ALBERT C. RITCHIE, GOVERNOR. 313

the sum of Twenty Thousand Dollars and to issue bonds there-
for. The said bonds shall be coupon bonds and designated as
"St. Michaels Electric Light Bonds", of the denomination of
Five Hundred Dollars each, to be signed by the President
of the Commissioners of St. Michaels, countersigned by the
Town Clerk, attested by the corporate seal of said town, and
consecutively numbered from One to Forty, both inclusive;
and shall bear interest at the rate of not exceeding five per
centum per annum, said interest to be payable semi-annually
on the first days of January and July in each year, accounting
from July 1, 1922, and at such place as said Commissioners
shall designate; and said bonds shall have printed on them a
special reference to this Act authorizing their issue and the
ordinance passed by said Commissioners approving said issue;
and said bonds shall be exempted from all taxation for State,
County and municipal purposes.

SEC. 3. Be it enacted that the bonds to be issued under this
Act shall mature in numerical order to the amount of One
Thousand dollars (or two bonds) in each and every year,
said maturity and redemption period beginning July 1, 1924,
said Commissioners paying and cancelling said bonds to the
amount of One Thousand Dollars during each and every year,
beginning as aforesaid, until the whole of said bonds shall
have been paid.

And the date of their issue shall be the same on all bonds
authorized by this Act, namely: July 1, 1922. And said bonds,
or so many thereof as may from time to time, in the judgment
of the Commissioners aforesaid, be deemed necessary, shall be
advertised by said Commissioners and sold to the highest bid-
der, or bidders, for cash, provided that said bonds shall not
be sold for less than their par value and accrued interest, said
Commissioners to have the right to reject any and all bids.

SEC. 4. Be it enacted that for the purpose of redeeming said
bonds at maturity thereof, and securing the payment of interest
thereon, when due and payable as aforesaid, the Commissioners
of St. Michaels shall create a separate Sinking Fund to be
known as the "Electric Light Sinking Fund", to the credit
of which fund, for payment of said interest and bonds, shall
be deposited in some bank to be selected by said Commissioners,
any net surplus which may be received from time to time, from
the operation of the said electric plant (a separate account of
which shall be kept by said Commissioners); and should this