1356 LAWS OF MARYLAND. [CH. 658

exceed ten years from the date of issuance, with interest not
to exceed the rate of six per centum per annum, payable semi-
annually, unless of shorter duration, then at the maturity of
said obligation; and said Mayor and Town Council may issue
and renew or reissue or refund, existing issues of certificates of
indebtedness on the so-called serial annuity plan with a stated
amount of principal payable annually for a period not to ex-
ceed twenty years, such annual payments, with interest not
to exceed six per centum, and the final maturity date of any
such issue or issues to be fixed by the Mayor and Town Coun-
cil; and any outstanding issue of said certificates of indebted-
ness may, with the consent of the holders of said issue, be
refunded or reissued on the serial annuity plan; and the Treas-
urer of the Town is charged with the custody of any moneys
received from the sale of said certificates of indebtedness as
above mentioned. The Clerk of said town shall be charged
with the prompt collection of the moneys arising from assess-
ments for sidewalks, curbs, gutters and street improvements,
said funds to be turned over to the Treasurer of said Town
by the Clerk and the Treasurer of said town shall be charged
with the safe keeping thereof, and said funds shall be kept as
a separate account and fund, and no part thereof shall ever
be used for any other purpose than to liquidate the certificates
of indebtedness, and interest thereon, issued for the cost and
necessary expenses in the construction of sidewalks, curbs,
gutters and roadbed and street improvements; including the
necessary expenses incident to carrying into effect the pro-
visions of this Act; which certificates when paid shall be can-
celled and properly kept and filed among the papers of said
town, a record of which certificates thus cancelled shall be
entered upon a book kept for the purpose aforesaid; and the
Treasurer of said Town and the Clerk of said Town, for the
purposes of this Act, shall be bonded in amount left to the dis-
cretion of the Mayor and Town Council, but in no case in
amount of less than two thousand dollars.

The Mayor and Town Council of Brentwood are authorized
to borrow a sum of money not exceeding nine thousand dol-
lars ($9, 000) for the purpose of paying for storm water of
surface drainage improvements and may issue serial annuity
certificates of indebtedness maturing not longer than twenty
years from date, with interest not to exceed six per centum,
and with such annual principal payments as may be fixed by
the said Mayor and Town Council and may sell said certificates
of indebtedness at public or private sale for the best price ob-
tainable, the proceeds of which shall be paid to the Town
Treasurer and kept in a separate fund for the payment of said
improvements.