942 LAWS OF MARYLAND. [CH. 423
for which the same are issued. The money arising from the
sale of said bonds shall be kept as a separate fund by "The
Commissioners of Vienna," to be exclusively used for the pur-
pose of designing, installing and constructing the water supply
system provided for by this Act, and all taxes and assessments
levied and collected, as hereinafter provided for the payment
of interest and principal of said bonds, shall be likewise kept
by them as a separate fund.
SEC. 4. And be it further en-acted, That for the purpose of
redeeming the said bonds authorized to be issued by this Act,
and for the payment of interest thereon, there shall be levied
by "The Commissioners of Vienna" against all of the assess-
able property within the corporate limits of Vienna, annually,
so long as any of said bonds are outstanding and not paid, a tax
sufficient to pay the interest on said bonds as said interest shall
become due and payable and to levy such sums in addition as
may be required, and to pay or redeem said bonds as the same
mature from time to time, until all of said bonds have been
paid. Said tax shall be determined, levied, collected and paid
over in the following manner: at least thirty days before the
tax levying period of each year, "The Commissioners of "Vi-
enna" shall determine the amount necessary to be raised for
the ensuing year for the payment of the interest on all out-
standing bonds, and for the redemption of a bond each year,
as hereinbefore provided, and they, "The Commissioners of
Vienna" shall determine the number of cents per hundred dol-
lars necessary to raise the said amount; "The Commissioners of
Vienna" in their next annual lew shall lew said tax on all
land and improvements, and any other property assessed for
municipal purposes within the town of Vienna, which said tax
shall be levied or collected as the town taxes are now, or may be
hereafter by law, levied and collected, and have the same
priority rights, bear the same interest and penalties, and in
every respect be treated the same as other taxes of Vienna now
are; from the money so received ''The Commissioners of Vi-
enna" shall first pay all interest on said bonds as it matures,
and shall redeem one of said bonds in each and every year, as
hereinbefore provided, beginning two years after date of issue
of said bonds; should receipts from said taxes and assessments
be inadequate to pay said interest and redeem one bond in
each and every year, as hereinbefore provided, by reason of de-
fault or otherwise, such deficiencv shall be added to and collect-
ed in the next vear's taxes. "The Commissioners of Vienna"
|
|