ALBERT C. RITCHIE, GOVERNOR. 1235

signed by the President and countersigned by the Treasurer
of "The Commissioners of Federalsburg. " The said bonds
shall be so issued that, beginning five years from the date of
issue, bonds to the value of Two Thousand Dollars ($2, 000. 00)
shall mature and be payable each year thereafter until all of
said bonds shall mature and be paid. Said bonds to bear in-
terest not exceeding the rate of five percent per annum, pay-
able semi-annually by said "The Commisisoners of Federals-
burg" on presentation of the interest coupons to be issued
with said bonds; and said bonds shall be exempted from all
State, County and municipal taxation.

SEC. 4. And be it further enacted, That "The Commission-
ers of Federalsburg" are hereby authorized and empowered to
sell said bonds by bids upon sealed proposals, after having given
at least three weeks prior notice by advertisement in some
newspaper published in Caroline County, and in the event
that no proper bid, in the opinion of "The Commissioners of
Federalsburg, '' be received on the first advertisement, they may
be advertised until the proper bid is received; and provided
that no bonds shall be sold except for cash and for not less
than the par value.

SEC. 5. And be it further enacted, That "The Commis-
sioners of Federalsburg" are hereby authorized and empowered
to levy and collect all necessary taxes on the assessable property
within the corporate limits of said town for the payment of
the interest on said bonds as well as to redeem and pay said
bonds as they mature, if at any time the receipts from water
rents shall prove insufficient therefor.

SEC. 6. And be it further enacted, That before this Act
shall become operative, "The Commissioners of Federalsburg"
shall submit the question of issuing the aforesaid bonds to the
qualified voters of said town at a special election to be held in
said town at such time as the said "The Commissioners of
Federalsburg" shall deem for the best interests of the said
the Town of Federalsburg, and at said election the ballots cast
upon said question shall have printed thereon the words "For
Water Bonds" and "Against Water Bonds" with a square
after the words in each case for the "X" mark of the voter;
and if a majority of the votes cast upon said question shall be
"For Water Bonds, " then "The Commissioners of Federals-
burg" may proceed at any time to execute the powers vested
in them by the provisions of this Act; but if the majority of
the votes cast upon said question shall be "Against Water
Bonds, " then the question shall be submitted a second time
to the qualified voters of said town at the next succeeding