redeemable in their proper order; the bonds
of any issue under any series shall be sold at public auction, or
by sealed bids, to the highest responsible bidder after due ad-
vertisement of not less than once a week for two successive
weeks in a newspaper published in said Montgomery County,
the manner of sale and the terms of the proposals to be in the
discretion of the said Mayor and Town Council, provided that
none of the said bonds shall be sold for less than par; said
bonds and coupons, when issued, shall be non-contestable for
any cause whatsoever and, when redeemed, shall be cancelled
immediately by the said Mayor and Town Council; it shall be
the. duty of the Clerk and Treasurer of the said Town of Ken-
sington to keep a book, to be specially provided for the purpose
by the said Mayor and Town Council, in which shall be recorded
the names and addresses of the original purchasers of the bonds
sold, the amount realized on the sales, the serial numbers or
the bonds, together with the cancelled bonds when redeemed;
the funds derived from the sale of the bonds authorized by this
Act shall be deposited by the Clerk and Treasurer of the town
in some banking institution in said Montgomery County, to be
designated by the said Mayor and Town Council, and be sub-
ject to the check of the, said Clerk and Treasurer when counter-
signed by the Mayor of said town; said account to bear interest.

SEC. 3. And be it further enacted, That the funds realized
from the sale of the bonds herein authorized to be issued and
sold shall be applied, solely, by the said Mayor and Town Coun-
cil of the Town of Kensington in the immediate establishment,
construction and erection of a water system and sewerage, sys-
tem for said town for the purpose of supplying residents of said
town with water, with fire protection, and for drainage and
sewerage purposes, and to that end the said Mayor and Town
Council shall have the power and authority to determine where
and in what order, and under what streets, roads and public