684 LAWS OF MARYLAND. [CH. 179

SEC. 2. Be it further enacted as aforesaid, That to pro-
vide funds therefor the said Major and Council of Snow Hill
is hereby authorized and empowered to borrow on the credit of
the town of Snow Hill an amount not exceeding twenty thou-
sand dollars and to issue coupon bonds therefor in sums not
less than one hundred dollars and not more than one thousand
dollars each, to be signed by the Mayor of said town and to be
countersigned by the Treasurer thereof, with the seal of the
said town attached, and to be designated as Snow Hill Electric
Light Bonds of 1924. Said bonds shall be issued as of Janu-
ary 1, 1924, and shall bear interest at the rate of five per cen-
tum per annum, payable semi-annually, on the first day of
July and January in each and every year until the said bonds
are paid. Said bonds shall be registered by the Treasurer in
a separate book kept for that purpose and shall forever be
exempt from taxation for State, county and municipal and
other local purposes and shall have printed on them a distinct
reference to the Act directing their issue.

SEC. 3. Be it further enacted as aforesaid. That said bonds
shall be issued in Series from one to twenty, inclusive, accord-
ing to the aggregate amount issued, each Series consisting of
one thousand dollars of said amount and shall be redeemable
and payable as follows: One thousand dollars thereof January
1, 1939, and one thousand dollars thereof January first in
each and every year thereafter until all of said bonds shall
have been redeemed and paid. Said bonds shall be sold at pub-
lic or private sale or sales as a whole or separately or in groups
and at such place or places and at such time or times as in the
discretion of said Mayor and Council may seem advisable,
until all of said bonds, or so much thereof as shall be necessary,
shall be sold; provided none of said bonds shall be sold at less
than par and accrued interest.

SEC. 4. Be it further enacted as aforesaid, That for the
purpose of redeeming said bonds at maturity and for securing
the prompt payment of the interest thereon, the said Mayor
and Council is hereby authorized and directed to apply all net
income arising from light or beat or light and heat, rents or
charges, after all expenses including operation, maintenance,
betterments and repairs are deducted, first to the payment of
the interest on said bonds and secondly to invest the remainder,
if any there be, in a sinking fund for the payment of the
said bonds as they respectively mature. The coupons on said
bonds shall be receivable by the said Mayor and Council in