672 LAWS OF MARYLAND. [CH. 541

six per centum, payable semi-annually, unless of shorter dura-
tion, than at the maturity of said obligation. The funds de-
rived from the sale of said bonds or certificates of indebted-
ness shall be deposited by the Mayor and Town Council of
Cheverly, Maryland, in some safe banking institution in the
State of Maryland, to be determined by them, and to be sub-
ject to the check of the town clerk and treasurer only when
countersigned by the Mayor and two members of the Town
Council. Out of said funds shall be paid only the proper
expenses for the negotiation, sale and liquidation of said bonds
or certificates of indebtedness and for the planning and con-
struction of the roadways, alleys, curbs, sidewalks and gut-
ters and storm water sewers as provided for herein.

The hereinbefore mentioned limitation of eight per centum
of the assessed valuation constitutes an overall limitation of
borrowing capacity, notwithstanding any borrowing power
heretofore authorized by the General Assembly of Maryland,
and any sums outstanding incident to any heretofore author-
ized bond issues shall be included in the determination of the
limitations authorized in this Act.

(b) The Mayor and Town Council of Cheverly, Maryland,
are hereby authorized to do all acts not specifically mentioned
herein which may be necessary to issue and sell said bonds
or certificates of indebtedness, provide for the payment
thereof, and the interest thereon, and to arrange for and con-
struct the roadways, alleys, curbs, sidewalks and gutters and
storm water sewers as provided for herein. The bonds or
certificates of indebtedness hereunder shall be the direct ob-
ligation of the Mayor and Town Council of Cheverly, Mary-
land, and the said corporation shall be responsible therefor.

(e) The Mayor and Town Council of Cheverly^ Maryland,
shall have power to assess against the abutting property and
collect from the owners thereof the cost of roadways, alleys,
curbs, sidewalks and gutters and storm water sewers, assess-
ment being in proportion to the number of assessable front
feet owned, abutting on the streets where same are con-
structed or are about to be constructed; provided, that when
property fronts or abuts on two or more streets, where such
improvements are made, or about to be made, the abutting
front feet shall be computed for the purpose of assessment
hereunder as one-half of the total feet abutting on said im-
provements.

(d) Such assessments when made, shall constitute a tax
or lien upon such abutting property with priority over all
liens recorded after the passage of this Act, and shall be pay-
able in ten equal annual installments from the date of said