ALBERT C. RITCHIE, GOVERNOR. 319

and it is hereby authorized and empowered to issue coupon
bonds of said corporation for a sum not to exceed twenty-two
thousand dollars, in denominations of one hundred dollars, or
multiples thereof, as the said Mayor and Council may deter-
mine, said bonds to be of a serial nature, and so issued by
said Mayor and Council, that one thousand dollars shall be-
come due and payable on the first day of January, 1921, and
one thousand dollars shall become due and payable on the
first day of January of each succeeding year until the entire
issue is paid; and said bonds shall bear interest at a rate not
to exceed five per cent per annum, payable semi-annually on
the first day of January and July of each year during the
several existence of said bonds; and each of said bonds shall
be signed by the Mayor and the seal of the corporation there-
to affixed, attested by the Register of the Mayor and Council
of Mount Airy, and each of the coupons of said bonds shall
be signed by the Mayor or a facsimile of his signature stamped
thereon.

SECTION 2. And be it further enacted, That said bonds
shall not be sold except for cash, at a price not less than their
par value, and that all of said bonds shall be exempt from all
county and municipal taxation; and that the money arising
from the sale of said bonds shall be used exclusively (a) to the
obtaining a water supply for the town of Mount Airy, i. e.
obtaining a right of way, building a reservoir, erecting a
standpipe, pumping station, or sinking of an artesian well,
whichever in the judgment of said Mayor and Council may

be most feasible, and (b) of resurfacing and improving in a
practical manner, that part of the streets of Mount Airy
known as Baker street leading from the railroad crossing at
a point formerly known as the "Y" to the intersection of
Main street near the residence of Dr. E. H. Willard. and (e)
to the resurfacing and improving of Park avenue.

SECTION 3. And be it further enacted, That the said Mavor
and Council of Mount Airy shall, in each and every year,
levy .upon the assessable property in the town of Mount Airv
such sums as will be necessary to pay the interest on the bonds
issued in pursuance of this Act as the same shall become due,

and also such further sums as may be required to provide a
sinking fund for the payment and redemption of said bonds,
when and as the same shall mature ; and said tax authorized
under this Act shall he collected as other taxes are collected