826 LAWS OF MARYLAND. [CH. 378

Bonds." Said bonds by this section authorized shall be known
and designated as "Improvement Bonds," and shall bear inter-
est 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
and municipal taxation, and shall have printed on them a dis-
tinct reference to the Act authorizing their issue.

SEC. 2. And be it further enacted, That said bonds shall be
numbered serially and shall be payable as follows: Bonds to
the extent of five hundred ($500) dollars shall be due and pay-
able one year from date of issue, and thereafter bonds to the
extent of five hundred ($500) dollars shall mature and be pay-
able each consecutive year in the order of the consecutive num-
bers until the entire issue of said bonds is taken up and re-
deemed ; reserving the option to the Mayor and Town Council
aforesaid to take up and redeem at any interest period after
ten years any and all outstanding bonds running more than ten
years at the face value thereof, with accrued interest; and said
bonds shall be sold at public or private sale in such amount, not
less, however, than five hundred ($500) dollars at any one time,
and not exceeding in the total the said sum of fifteen thousand
($15,000) dollars and at such time as the Mayor and Town
Council of Kitzmillersville, in their discretion, may deem
proper. It is especially intended that the power hereby vested
in said Mayor and Town Council shall be a continuing power
until the whole fifteen thousand ($15,000) dollars shall have
been issued and sold.

SEC, 3. And be it further enacted, That the money aris-
ing from the sale of said bonds shall be paid to the Mayor and
Town Council of said town and by them be deposited in some
safe bank and shall only be drawn therefrom on checks signed
by the Mayor and countersigned by the Clerk of the Town
Council, and the said Clerk of the Town Council shall keep in
a book for the purpose a full registry of the bonds sold, the
number of bonds and name of purchasers and the amount real-
ized on the sale and any transfers and assignments of the same.
The said funds shall be available for the improvements of the
public streets of said town.

SEC. 4. And be it further enacted, That on the first Tues-
day in May, 1922, there shall be a special election held in the
town of Kitzmillersville, which election shall be held in the same
manner and under the same regulations as other municipal