290                         LAWS OF MARYLAND.                 [CH. 141

of said Mayor and Council may seem advisable, until all of
said bonds, or so much thereof as may be necessary, shall be
sold; but none of said bonds shall be sold at less than par and
accrued interest.

SEC. 3. And be it further enacted, That for the purpose
of redeeming said bonds at their maturity and for securing the
prompt payment of the interest thereon, the said Mayor and
Council of Snow Hill is hereby empowered and directed, in
so far as it may be practicable so to do, to apply all net income
arising from water rents, after paying all necessary expenses
for maintaining a proper and sufficient supply of water and for
betterments and repairs, first, to the payment of the interest
on said bonds, and secondly, as to the remainder, if there be
any, the same to be invested in a sinking fund for the payment
of said bonds as they respectively mature. In the event that
the net amount received from said water rents, after deduct-
ing the aforesaid expenses referred to in this section shall not
be sufficient in amount to pay the interest on said bonds and
the principal thereof as it shall become due, the said Mayor
and Council of Snow Hill shall annually levy on all the tax-
able 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 the same may
become due, and any surplus on hand at any time arising from
such levy shall be by the said Mayor and Council invested
in some safe securities as a sinking fund, which shall not at
any time be diverted from the purposes of this Act.

SEC. 4. And 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 Coun-
cil and only to be drawn therefrom by checks signed by the
Mayor and countersigned by the treasurer of said town; and
said funds shall be used for the purpose of the extension, re-
pairing and improvement of the water and sewerage systems
of said town of Snow Hill and for the purpose of repairs and
improvements to the streets of said town.

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