ALBERT C. RITCHIE, GOVERNOR. 79

they are hereby directed to issue said bonds to an amount of
three thousand ($3, 000. 00) dollars on a date sufficiently in
advance of the date of maturity of the bonds of the said town

which will become due in the year 1925 to pay out of the
proceeds thereof the principal of the said bonds which will
become due in the year 1925.

SEC. 3. And be it further enacted, That the bonds hereby
authorized shall be known as the "Refunding and General
Improvement Bonds authorized by the Legislature of 1924, "
and they shall be dated as of the date of their issue. They
shall be sealed with the seal of the said town, signed by the
Mayor and countersigned by the Treasurer, and shall bear in-
terest not exceeding six per centum per annum, payable semi-
annually.

SEC. 4. And be it further enacted, That the bonds hereby
authorized to be issued shall be exempt from State, county
and municipal taxation.

SEC. 5. And be it further enacted, That the bonds hereby
authorized shall be issued so that five hundred dollars' worth
of them shall mature at the end of the third year after the
date of their issue and five hundred dollars more of them
shall mature at the end of each succeeding year until the
whole issue shall have been retired.

SEC. 6. And be it further enacted. That the bonds issued
hereunder shall be the direct obligation of the said town, and
the said town shall be responsible for the payment therefor.
That for the purpose of redeeming said bonds and paying the
interest thereon, the Mayor and Common Council are hereby
authorized to levy on all property situated in the town limits
of said town such a sum as may be necessary to pay the in-
terest on said bonds and to create a sinking fund sufficient to
pay all of said bonds as they mature, said tax herein author-
ized to be in addition to all taxes now authorized by law.
The said sinking fund to be kept separate from all other town
funds and used for no other purpose than for the payment of
said bonds.

SEC. 7. And be it further enacted, That the Mayor and
Common Council shall pay out of the proceeds of the bonds
hereby authorized the principal of the bonds of the said town
which will become due in the year 1925, and the cost or costs