6 LAWS OF MARYLAND. [CH. 2

bonds shall be sold; but none of said bonds shall be sold at less
than par and accrued interest.

SEC. 3. Be it further enacted, That for the purpose of
redeeming said bonds at their maturity and securing the
prompt payment of the interest thereon, the said Mayor and
Council is hereby empowered and directed to annually levy
upon the taxable property of said town such sums of money
as shall in its discretion be necessary for the prompt payment
of the interest on said bonds and the principal thereof, when
and as the same shall become due and payable; said annual
levy, however, not to exceed the sum of fifteen cents (15¢) on
each One Hundred Dollars ($100. 00) of assessed property.
All surplus arising from said levy after the payment of said
interest, shall be by the said Mayor and Council invested in
some safe securities as a Sinking Fund, for the payment of the
principal of said bonds, when and as the same shall become due
and payable; and said fund shall not at any time be diverted
from the purposes of this Act.

SEC. 4. Be it further enacted, That the money arising
from the sale of said bonds shall be paid to the Mayor and
Council of said town, and by it deposited in some bank
or banks to be designated by resolution of said Mayor and
Council, and only to be drawn therefrom by checks signed by
the Mayor and countersigned by the Treasurer; and said funds
shall be used for the purpose of extending and improving the
water system and water supply of Pocomoke City, and for
the purpose of extending, repairing and improving the sewer-
age and drainage systems of said town.

SEC. 5. And be it further enacted, That the Mayor and
Council shall select some depository in which to deposit
the money necessary for the payment of the principal and
interest of said bonds when the same shall mature and become
due, and shall designate said depository on said bonds, and on
the coupons thereto attached.

SEC. 6. Be it further enacted, That the Mayor and Coun-
cil of Pocomoke City be, and it is hereby authorized and
empowered to do all things necessary for the issue of said
bonds, their offering for sale under the most advantageous con-
ditions, the providing by levy and taxation for a Sinking Fund
for the purpose of meeting the interest on said bonds and the