772 LAWS OF MARYLAND. [CH. 607

section, a sum or sums of money not exceeding Fifteen Thou-
sand Dollars ($15, 000. 00) unpaid principal at any time for the
purpose of paying for storm water or surface drainage im-
provements, or for the purpose of paying for the repairing or
reconstruction of streets, sidewalks, curbs, or gutters pre-
viously constructed as provided for in Section ISA of this
Act. For this purpose, the Mayor and Town Council may
issue serial annuity certificates of indebtedness maturing not
longer than twenty years from date, with interest not to ex-
ceed 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 obtainable, the proceeds of which shall be
paid to the Town Treasurer and kept in a separate fund for the
payment of said improvements and repairs.

The Mayor and Town Council of Brentwood are directed to
levy annually an ad valorem tax upon all of the assessed prop-
erty of said Town sufficient to produce during any one period
of twelve months, a sum sufficient for such period to meet the
principal and interest payments on said certificates of indebt-
edness and to meet the principal payments and interest, and
the necessary incident clerical and administrative costs on
any series of serial annuity certificates of indebtedness issued
for the purpose of refunding outstanding certificates of indebt-
edness, less such an amount as may be reasonably anticipated
from the collection of assessments of sidewalks, curbs, gutters
or other street improvements during said period.

Provided, however, that when any of the aforesaid certifi-
cates of indebtedness are retired or repaid the Mayor and
Town Council shall have the right to re-borrow for the pur-
poses herein provided the amount, or any part thereof, of such
retired or paid certificates of indebtedness, subject to the
limitation that there shall not be issued and outstanding at
any one time more than the aforesaid Fifteen Thousand Dol-
lars ($15, 000. 00) principal amount of the aforesaid certificates
of indebtedness.

All certificates of indebtedness issued under this Act shall
be exempt from all State, county and municipal taxes of every
kind whatsoever in the State of Maryland, and the full faith
and credit and unlimited taxing power of the Mayor and Town
Council of Brentwood is hereby pledged for the payments of
the principal and interest of all certificates of indebtedness
issued, renewed or reissued hereunder.

Should the Clerk or Treasurer of said Mayor and Town
Council ever to divert or permit to be diverted any of the
moneys collected or retire any of such certificates of indebted-
ness, or to pay the interest or necessary expenses thereon, he
or they shall, upon conviction, be fined not more than One