HERBERT R. O'CONOR, GOVERNOR. 47

coupons attached to the said notes and bearing the facsimile
signature of the Treasurer of the Town of Bel Air. Said Town
Commissioners are authorized to borrow under the provisions
of this Act by selling the negotiable promissory notes herein
authorized, with coupons attached, at a discount less than the
principal amount thereof, provided that the coupon interest,
together with any such discount, shall not exceed 4% per
annum on the principal of said loan. The said loan and every
part thereof and every note, coupon or other evidence thereof,
and the interest payable thereon, shall be and remain exempt
from State, County and Municipal taxation.

155C. The said Town Commissioners shall use the proceeds
of such loan for the purpose of paying off and retiring an
accumulated debt of Twenty Thousand Dollars ($20, 000. 00),
for the settlement of certain judgments and claims against
said Town, and for the improvement and extension of the water
and sewerage systems of said Town; provided, however, that
the purchaser of any of said promissory notes issued by the
Town Commissioners as provided herein shall not be respon-
sible or liable for the application of the amount paid for said
note or notes.

155D. That for the purpose of paying the interest on said
loan the Town Commissioners of Bel Air shall for the year
1939 and annually thereafter until all of said loan made tinder
the authority of this Act shall mature and be redeemed, levy
a tax upon the assessable property in said Town sufficient to
pay the annual interest on said loan outstanding, said taxes
to be collected as other taxes levied in said Town are col-
lected; and for the purpose of redeeming the principal of said
loan, said Commissioners shall annually levy a tax upon the
assessable property in said Town sufficient to pay the install-
ments thereof as the same shall become due, the taxes so
levied to be collected in the same manner as the taxes levied
for the payment of the interest, as above set forth.

SEC. 2. And be it further enacted, That this Act is hereby
declared to be an emergency law and necessary for the im-
mediate preservation of the public health and safety, and be-
ing passed by a yea and nay vote, supported by three-fifths of
all the members elected to each of the two Houses of the Gen-
eral Assembly, the same shall take effect from the date of its
passage.

Approved February 24, 1939.