492 LAWS OF MARYLAND. [CH. 243

amounts as they may deem advantageous to said town in
carrying on the work of constructing or acquiring the prop-
erty for which the same are issued. The money arising
from the sale of said bonds shall be kept as a separate fund
by the President and Commissioners of North East, to be
exclusively used for the purpose of this Act, and all taxes,
charges and assessments levied and collected as hereinafter
provided for the payment of the interest and the principal
of said bonds shall be likewise kept as a separate fund by
said President and Commissioners of North East. Said
bonds shall be a lien on all of the property within or out-
side of the corporate limits of North East, Cecil County,
under the jurisdiction of the President and Commissioners
of North East.

SEC. 5. And be it further enacted, That for the purpose
of retiring the said bonds authorized to be issued by this
Act, and the payment of the interest thereon, there shall
be levied against all the assessable property within the
corporate limits of the said Town of North East, Cecil
County, by the President and Commissioners of North
East, Cecil County, annually, so long as any of said bonds
are outstanding and not paid, a tax sufficient to meet the
interest or any part of said interest on said bonds as it
becomes due, and to pay the principal thereof, as they ma-
ture, said tax to be determined, levied, collected and paid
over in the following manner: At least thirty days before
the tax levying period of each year, the President and
Commissioners of North East shall then determine the
amount necessary to be raised for the ensuing year for
the payment of the interest of such portion thereof, and
proportionate part of the principal of said bonds in any
one year to be determined by the usual table of redemption
of bonds by annual deposit in a sinking-fund on interest,
if sinking-fund bonds are used, or the amount to be paid
on the principal of said bonds in any one year, if serial
bonds are used, to be determined by the amount of the
bonds to be matured or redeemed that year, and after de-
ducting all amounts in hand applicable to payment of inter-
est and principal on said bonds, as hereinafter provided,
they shall determine the number of cents per hundred dol-
lars necessary to raise the said amount, and the said Pres-
ident and Commissioners of North East in their next an-
nual levy shall levy said tax on all land and improvements
and any other property assessed or assessable for tax pur-
poses within said Town of North East, which tax shall be
levied and collected as the said Town taxes now are, or