402 LAWS OF MARYLAND. [CH. 173

CHAPTER 173.

AN ACT to provide for a bond issue by the Commissioners of
Chestertown, Kent County, Maryland, for the improvement
of the streets of said town and to submit to the legally quali-
fied voters of said town the question of whether or not said
bonds shall be issued.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Commissioners of Chestertown are hereby au-
thorized and empowered, in their discretion, and subject to the
provisions of Section 4 of this Act, to borrow upon the faith
and credit of the said town a sum not exceeding $50, 000, and
to issue and sell coupon bonds therefor in sums of not less than
$100 or more than $1, 000, each to be signed by the President
of the Commissioners of said town, and to be countersigned by
the clerk thereof, and the seal of said town attached. Said
bonds shall be known and designated as "Street Improvement
Bonds, " and shall bear interest at the rate of 5% 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 exempt from all State, County and municipal taxation,
and shall have printed on them a distinct reference to the Act
authorizing their issue.

SEC. 2. And be it further enacted, That said bonds shall be
so issued that two thousand dollars thereof shall become due
and payable on the first day of July, 1924 and two thousand
dollars thereof on the first day of July in each and every year

thereafter until the whole amount so issued shall have been
paid; and said bonds shall be sold at public or private sale in
such amounts, not less, however, than $500 at any one time,
and not exceeding in the total the said sum of $50, 000, and at
such time as the Commissioners of Chestertown, in their dis-
cretion, may deem proper. It is especially intended that the
power hereby vested in said Commissioner shall be a continu-
ing power until the whole $50, 000 of bonds shall have been
issued and sold.

SEC. 3. And be it further enacted, That the money arising
from the sale of said bonds shall be paid to the Commissioners
of said town and by them be deposited in some safe bank, and
shall only be drawn therefrom on cheeks signed by the Presi-
dent of said Commissioners and countersigned by the clerk, and
the said clerk shall keep in a book for the purpose a full reg-
istry of the bonds sold, the number of bonds and name of pur-