184 LAWS OF MARYLAND.

tested by the corporate seal of the town; said bonds to be desig-
nated as Easton Electric Bonds and shall be consecutively num-
bered from one to sixty, and shall bear interest at the rate of
not exceeding five and one-half per centum per annum, payable
semi-annually on the first day of January and July in each year,
accounting from January 1st, 1914; and shall be forever exempt
from all taxation for State, County and Municipal purposes and
shall have printed on them a distinct reference to this Act au-
thorizing their issue.

SEC. 3. That the said bonds to be issued under this Act shall
mature in numerical order to the amount of one thousand
($1,000) dollars in each and every year, beginning January
1st in the year 1919, and that the said bonds with interest
thereon shall be paid and cancelled by the said Mayor and
Council of Easton, to the amount of one thousand ($1,000) dol-
lars, during each and every year, beginning, as aforesaid, 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 January 1st, A. D., 1914, and the same
shall be advertised by the Mayor and Council 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. That for the purpose of redeeming said bonds at
maturity and for securing the prompt payment of the interest
thereon, the Mayor and Council of Easton shall apply any sur-
plus which may be received from time to time from the opera-
titon of said electric plant to the payment of interest and prin-
cipal of the bonds issued under this Act, as they mature; and
should this be insufficient for this purpose, then the Mayor and
Council shall levy annually upon the assessable property of the
town, such additional sum as may be necessary to pay the in-
terest on these bonds semi-annually and one thousand ($1,000)
dollars of the bonds annually, commencing January 1st, in the
year 1919, as aforesaid; and the funds thus aiising shall not be
used for any purpose other than as stated in this Section, or for
the payment of any notes which the Mayor and Council may
issue, for the purpose of borrowing money temporarily for the
use of the Easton Electric Commission pending the sale of the
bonds herein authorized, and authority is hereby conferred
upon the Mayor and Council to issue the notes of the town of
Easton for the purpose of securing such temporary loans.

SEC. 5. That the funds realized from the issuance of said
notes or the sale of said bonds shall be deposited by the Mayor