144 LAWS OF MARYLAND. [CH. 89

discretion, determine to be to the best interests of the people
of such town. All interest accrued between the date of said
bonds and the time of the delivery of and payment for the same
shall be adjusted with the purchaser thereof to the date of such
payment. All payments of the purchase price for such of said
bonds as may be sold shall be made to the Treasurer of such
town. The proceeds of such of said bonds as may be sold under
the provisions of this Act at any time are hereby dedicated,
and when received by the Treasurer of such town shall be
applied by him exclusively to the refunding or retirement of
any or all of the outstanding bonds or certificates of indebted-
ness of such town. Provided, however, that small sums re-
sulting from premiums, interest or from fractional parts of
the proceeds not equalling the amount of an outstanding bond,
may be deposited in a fund to be applied to the liquidation of
such bonds.

SEC. 5. And be it further enacted, That all of the bonds,
certificates of indebtedness or other obligations referred to in
the section next preceding are hereby validated and confirmed,
and declared to be the valid, binding and subsisting general
obligations of such incorporated town, issued upon its full
faith and credit.

SEC. 6. And be it further enacted, That any and all special
assessments and/or other special levies heretofore imposed by
the governing body of such town within the corporate limits
of such town, for the purpose of paying the interest on and
the principal of any or all of the bonds, certificates of indebted-
ness or other obligations hereinabove authorized to be re-
funded, shall be segregated into a special account by the
Treasurer of such town and dedicated to the payment of the
principal of and the interest on the bonds hereby authorized
to be issued in appropriate proportions so that any special
assessments or other levies imposed for the purpose of paying
the principal of and the interest on any of the bonds, certifi-
cates of indebtedness or other obligations herein authorized
to be refunded, shall be devoted to the payment of the prin-
cipal of and the interest on the bonds issued hereunder, the
proceeds from which have been devoted to the retirement or
refunding of any such bonds, certificates of indebtedness or
other obligations, until the proceeds of such special assess-
ments or other levies are exhausted.

SEC. 7. And be it further enacted, That for the purpose of
paying the interest on the bonds authorized to be issued pur-
suant to the provisions of this Act, and for paying the bonds
themselves as they respectively mature and are payable after