HARRY W. NICE, GOVERNOR. 73

of the five (5) per cent water bonds as authorized by
the acts of 1924, Chapter 472 and to refund Three Thou-
sand Five Hundred Dollars ($3, 500. 00) of five (5) per
cent Town Hall bonds as authorized by the acts of 1931,
Chapter 34, said bonds to be dated on the 1st day of July,
1935, and to be numbered from one (1) to twenty-five (25).
bond inclusive, and shall be in denominations of Five Hun-
dred Dollars ($500. 00) each, and shall bear interest at a
rate not to exceed four (4) per cent per annum, payable
semi-annually, and said bonds shall become due and pay-
able fifteen (15) years from the date of issue and shall be
redeemable in whole or in part on and after five (5) years
from date of issue, and to be exempt from all State, County
and Municipal taxes.

SEC. 2. And be it further enacted, That the said Bur-
gess and Commissioners of Middletown shall have full
power and authority to sell said bonds, and they shall use
the proceeds derived from said sale for the redemption
and payment of the present outstanding bonds of said Cor-
poration issued under the authority given in the acts of
the General Assembly of Maryland of 1924, Chapter 472, and
in the acts of the General Assembly of Maryland of 1931,
Chapter 34, and that the sum of money required to re-
duce and pay the balance of said bonds remaining due after
the application of the proceeds of sale from the bonds
herein authorized shall be paid out of the sinking funds
of the corporation on hand at the time of redeeming said
bonds.

SEC. 3. And be it further enacted, That the Burgess
and Commissioners of Middletown shall have full power
and authority and it is required to levy all necessary taxes
upon the property within the taxable limits of said Corpo-
ration for the payment of interest on the bonds hereby
authorized to be issued, and for the payment of the prin-
cipal of said bonds as they mature, or shall provide for a
sinking fund for the liquidation of said bonds at maturity.

Approved: April 29, 1935.

CHAPTER 49.

AN ACT to repeal and re-enact, with amendments, Section
265 of Article 18 of the Code of Public Local Laws of
Maryland (1930 Edition), title "Queen Anne's County, "