ALBERT C. RITCHIE, GOVERNOR. 119

as may be determined by the Mayor and Common Council
not exceeding five per cent, per annum, the proceeds there-
from to be used for the purpose of building and constructing
macadam, concrete or other hard road and streets in the town
of Hampstead, within the corporate limits of said town, in
Carroll County, Maryland.

SEC. 2. And be it further enacted, That the Mayor and
Common Council of Hampstead are hereby authorized and
empowered to provide by ordinance or ordinances for the
issue and sale of said bonds, in order to provide for borrowing
the money as hereinbefore authorized, in such denominations
as may seem best; and they are further authorized and em-
powered to sell said bonds in such manner as shall be pro-
vided by ordinance of said town; provided that said bonds
shall not be sold except for cash, and provided, further, that
no bonds shall be sold except at prices approved by the said
Mayor and Common Council. The said bonds shall be exempt
from State, county and municipal taxation.

SEC. 3. And be it further enacted, That the Mayor and
Common Council of Hampstead are hereby authorized and
empowered to do all things necessary for the issuance of said
bonds and their offering for sale under the most advantageous
conditions, as they may think proper, said bonds to be issued
in such manner, to bear such dates, and to bear such rate of
interest, not exceeding five per cent, per annum, as the Mayor
and Common 'Council of Hampstead shall, by ordinance pro-
vide. The said bonds shall be signed by the Mayor and the
Clerk, and the seal of the corporation of Hampstead shall be
attached thereto.

SEC. 4. And be it further enacted, That the Mayor and
Common Council of Hampstead are hereby authorized and
directed to levy annually all necessary taxes for the payment of
the interest on said bonds as the same shall become due and pay-
able and for the payment of the principal of said bonds when
same shall become due and payable, and said taxes shall be col-
lected as other taxes are now collected for the use of said town
of Hampstead. All bonds authorized to be issued under the
provisions of this Act shall be serial bonds, and a series of
said bonds to the amount of two thousand dollars shall mature
and become payable on the first day of August, 1938; and
that a series of said bonds to the amount of two¹ thousand