378 LAWS OF MARYLAND. [CH. 164

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1922.

Approved April 13th, 1922.

CHAPTER 164.

AN ACT to authorize and empower the Commissioners of St.
Michaels, Maryland, to borrow money on the faith and
credit of said town for the purpose of constructing ad-
ditional water mains and extending and improving the
water system owned by said town; and to issue bonds for
payment of the same, and to levy special taxes on the
assessable property of said town in order to redeem said
bonds and pay the interest thereon.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That for the purpose of constructing additional water
mains and extending and improving the water system of the
town of St. Michaels, the Commissioners of St. Michaels are

hereby authorized and empowered (if, and when in their judg-
ment, they deem it expedient and proper to do so) to borrow
on the faith and credit of said town money to an amount not
exceeding the sum of Ten Thousand dollars, and to issue
coupons bonds of said town therefor.

SEC. 2. The said bonds shall be coupon bonds, designated as
"Water Works Extension Bonds", of the denomination of Five
Hundred Dollars each, to be signed by the President of the said
Commissioners of St. Michaels, countersigned by the Town
Clerk thereof, attested by the corporate seal of said town, and
numbered from One to Twenty, both inclusive, and shall bear
interest at a rate not exceeding five per centum per annum,
said interest to be payable semi-annually in each year 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 to the ordinance of said Commis-
sioners authorizing the issue of the same, and said bonds shall
be exempted from all taxation for State, county and municipal
purposes.

The said bonds shall mature, in said numerical order, bi-
ennially (or every two years), the date of maturity of the first,
or bond number one, to be two years from the date said bonds