474 LAWS OF MARYLAND.

SEC. 7. And be it further enacted, That this Act shall take
effect from the date of its passage.

Approved April 10th, 1914.

CHAPTER 312.

AN ACT to authorize and empower the Mayor and City Council

of Laurel to issue the bonds of the said town for the purpose
of building a sewer system and sewer disposal plant, extend-
ing the water system of said town and building a water filtra-
tion plant, and to pay off the floating debt of the said town.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Mayor and City Council of Laurel be and they
are hereby authorized and empowered to borrow money on the
credit of the said town and issue the bonds of the said town
therefore for the purpose of building a sewer system and sewer
disposal plant in said town and at such point or points adja-
cent thereto as may be deemed necessary and proper; for the
purpose of extending the water system and pipes to those por-
tions of the town not now provided therewith and for filtration
of the town's water supply, and to pay off the floating debt of
the said town, that is to say, for the building and installation
of a sewer system and sewer disposal plant, bonds in the sum of
Fifty-two Thousand Dollars ($52,000.00), or so much thereof
as may be found to be necessary; for the purpose of extending
the water pipes and mains to all Sections of the town not now
provided with the same and for building a water filtration
plant, or such system as may be found to best clarify and
purify the town water supply, bonds not exceeding the sum of
Twenty-three Thousand Dollars ($23,000.00) ; and for the pur-
pose of paying off the standing or floating debt of the town,
bonds in the sum of Five Thousand Dollars ($5,000.00), all of
which bonds shall run for a period of forty years and regis-
tered, and all of the said bonds shall bear interest at the rate of
five per centum per annum, which interest shall be payable on
the first day of January and July of each year.

The said bonds shall be issued in denominations of Five
Hundred Dollars ($500.00), and shall not be sold at less than
the par value of the same, and shall be issued at such time as the
said Mayor and City Council of Laurel shall determine, and the
said bonds shall be exempt from all County and municipal tax-
ation.