ALBERT C. RITCHIE, GOVERNOR 989

in Snow Hill; and should this power be exercised by the
said Mayor and Council the power, to operate and maintain
shall be construed to confer upon the said Mayor and Council
not only the right to operate and maintain the said plant for
the lighting of the public buildings and highways of said
town, but shall also include the right, for a consideration,
to supply light or heat, or light and heat, for both public
and private buildings and to any and all consumers to the
same extent that a private owner of such plant might so
supply such product.

SEC. 2. And be it further enacted as aforesaid, That if
the Mayor and Council of Snow Hill shall in the exercise
of the authority conferred hereunder decide to acquire such
plant, then the said Mayor and Council of Snow Hill is
hereby authorized and empowered to borrow on the credit of
the town of Snow Hill an amount not exceeding twenty thou-
sand dollars and to issue coupon bonds therefor in sums not
less than one hundred dollars and not more than one thousand
dollars each, to be signed by the Mayor of said town and to
be countersigned by the Treasurer of the said town, with
the seal of the said town attached; said bonds shall bear
interest at the rate of five per centum per annum payable
semi-annually on the first day of January and July in each
and every year until the said bonds are paid; said bonds
shall be forever exempt from county and municipal taxation
and shall have printed on them a distinct reference to the
Act directing their issue.

SEC. 3. And be it further enacted as aforesaid, That said
bonds shall he issued in series from one to twenty, inclusive,
according to the aggregate amount issued, each series consist-
ing of one thousand dollars of said amount and shall be
redeemable and payable as follows: One thousand dollars
thereof July 1, 1935, and one thousand dollars thereof July 1
in each and every year thereafter until all of said bonds shall
have been redeemed and paid; and said bonds shall be sold
at public or private sale and in such amounts, not less, how-
ever, than one thousand dollars, at any one time, and not
exceeding in the total the said sum of twenty thousand dollars,
as the said Mayor and Council of Snow Hill may deem proper,
until the said twenty series have been issued and sold, if so
much thereof shall be necessary, provided that none of said
bonds shall be sold at less than par.