148 LAWS OF MARYLAND. [CH. 76

Cecil County, under the jurisdiction of the President and Com-
missioners of Northeast.

SEC. 5. And be it further enacted, That for the purpose of
retiring the said bonds authorized to be issued by this Act, and the
payment of the interest thereon, there shall be levied against all
the assessable property within the corporate limits of the said
town of Northeast, Cecil County, by the President and Commis-
sioners of Northeast, Cecil County, annually, so long as any of
said bonds are outstanding and not paid, a tax sufficient to
meet the interest or any part of said interest on said bonds as it
becomes due, and to pay the principal thereof as they mature,
said tax to be determined, levied, collected and paid over in
the following manner: At least 30 days before the tax levying
period of each year the President and Commissioners of North-
east shall then determine the amount necessary to be raised for
the ensuing year for the payment of the interest or such portion
thereof, and proportionate part of principal of said bonds in
any one year to be determined by the usual table of redemption
of bonds by annual deposit in a sinking-fund on interest, if
sinking-fund bonds are used, or the amount to be paid on the
principal of said bonds in any one year, if serial bonds are
used, to be determined by the amount of the bond to be ma-
tured or redeemed that year, and after deducting all amounts
in hand applicable to payment of interest and principal on
said bonds, as hereinafter provided, they shall determine the
number of cents per $100. necessary to raise the said amount,
and the said President and Commissioners of Northeast in their
next annual levy shall levy said tax on all land and improve-
ments and any other property assessed for purposes within said
town of Northeast, which tax shall be levied and collected as the
said town taxes now are, 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 as said
taxes for the town of Northeast now are. The tax so levied for
the ensuing year shall be collected by the tax collecting authori-
ties and every sixty days the said tax collector shall remit the
full amount of the tax so collected to the President and Com-
missioners of Northeast. From the money so received, together
with the amount in hand, to the credit of said bond fund, said
President and Commissioners of Northeast shall first pay all
interest on said bonds as it matures, and shall then deposit it
in some bank or banks in Northeast or Elkton in their name as
a fund to be known as the Water Supply Sinking Fund Ac-