186 LAWS OF MARYLAND. [CH. 92

judgment the needs of the town require, to issue regis-
tered bonds or certificates, in sums of one hundred dollars
($100. 00), to be signed by the Mayor and countersigned by
the Clerk of the Common Council of Sykesville, in an amount
not to exceed in the aggregate the sum of fifteen thousand
dollars ($15, 000), bearing interest not exceeding 6% per
annum, the interest payable semi-annually. Said bonds or
certificates to be payable 15 years from the date of their issue
and to be redeemable, at the pleasure of the Mayor and Com-
mon Council of Sykesville at any time after 5 years from
their date. Said bonds shall be exempt from State, county and
municipal taxation and shall not be sold for less than their par
value, and the proceeds derived from the sale of said bonds
shall be employed in grading, paving or macadamizing the
streets of said town or any other permanent improvement.

9B. The said Mayor and Common Council are hereby
directed and authorized, in making their annual levy, after
said bonds are issued, of municipal taxes, to levy a sum
sufficient to pay the interest on said bonds and to provide
a sinking fund for their payment at maturity, not exceeding
20 cents, on each one hundred dollars of assessable property,
provided the total levy shall not exceed the rate of 60 cents
on the hundred dollars on all property subject to municipal
taxation within the corporate limits of the town 'of Sykes-
ville.

12. The Mayor and Common, Council shall assess all of
the property, real, personal and mixed, in said town or usually
kept therein, and all the property owned by the inhabitants of
said town or by firms, corporate bodies, or associations not
incorporated, carrying on business therein or owning prop-
erty located or usually kept in said town, and which, under
the laws of this State, is liable to be valued and assessed, and
is chargeable with taxes in said State. In making such assess-
ment, all lands and all interest in lands and goods and chat-
tels shall be valued according to their nature, and all property
of all descriptions shall be chargeable according to the valua-
tion fixed on them by the assessment books of the counties
of Carroll and Howard, for county and State purposes, with
the addition of such property as may be assessed by the treas-
urer hereinafter provided for, but the tax levied on the said
property so assessed and valued shall not exceed in any year
sixty cent (60) on the hundred dollars, which rate shall also