96 LAWS OF MARYLAND. [ CH. 47

bonds shall be sold by sealed bids except at prices approved
by the Mayor and Council. He shall deliver the same to the
purchaser or purchasers and receive the money therefor, in-
cluding any premiums thereon, and shall report under oath
to the Mayor and Council his proceedings in the premises as
soon as possible after said sale with the name or names of
the persons to whom the said bonds have been sold and de-
livered, together with the amounts received on each bond so
sold, and said money, including said premium, shall be cred-
ited by him on the books of the Tax Collector to the New
Sewerage System Fund, and shall be paid out by him on war-
rants signed by the chairman of the Sewerage Commission,
attested by its secretary and only for the purposes named in
this Act for which it is received and in the manner provided.
The Mayor and Council of Hagerstown shall levy in each and
every year upon the property liable to taxation in the City
of Hagerstown for five year's an amount sufficient to pay the
interest of said bonds so issued, and at the expiration of said
five years there shall be levied annually by the Mayor and
Council an amount sufficient to pay the interest on the debt
and $20,000.00 of the principal thereof each year until there
shall remain unpaid a sum less than $20,000.00; and there-
upon an amount sufficient to pay the balance of said debt with
interest thereon shall be levied by the Mayor and Council of
Hagerstown ; and the said bonds so issued shall be made to fall
due so as to be payable as herein provided. The Mayor and
Council of Hagerstown shall keep a full registry of the bonds
authorized by this Act to be issued, and the date of maturity
of each bond, the date and sale and amount of each bond, and
when a bond is redeemed said bond shall at once be cancelled
on the face thereof and an entry of said cancellation shall be
made on said book of registry; said bonds when issued shall
be and they are hereby exempt from payment of all county
and municipal taxes.

SECTION 2. And be it further enacted, That the provisions
of the preceding section of this Act shall not become effective
unless the same when submitted as hereinafter provided to the
qualified voters of the City of Hagerstown at the regular
municipal election in March. 1920, or at a special election
held therefor, shall be approved as hereinafter stated.

After the passage of this Act for the submission of the
provisions hereof to the qualified voters of Hagerstown at any