ALBERT C. RITCHIE, GOVERNOR.                1235

transmission lines and system, and to that end to purchase and
operate existing lines now being served by the St. Michaels
Utilities Commission within the limits of Talbot County, from
time to time, in such manner as it may deem best for the interest
of said town of St. Michaels, and as it shall by Ordinance pre-
scribe.

SEC. 2. Be it enacted, That in order to pay for such extension,
enlargement or improvement, The Commissioners of St. Michaels
be and it is hereby authorized and empowered. to borrow on
the faith and credit of the town of St. Michaels upon the promis-
sory notes or coupon bonds of said town, such sums of money
as may be necessary to make such extensions, enlargements and
improvements; provided, however, that. the aggregate sums of
money which may be borrowed for such purpose shall not ex-
ceed fifteen thousand dollars ($15, 000), and, provided further,
that the rate of interest on such promissory note or notes shall
not exceed six per centum per annum. The said bonds shall be
coupon bonds and designated as "St. Michaels Electric Exten-
sion Bonds" and shall be of the denomination of five hundred
dollars ($500), to be signed by the President of The Commis-
sioners of St. Michaels and countersigned by the Town Clerk
thereof, with the corporate seal of said The Commissioners of
St. Michaels affixed thereto, to be consecutively numbered from
one to thirty, both inclusive, and to bear interest at a rate to
be determined by Ordinance of The Commissioners of St.
Michaels, but not to exceed five per centum per annum, payable
semi-annually on the first day of January and July in each year
accounting from July 1st, 1931, at such place as The Commis-
sioners of St. Michaels shall designate, and said bonds shall have
printed on them a distinct reference to this Act authorizing
their issue, and shall be exempt from all taxation for State,
County and Municipal purposes.

SEC. 3. Be it enacted, That the said bonds to be issued under
this Act shall mature in numerical order to the amount of one
thousand dollars ($1, 000) in each and every year, beginning
July 1st, 1932, and that the said bonds, with interest thereon,
shall be paid and cancelled by the said The Commissioners of
St. Michaels to the amount of one thousand dollars ($1, 000)
during each and every year beginning as aforesaid, until the
whole of the said bonds shall have been paid, and the date of
issue shall be same on all bonds issued under this Act, which
date shall be July 1st, 1931; and the said bonds in such amounts,
from time to time, as may be determined by Ordinance of said
The Commissioners of St. Michaels, shall be advertised by The
Commissioners of St. Michaels and sold to the highest bidder
for cash, provided that the same shall be sold for not less than
their par value and accrued interest.