PHILLIPS LEE GOLDSBOROUGH, GOVERNOR. 1627

Commissioners of Howard County, and all money whatsoever
belonging to the corporation of Ellicott City in some bank, banks
or trust company to be designated by the Commissioners of
Ellicott City.

81-N. That upon petition of a majority of the resident tax-
payers on real estate in Ellicott City, the Commissioners of El-
licott City be and they are hereby authorized and directed, for
the purpose of establishing, constructing and maintaining a
water plant or works capable of furnishing the residents of El-
licott City with a good and sufficient supply of water for ordi-
nary purposes, and for fire protection to issue coupon bonds
in the name of the Commissioners of Ellicott City in
an amount not exceeding Thirty Thousand ($30,000.00)
Dollars, or so much thereof as may be necessary for the
purpose aforesaid. Said bonds shall be for sums not less
than One Hundred ($100.00) Dollars nor more than Five
Hundred ($500.00) Dollars, each to be signed by the President
of the Commissioners of Ellicott City and countersigned by the
City Register, and with the corporate seal of said City affixed,
and shall be consecutively numbered as same shall be issued.
Said bonds shall be issued at such time or times as the Com-
missioners of Ellicott City shall determine, and they shall bear
interest at a rate of not more than five (5%) per centum per
annum, payable semi-annually, at such place or places as said
Commissioners of Ellicott City shall designate. Said bonds shall
be so issued that the sum of One Thousand ($1,000.00) Dollars
thereof shall be due and payable two (2) years from the date
of issue and so that thereafter the same shall mature and be
payable each consecutive year to the extent of One Thousand
($1,000.00) Dollars per year, in the order of their consecutive
numbers; provided, however, that the Commissioners of Ellicott
City are hereby given the option to redeem any or all of said
bonds outstanding fifteen years from the date of issue, and
that all of said bonds issued as aforesaid shall be due and
payable thirty-one (31) years from the date of their issue.
Said bonds shall forever be exempt from, all County, State and
municipal taxes, and shall have printed thereon a reference
to the Act of Assembly authorizing the issue thereof.

81-O. That for the purpose of redeeming said bonds at their
maturity and for the securing of the prompt payment of the
interest thereon, the Commissioners of Ellicott City shall, for
the year of the issue of the bonds and annually thereafter until
the maturity of all of said bonds, levy taxes on the assessable