PHILLIPS LEE GOLDSBOROUGH, GOVERNOR. 475

SEC. 2. And be it enacted, That for the purpose of redeem-
ing the said bonds at their maturity and for securing the prompt
payment of the interest thereon, the Mayor and City Council
of Laurel shall for the year of the issue of said bonds and
annually thereafter, until the maturity of said bonds, levy a
tax on the assessable property of said town as follows, to wit:
not exceeding twenty-seven cents on the one hundred dollars to
pay the interest on the bonds issued for building sewers and a
sewer disposal plant, and to create a sinking fund to pay the
same at maturity; not exceeding twelve cents on the one hundred
dollars to pay the interest on the bonds issued for extending
the water system and for building said filtration plant and to
create a sinking fund to pay the same at maturity; and not
exceeding three cents on the one hundred dollars to pay the
interest on the bonds issued to pay the standing or floating
debt of the town and to create a sinking fund to pay the same
at maturity, which said sinking fund or sinking funds for any
issue of bonds under the provisions of thi« Act shall be the resi-
due of the amount derived from the special tax levied here-
under, less the interest on said bonds. And the money belong-
ing to said sinking fund or funds, and the increment thereof
shall, from time to time, be deposited in some safe depository
which pays interest on deposits, or be invested in the purchase
and redemption of any of said bonds offered for sale and re-
demption, and upon the purchase of any of said bonds by the
Mayor and City Council of Laurel they shall be immediately
cancelled by writing or stamping across their face the words
"Cancelled by the Sinking Fund."

No portion of the said sinking fund or funds so levied for
shall ever be diverted to any other purpose than to the pur-
chase and liquidation of said bonds, and should the said Mayor
and City Council of Laurel, or any other person or persons hav-
ing charge of said sinking fund or funds suffer or permit the
same or any part thereof to be diverted from or applied to any
other purpose than the investment for the redemption or pur-
chase of said bonds, the party so offending shall be deemed
guilty of a misdemeanor, and on conviction thereof shall be
subject to a fine of not less than the amount so misapplied or
diverted, or imprisoned for a term of not less than six months
or more than two years, or both fined and imprisoned in the
discretion of the Court.

SEC. 3. And be it enacted, That the bonds herein provided to
be issued by the Mayor and City Council of Laurel shall be