1628 LAWS OF MARYLAND.

property of said City sufficient to pay the interest thereon and
the further sum of One Thousand ($1,000.00) Dollars for the
payment of the principal of said debt then next maturing.
The said sum of One Thousand ($1,000.00) Dollars shall be
held and invested by the Commissioners of Ellicott City as a
sinking fund for the redemption of these bonds at maturity;
and said Commissioners of Ellicott City shall, from time to
time, deposit the money belonging to said sinking fund and the
increment thereof in some safe depository which pays interest
on deposits, or shall invest same in State or other bonds such
as are accepted by the equity courts for the investment of trust
funds, as to them may seem best, or in the purchase or redemp-
tion of any of said bonds issued under the provisions of this
Act as may be offered for sale or redemption, and, upon the pur-
chase or redemption of any of said bonds, the said Commissioners
of Ellicott City shall immediately cancel same by marking across
their face "cancelled by sinking fund." No portion of said
sinking fund so levied shall ever be diverted to any other pur-
pose except the purchase and liquidation of said bonds. Out
of the taxes collected each year by the City Registrar, there
shall be set aside the sum of One Thousand ($1,000.00) Dollars
for said sinking fund, and no part of the same shall be charged
with any insolvency on account of the failure of assessments
or collections.

81-P. That the money arising from the sale of said bonds,
which bonds shall be sold at public auction or by sealed bids,
after due advertisement, to the highest responsible bidder, shall
be deposited in some bank or banks to the credit of the Commis-
sioners of Ellicott City, subject to their check; and the Regis-
trar of said Ellicott City shall keep in a book especially provided
for that purpose the names and addresses of the purchasers of
the bonds sold and the amount realized from the sale of said
bonds, together with the serial numbers of the bonds.

81-Q. The funds realized from the sale or sales of said bonds
shall be applied to the purpose of this Act, and shall be with-
drawn from said bank or banks by a check or checks signed by
the President of the Commissioners of Ellicott City and coun-
tersigned by the City Registrar; and the said Commissioners
of Ellicott City are hereby authorized to pass such orders for
the payment of money due for the construction of said water
works, or to the contractor or contractors for such construction
as shall be due from time to time or earned by the contractor
in the prosecution of said works, and also from time to time to