HERBERT R. O'CONOR, GOVERNOR. 1351

1380. (a) To effectuate the improvements named in Sec-
tion 1379, the Mayor and Common Council of University Park
are hereby authorized and empowered to borrow from time to
time on the credit of the town a sum or sums of money, not to
exceed at any time 125, 000. 00, to issue and renew or reissue
certificates of indebtedness therefor, which shall be payable
within not to 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 Common
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 annu-
ally for a period not to exceed twenty years, such annual pay-
ments, 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 Common Council; and any outstanding issue of
said certificates of indebtedness may, with the consent of the
holders of said issue, be refunded or reissued on the serial
annuity plan; and the Treasurer of the Town is charged with
the custody of any moneys received from the sale of said cer-
tificates of indebtedness as above mentioned.

(b) The Clerk of said town shall be charged with the prompt
collection of the moneys arising 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 safekeeping thereof, and said
funds shall be kept as a separate account and fund in such
bank or banks as Mayor and Common Council may designate,
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 con-
struction of sidewalks, curbs, gutters and roadbed and street
improvements; including the necessary expenses incident there-
to, which certificates when paid shall be cancelled 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 sub-
title, shall be bonded in amount left to the discretion of the
Mayor and Common Council, but in no case in amount of less
than two thousand dollars.

(c) The Mayor and Common Council of University Park are
directed to levy annually an ad valorem tax upon all of the
assessed property 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 indebtedness issued for any improvements hereinbefore pro-