474                         LAWS OF MARYLAND.                  [CH. 176

when in their opinion the public good and general welfare so
requires, upon application and fulfillment of the requirements
hereinafter contained, to accept in lieu of and in place of the
immediate and present payment of taxes, a note or other obli-
gation secured by a confessed judgment, as hereinafter pro-
Tided, in an amount equal to all municipal taxes and interest
and penalties thereon then due said municipality, from any
person, firm or corporation engaged in any business or industry
in Allegany County and usually employing not less than fifty
employees. Before said note or other obligation secured by a
confessed judgment shall be accepted and received by said
municipal authorities, the applicant shall file with said munici-
pal authorities a statement under oath, showing for what reason
it is desired to give said note or other obligation secured, by a
confessed judgment in lieu of the present and immediate pay-
ment of the municipal taxes of said person, firm or corporation,
and shall set out any and all liens by mortgage, bonds, judg-
ment, excepting judgments to the County Commissioners of
Allegany County or otherwise which stand against the property
upon which the assessment for municipal taxes is made, together
with a waiver of any and all rights of lien against said prop-
erty, so that said note or other obligation and confessed judg-
ment may retain a right of priority against any such liens, and
thereupon the said municipal authorities shall refer said state-
ment to their attorney for the purpose of verifying the matters
therein contained and upon the written verification by said
. attorney of the matters contained in said statement, the munici-
pal authorities, in lieu of the present and immediate payment
of said taxes, interest and penalty, may accept a note or other
obligation secured by confessed judgment as hereinafter pro-
Tided.

Said note shall provide for the payment of said amount of
money at such time as said municipal authorities may elect,
but in no event to be for a term of more than four years, and
=said confessed judgment shall contain a stay of execution for a
like term as said note, and shall provide for the payment semi^
annually of interest at the rate of six per cent, per annum and
conditioned upon the failure to pay said interest, when and as
the same may become due, that said stay of execution shall
cease and determine and execution and collection therein im-
mediately obtained. Said note and confessed judgment shall
also contain a certificate of waiver from any and all liens as
aforesaid then standing against the property of said applicant
with a provision that said confessed judgment shall take pre-