242 LAWS OF MARYLAND. [CH. 124

SEC. 15. And be it further enacted, That the Burgess and
Commissioners are hereby authorized and empowered to issue
bonds in the name of said municipal corporation, to an amount
not to exceed $10, 000. 00, the bonds so issued under the pro-
visions of this section, shall be issued in sums of not less than
$100. 00, nor more than $500. 00 each, to be signed by the Bur-
gess and countersigned by the Commissioners, and said bonds
to be coupon Bonds and to bear interest at the rate not to exceed
5% per annum, payable semi-annually on the first of July and
January of each year, and each of said bonds shall be payable
(20) years after date to bearer, redeemable, however, at the
pleasure of said Burgess and Commissioners, of Woodsboro, at
any time after the expiration of ten (10) years from their
respective dates. The Burgess and Commissioners of Woods-
boro, shall sell said bonds in such manner as they believe will
subserve the best interest of said city, provided, however, that
said bonds shall not be sold for less than par for cash current
money. Said bonds shall be exempt from all city and munici-
pal taxation, and that the proceeds arising from the sale of
the bonds authorized hereby to be issued as aforesaid shall be
applied exclusively for improvements of said town at the dis-
cretion of the Burgess and Commissioners. The Burgess and
Commissioners of Woodsboro shall have full power and au-
thority and are hereby required to levy all necessary taxes upon
the taxable property within the taxable limits of the city of
Woodsboro, for the payment of the interest on said bonds, and
for the payment of the principal thereof, at the maturity of
said bonds, and shall create a sinking fund for that purpose and
levy and collect the necessary taxes therefor, provided, however,
that before any bonds shall be issued, under the provisions of
this Act, the question shall be submitted to the qualified voters
of said municipality, either at the annual election, or at a
special election called for that purpose, in the discretion of the
Burgess and Commissioners, and if at said general election or
special election that may be called for the purpose of voting
upon said question, three-fifths of the qualified voters residing
in said corporation limits shall vote in favor of the issuing of
said bonds, then the same may be issued by said Burgess and
Commissioners, as herein provided.

SEC. 16. And be it further enacted, That the Burgess and
Commissioners may impose and appropriate fines, penalties and
forfeitures for the breach of their by-laws and ordinances, and