ALBERT C. RITCHIE, GOVERNOR,. 303

SEC. 2. And be it further enacted as aforesaid, That said
bonds shall bear interest at the rate of six per centum per
annum, payable semi-annually, on the first days of January
and July in each and every year until said bonds are paid and
shall be exempt from municipal and county taxes and shall
have printed on them a distinct reference to this Act directing
their issue, and the money arising from the sale of said bonds
shall be used for the purpose of the improvement of said Bal-
timore Avenue as set forth in the preceding section and for no
other purpose whatever.

SEC. 3. And be it further enacted as aforesaid, That said
bonds shall be issued in series from one to twenty-five inclusive
according to the aggregate amount issued, each series consisting
of one thousand dollars of said amount and shall be redeemable
and payable as follows: One thousand dollars thereof on the
first day of January, 1928, and one thousand dollars on the
first day of each and every January thereafter until the whole
amount issued under the authority hereof shall have been paid;
and said bonds shall be sold at public or private sale or sales
and in such amounts not exceeding twenty-five thousand dollars
in the aggregate and at such times as the Mayor and City
Council of Ocean City in its discretion may deem proper until
the said twenty-five series have been issued and sold; provided
that none of said bonds be sold at less than par.

SEC. 4. And be it further enacted as aforesaid, That for the
purpose of redeeming said bonds at their maturity and for se-
curing the prompt payment of the interest thereon the said
Mayor and City Council is hereby empowered and directed to
annually levy upon the taxable property of said town such
sums of money as shall in its discretion be necessary for the
prompt payment of the interest on said bonds and the principal
thereof when the same may become due. All surplus arising
from said special levy, after the payment of said interest and
the necessary costs of betterments and repairs shall be by the
said Mayor and City Council invested in some safe securities
as sinking fund, which shall not at any time be diverted from
the purpose of this Act.

SEC. 5. And be it further enacted as aforesaid, That the
money arising from the sale of said bonds shall be paid to the
Mayor and City Council of said town and by it be deposited in
bank and only be drawn therefrom by checks signed by the
Mayor and countersigned by the Treasurer and said funds shall
be used in the payment of the cost of the extension of said con-