888 LAWS OF MARYLAND. [CH. 464

pal and commercial purposes and for supplying water to the cit-
izens of Oxford and vicinity, and to fix rates and make con-
tracts for the same.

SEC. 2. And be it further enacted. That for the purpose of
paying for said Water System and the appurtenances thereto
the commissioners of Oxford are hereby authorized and empow-
ered to borrow money on the faith and credit of said town, not
to exceed, in the aggregate, the sum of Forty Thousand Dollars
($40, 000. 00), and to issue Coupon Bonds therefor in sums of
Five Hundred Dollars ($500iOO) each, to be signed by the com-
missioners of Oxford and countersigned by the Town Clerk
thereof, attested by the Corporate seal of said town; said bonds
to be designated "Oxford Water Bonds", and shall be consec-
utively numbered from one to eighty, and shall bear interest
at the rate of five and one-half (5 1/2%) per centum per annum,
payable semi-annually, on the first day of January and July
in each year; and shall be forever exempt from all taxation for
State, County and municipal purposes and shall have printed
on them a distinct reference to this Act authorizing their issue.

SEC. 3. And be it further enacted, That the said bonds to
be issued under this act shall mature, be paid and cancelled
by the Commissioners of Oxford in numerical order as follows:
One bond of five hundred ($500. 00) dollars in each and every
year beginning with the year 1929 and running to the year
1938, inclusive; and bonds to the value of One Thousand Dollars
($1, 000. 00) in each and every year from (and beginning with)
1939 to 1973 inclusive or until the whole of said bonds shall have
been paid, and the date of issue shall be the same on all bonds,
which date shall be January 1st, 1928, and the same shall be ad-
vertised by the said Commissioners of Oxford and sold to the
highest bidder for cash, provided the same shall be sold for not
less than their par value and accrued interest.

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 Commissioners of Oxford
shall apply any surplus that may be received from time to
time from the water system (a separate account of which shall
be kept) to the payment of the interest and principal of said
bonds as they mature; and should this be insufficient for this
purpose, then the Commissioners of Oxford shall annually levy
upon all assessable property of the town of Oxford a tax suffi-
cient to pay each and every bond as it matures, and the interest
on all bonds issued under this Act outstanding and unpaid and
the funds thus arising, shall be separately kept and shall
not be used for any purpose other than is stated in this section,