326 LAWS OF MARYLAND. [CH. 177

by authorized and empowered to erect, construct, equip, main-
tain and operate a plant for manufacturing and supplying
electric current for lighting the streets, lanes, alleys, ways
and squares of Oxford and for other municipal purposes, and
for supplying light, heat and power to the citizens of Oxford
and vicinity, and to fix rates and make contracts for the
same.

SECTION 2. That for the purpose of paying for said plant
and appurtenances thereto, the Commissioners of Oxford are
authorized and directed to borrow on the faith and credit of
the town of Oxford the sum of eighteen thousand ($18,000)
dollars, and to issue coupon bonds therefor, in sums of five
hundred ($500) dollars each, to be signed by the Commission-
ers of Oxford, and countersigned by the Town Clerk thereof,
attested by the Corporate Seal of said town ; said bonds to be
designated Oxford Electric Bonds, and shall be consecutively
numbered from one to thirty-six, and shall bear interest at
the rate of five and one-half per centum per annum, payable
semi-annually on the first day of January and July in each
year; 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 Aft authorizing their issue.

SECTION 3. That the said bonds to be issued under 'this
Aft shall mature, be paid and cancelled by the Commissioners
of Oxford in numerical order as follows: One bond of five
hundred ($500) dollars in each and every year beginning
with the year 1922 and running to the year 1937 inclusive;
and two bonds (one thousand ($1,000) dollars) per year dur-
ing each and every year from (and beginning with) 1938 to
1947 inclusive or until the whole of said bonds shall have
been paid, and the date of issue shall be the same on all bonds,
which date shall be July 3st, 1920. and the same shall be ad-
vertised by the said Commissioners of Oxford and sold to the
highest bidder for cash, provided the same shall be sold for
not less than their par value and accrued interest.

SECTION 4. That for the purpose of redeeming said bonds
at maturity, and for securing the prompt payment of the in-
terest thereon, the Commissioners of Oxford shall apply any
surplus that may be received from time to time from the
operation of said electric plant (a separate account of which
shall be kept) to the payment of the interest and principal of
said bonds as they mature; and shall this be insufficient for