ALBERT C. RITCHIE, GOVERNOR. 291

for the use of the people of said town of Pen Mar, or estab-
lishing a lighting system or building an auditorium, to borrow
an amount of money not to exceed seventy-five thousand
($75.000.00) dollars on the faith and credit of the town as
hereinafter provided. The Mayor shall give bond, good and
sufficient to he approved by the Commissioners and paid for
by the corporation for an amount double the amount of
money borrowed.

328-P. The Mayor and Commissioners are hereby author-
ized to issue bonds with coupons in such denominations as
thev may determine; said bonds to be signed by the Mayor
and attested by the clerk of the board with the seal of the
town attached and to be registered in a book to be kept by
said clerk and to bear interest at the rate not greater than
six per cent (6%) per annum, the interest on said bonds to
be paid semi-annually until the principal is paid ; said bonds
are to be sold by the Mayor at public auction at such time and
in such amount as shall be required by the Mayor and Com-
missioners : provided, the whole amount of bonded indebted-
ness of the said corporation of Pen Mar shall not exceed at
any time the sum of seventy-five thousand ($75.000.00) dol-
lars; said bonds shall not be. liable to county or municipal
taxation.

328-Q. The Mayor and Commissioners shall cause tn be
kept a carpful register of the bonds as issued and the trans-
fer thereof: and as the bonds are called in and paid off they
shall be canceled, and a record of such cancellation bv num-
.bers, amounts and names of the last holders of said bonds
shall be made and entered upon the books in which said bonds
are registered. The Mayor and Commissioners shall not have
power to issue any bonds except as heretofore provided for
water system, public parks and lighting system and audi-
torium before the question of said issue of bonds shall be
submitted to and decided in the affirmative by the qualified
voters at a regular or special election held for that purpose
and the announcement of the submission of said question of
issuing bonds shall accompany the notice of said regular elec-
tion or special election.

328-R. "Whenever the Mavor and Commissioner's shall, by
ordinance, direct any street, highway, promenade, lane, alley,
square, drain or watercourse within the limits of the town to
be laid out, opened, widened, extended, straightened, or closed