538 LAWS OF MARYLAND. [CH. 300

kins, Thomas B. R. Mudd, and Thomas P. McDonagh, all of La
Plata, be and they are hereby appointed a Commission, to be
known as the Water Supply Commission of La Plata, to build,
construct and equip a water supply system for the town of La
Plata, Charles County, Maryland. Any vacancy in said Com-
mission shall be filled by the remaining members of said Com-
mission, or a majority thereof, from residents of the town of La
Plata.

SEC. 2. And be it further enacted, That for the purpose of
paying for said water supply system and the appurtenances
thereto, the Town Commissioners of La Plata are hereby au-
thorized, empowered and directed, upon the written demand
of the Water Supply Commission provided for by this Act, to
borrow money on the faith and credit of said town, not to ex-
ceed in the aggregate, the sum of Forty Thousand Dollars ($40, -
000. 00), and to issue coupon bonds therefor in sums of One-
Hundred Dollars ($100. 00) each, or any multiple thereof, as
may be determined by the said Town Commissioners, to be signed
by the President of the Town Commissioners of La Plata, and
countersigned by the Town Clerk thereof, attested by the cor-
porate seal of said town; said bonds to be designated "La Plata
water Bonds, " and shall bear interest at the rate of five per
centum (5%) per annum, payable semi-annually, and shall be
exempt from all taxation for State, County and municipal pur-
poses and shall have printed on them a distinct reference to this
Act authorizing their issue.

SEC. 3. And be it further enacted, That the bonds to be is-
sued under this Act shall be according to what is known as a
serial annuity plan, so that bonds to the value of One Thousand
Dollars ($1, 000. 00) shall mature and be paid each year, begin-
ning at the end of the second year from the date of issue, until
all of said bonds shall mature and be paid. The said bonds
shall be sold, after advertisement, by said Town Commissioners
to the highest bidder or bidders for cash, provided such bid or
bids shall be deemed by said Commissioners to be sufficient.

SEC. 4. And be it further enacted, That for the purpose of
redeeming said bonds at maturity, and for securing the prompt
payment of the interest thereon, the Town Commissioners of La
Plata shall annually levy upon all assessable property of the
town of La Plata a tax sufficient to pay each and every bond as
it matures, and the interest on all bonds issued under this Act
outstanding and unpaid.

SEC. 5. And be it further enacted, That the funds realized
from the sale of said bonds shall be deposited by the said Town