ALBERT C. RITCHIE, GOVERNOR. 399

President and Commissioners may deem necessary or as re-
quisition shall be made upon them by the commissioners ap-
pointed under Section 5 of this Act, but not later than the first
day of March, nineteen hundred and twenty-seven, bonds
either coupon or registered, to be called "PRINCESS ANNE
IMPROVEMENT BONDS", to an amount not exceeding
Forty Thousand Dollars, in denominations of not less than
One Hundred Dollars nor more than Five Hundred Dollars
each, to be signed by the President of said corporation, and
countersigned by the Clerk thereof with the seal of said corpor-
ation affixed, and to bear interest at a rate not to exceed five
per cent, per annum, payable semi-annually on the first days
of September and March in each and every year after the date
of said bond, and the coupons or interest on said bonds shall
be received in payment of taxes due said town and the said bonds
shall be exempt from all county and municipal taxation.

SEC. 2. And be it enacted, That said bonds shall be issued
to mature as follows, that is to say: Five Hundred Dollars
thereof at the expiration of one year from the date of issue
of the first of said bonds, and annually thereafter the sum of
Five Hundred Dollars every year until and including the year
nineteen hundred and thirty-six, and in the year nineteen hun-
dred and thirty-seven and annually thereafter, the sum
of One thousand Dollars every year until all of said
bonds shall be matured and have been paid; but the said cor-
poration shall have the right, after the expiration of fifteen
years from the date of the issue of said bonds and after public
notice by advertisement of its intention so to do, in all the
newspapers of said town once a week for four successive weeks,
six months before the date fixed for said purpose, to call in
and redeem all said issue of bonds, and it shall be the duty
of said corporation to immediately destroy said bonds when
redeemed, and, should said President and Commissioners, or
any person having charge of the bonds or coupons, suffer the
same or any part thereof to be reissued after payment, the
said party or parties so offending shall be deemed guilty of a
misdemeanor, and shall be subject to imprisonment, by Article 27
of the Code of Public General Laws of Maryland, for embezzle-
ment, and shall be held liable for an amount equal to that of
the coupon or bond so reissued and the costs of the suit.

SEC. 3. And be it enacted, That the said President and Com-
missioners of Princess Anne shall levy annually upon the as-