736                         LAWS OF MARYLAND.                  [CH. 283:

five hundred dollars ($500) each, to be signed by the Mayor
of said town and to be countersigned by the Clerk of the Coun-
cil thereof, and the seal of said town attached, and to be regis-
tered by said Clerk of said Council in a book to be kept by
the Mayor and Council for the purpose of registering "Refund-
ing and Improvement Bonds. " Said bonds by this section au-
thorized shall be known and designated as " Refunding and Im-
provement Bonds, 77 and shall bear interest at the rate of five
(5) per cent per annum, payable semi-annually on the first day
of May and November in each and every year until the said-
bonds are paid; said bonds shall be exempt from all State, county
and municipal taxation and shall have printed on them a dis-
tinct reference to the Act authorizing their issue.

SEC. 2. And be it further enacted, That said bonds shall be
numbered serially and the first shall be payable on the first day
of November, 1932, and thereafter one bond, of the value of five
hundred dollars ($500) shall mature and be payable each con-
secutive year in the order of the consecutive numbers until the
entire issue of said bonds is taken up and redeemed; reserving
the option to the Mayor and Council aforesaid to take up and
redeem at any interest period after ten years any and all out-
standing bonds running more than ten years at the face value
thereof, with accrued interest; and said bonds shall be sold at
public or private sale in such amount, not less, however, than
five hundred dollars ($500) at any one time and not exceeding
in the total the said sum of fifteen thousand dollars ($15, 000),.
and at such time as the Mayor and Council of Kitzmillersville,
in their discretion, and in the furtherance of the purposes for
which this bond issue is created, may deem proper. It is espe-
cially intended that the power hereby vested in said Mayor and
Council shall be a continuing power until the whole fifteen thou-
sand dollars ($15, 000) shall have been issued and sold.

SEC. 3. And Be it further enacted, That the money arising
from the sale of said bonds shall be kept as a separate fund by
the Mayor and Council of Kitzmillersville in some safe bank,
shall be used exclusively for the purposes of this Act and shall
be drawn out only on checks signed by the Mayor and counter-
signed by the Clerk of the Council, and the said Clerk of the
Council shall keep in a book for the purpose a full registry of
the bonds sold, the number of bonds and name of the pur-
chaser or purchasers, the amount realized on the sale or sales
and any transfers and assignments of the same.

SEC. 4. And Be it further enacted, That the funds realized
from the sale of the bonds as aforesaid shall be available and
shall be used exclusively for the purpose of first retiring eleven
thousand dollars ($11, 000) of the bonds authorized by Chapter