762 LAWS OF MARYLAND. [CH. 332

town; to borrow on the credit of the town a sum of money
which shall not at any time exceed the total sum of eight
per centum of the assessed valuation of all real and per-
sonal property in the town, and to issue bonds or certifi-
cates of indebtedness therefor; to provide for the liquida-
tion of same and the interest thereon by an annual front
foot assessment on the abutting real property in said
town where such streets, curbs, sidewalks and gutters
are constructed or improvements made; and to make the
principal and interest of said bonds or certificates of in-
debtedness the direct obligation of said town and pro-
viding for referendum thereon.

257A. The Mayor and Town Council of Colmar Manor,
in Prince George's County, a municipal corporation, are
hereby authorized to improve and construct roadways, al-
leys, curbs, sidewalks and gutters in the said town of Col-
mar Manor, when, where and in the manner to be deter-
mined by the Mayor and Town Council.

257B. To effectuate the improvement and construction
of roadways, alleys, curbs, sidewalks and gutters men-
tioned in the preceding section, the Mayor and Town Coun-
cil of Colmar Manor, in Prince George's County, are hereby
authorized and empowered to borrow from time to time,
on the credit of the town, a sum or sums of money which
shall not, however, exceed in amount at any one time the
total sum of eight per centum of the assessed valuation of
all real and personal property in the town appearing on
the books of the Treasurer of the Town, and to issue bonds
or certificates of indebtedness therefor, which shall be pay-
able on or before fifteen years from the date of issuance,
with interest not to exceed the rate of six per centum, pay-
able semi-annually. The funds derived from the sale of
said bonds or certificates of indebtedness, whether more
or less than their par value, shall be deposited by the
Mayor and Town Council of Colmar Manor in some safe
banking institution in the State of Maryland, to be de-
termined by them, and to be subject to the check of the
town treasurer only when countersigned by the Mayor and
two members of the Town Council. Out of said funds shall
be paid only the proper expenses for the negotiation, sale
and liquidation of said bonds or certificates of indebted-
ness and for the planning improvement and construction
of the roadways, alleys, curbs, sidewalks and gutters as
provided for herein.