134 LAWS OF MARYLAND. [CH. 103

bered consecutively from one (1) to seventy-five (75), both
inclusive, and each bond shall have thereon a distinct refer-
ence to this Act authorizing the issue thereof, and shall be
exempt from all State, County and Municipal taxes in the
State of Maryland.

SEC. 3. And be it enacted, That the Mayor and Com-
missioners of Westernport shall sell said bonds at not less than
their par value and any accrued interest at either private
or public sale with or without previous advertisement in the
discretion of the said Mayor and Commissioners and they
are hereby directed to cause the proceeds from those bonds
designated "Water System Series" to be specifically used for
the payment of eighty-five thousand dollars ($85, 000. 00) of
the "Westernport General Improvement Bonds" hereby pro-
vided to be paid off and cancelled, being the amount originally
realized to install said water system, and they shall specifically
apply the balance of the proceeds therefrom to the repair, im-
provement and extension of said water system, and shall set
up and keep separate upon their books these and all other
capital expenditures incurred for said water system. They
shall cause the proceeds realized from the bonds designated
"Refunding and Improvement Series" to be specifically ap-
plied to pay off and cancel the residue of the outstanding
"Westernport General Improvement Bonds" as heretofore pro-
vided and shall apply the balance to the) payment of the float-
ing debt, then to the repair and extension of the water system
and other proper municipal improvements and expenditures
as may be determined by them.

SEC. 4. And be it enacted, That for the purpose of
redeeming said bonds and in order to promptly pay the inter-
est accruing thereon, the Mayor and Commissioners of West-
ernport shall have authority to apply thereto and of the
receipts from taxes, licenses, water rents, fines or other income
not specifically otherwise applied by law and they shall levy
a tax on all of the assessable property within the corporate
limits of Westernport for such a sum as may be necessary
from time to time to pay the interest on said bonds and to
redeem the same through the sinking fund, hereinafter pro-
vided for, and to pay off the same when they become due and
payable. The said, The Mayor and Commissioners of West-
ernport shall set aside annually from the revenues of the town
of Westernport a sinking fund of not less than three thousand