194 LAWS OF MARYLAND. [CH. 97

of the same. The said bonds shall be issued in sums of not less
than Five Hundred Dollars ($500. 00) nor more than One
Thousand Dollars ($1, 000. 00), and shall have coupons attached
for the interest thereon, payable semi-annually, at a rate not
exceeding five per cent, per annum, and shall each be signed
by the Burgess and countersigned by the Clerk to the Burgess
and Commissioners of Smithsburg, with the corporate seal of
said town, affixed thereto, and shall be registered by said Clerk
in a book to be especially provided for that purpose. The said
bonds shall be issued at such times and for such term of years
as the Burgess and Commissioners shall determine.

The said bonds shall be sold at public or private sale as
the said Burgess and Commissioners shall decide is for¹ the
best interests of the taxpayers of said town, and shall not
be sold for less than their par value; they shall be exempt
from municipal, county and state taxation, and shall have
printed on them a distinct reference to the Act of Assembly
authorizing their issue.

SEC. 2. And be it further enacted, That the provisions
of the preceding section of this Act shall not become effective
unless the same, when submitted as hereinafter provided, to
the qualified voters of the town of Smithsburg at a regular or
special town election held in said town, shall be approved as
hereinafter stated. After the passage of this Act the Burgess
and Commissioners of Smithsburg, shall fix and designate
the date when the said provisions of this Act shall be sub-
mitted to the qualified voters of said town at such regular or
special town election. In case more votes are cast at said
regular or special town election against than for said bond
issue, the Burgess and Commissioners shall within ninety (90)
days thereafter, fix a date for the re-submission of the pro-
visions of this Act to the voters of said town and re-submit
the provisions of this Act as hereinafter provided. The pro-
visions of this Act shall be published in full at least three
(3) times in one or more newspapers published in said Wash-
ington County, the first of said publications to be not less
than eight (8) days before the time of either the regular or
special election.

The manner of submission shall be, that on the ballots at
said regular town election, or at any special election held under
the provisions of this Act, there shall be printed the words "For
the Bond Issue, " with a blank square opposite at the right, and
the words "Against the Bond Issue, " with a square opposite