ALBERT C. RITCHIE, GOVERNOR.                  855

improvements to the streets and public highways in the
town of Laurel, and to levy taxes to pay the principal and
interest of such indebtedness and to provide for a referendum
thereon.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Mayor and City Council of Laurel be and
it is hereby authorized and empowered to borrow on the credit
of the town of Laurel and issue its coupon bonds therefor an
amount not in excess of ten thousand dollars ($10, 000. 00) for
the purpose of making general improvements to the streets and
public highways within the limits of the town of Laurel, the
said amount so borrowed to be used for no other purpose what-
ever.

SEC. 2. And be it further enacted, That the said bonds-
shall be issued in such denominations as shall be determined
by the said Mayor and City Council, shall bear interest at a
rate to be determined by said Mayor and City Council, not in.
excess of six per cent. (6%) per annum, payable semi-annu-
ally, shall be dated on the date of their issue and shall mature
not exceeding twenty years from the date of their issue, or
may be retired serially as said Mayor and City Council may
determine. Said bonds shall be exempt from all state, county
and municipal taxation and shall not be sold for less than the
par value thereof. They shall be signed by the Mayor and
countersigned by the treasurer, and attested by the clerk to the
City Council with the corporate seal of the town of Laurel
attached.

SEC. 3. And be it further enacted, That the Mayor and
City Council of Laurel be and it is hereby authorized and di-
rected to levy each year so long as said bonds are outstanding
and not paid a tax sufficient to redeem the same at their ma-
turity and to pay the interest thereon, the proceeds of said tax
to be kept in a special fund and in no case to be used for any
other purpose. In case such bonds shall be issued in any year
after the making of the regular levy for that year, then the
Mayor and City Council of Laurel is authorized and directed
to pay any and all interest coming due before the next levy
out of any other funds in its disposal and to levy at the next
succeeding levy to reimburse such other funds.

SEC. 4. And be it further enacted, That the Mayor and
City Council of Laurel be and it is hereby authorized and