HERBERT R. O'CONOR, GOVERNOR. 1081

or other obligations shall bear interest at a rate not exceeding
five per cent (5%) and shall be dated on such day as the
Mayor and City Council may determine and shall be paid
within a period of twenty (20) years from date.

SEC. 2. And be it further enacted, That in case it shall be
determined by the Mayor and City Council to issue bonds,
the same shall be issued according to what is known as the
serial annuity plan with interest payable semi-annually. Said
bonds shall be exempt from all State, County and Municipal
taxes and shall not be sold for less than the par value thereof,
they shall be signed by the Mayor and attested by the Clerk
to the City Council with the corporate seal of the Town of
Laurel attached, but the interest coupons thereon may bear
the lithographed signatures of the Mayor and the Clerk to the
City Council. The principal of said bonds shall be payable One
Thousand Dollars ($1, 000. 00) two (2) years after date of
issue and One Thousand Dollars ($1, 000. 00) every year there-
after, until the whole of said principal shall have been paid.

SEC. 3. And be it further enacted, That the Mayor and City
Council of Laurel, be and it is hereby authorized and directed
to levy each year, so long as its obligations above authorized
are outstanding and not paid, a tax upon the assessable basis
of the Town of Laurel sufficient to pay the interest thereon
and to redeem any of said obligations which may become due
in the year of such levy, the proceeds of said tax to be kept
in a separate fund and in no case to be used for any other
purpose. In case 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 at its disposal not specifically dedicated and to
levy in 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 empow-
ered to do all other acts and things necessary to issue and sell
its obligations above authorized, whether bonds or certificates
of indebtedness or notes or other forms of obligations and
to do all acts and things necessary in the matter of the pur-
chase of a site and construction and equipment of a municipal
building thereon or the purchase and reconstruction and
equipment of an existing building or any other matters neces-
sary to carry out the purposes of this Act, even though the
same may not be specifically mentioned herein or in the
Charter of the Town of Laurel or in any other Act relating to
said Town.