562 LAWS OF MARYLAND. [CH. 539

SEC. 2. And be it further enacted, That this Act shall
take effect June 1, 1945.

Approved April 5, 1945.

CHAPTER. 539.
(Senate Bill 420)

AN ACT to authorize Mayor and Council of Snow Hill to
create and establish a Sinking Fund for the payment for
the principal and interest of the bonds of said town now
outstanding and to transfer to said fund certain U. S.
Government Bonds of said town and making it unlawful
to use any of said Sinking Fund for any purpose other
than that for which the same is created and making it a
cause for removal of any officer or official of said town
who shall use or cause to be used any part of said Sink-
ing Fund for any purpose other than that for which the
same is created.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That Mayor and Council of Snow Hill be and it is hereby
authorized to create and establish a fund to be known as
the "Sinking Fund of Snow Hill, " the same to be used
exclusively and solely for the payment of the principal
and interest of the bonds of said town now outstanding
and for no other purpose whatsoever.

The said Mayor and Council of Snow Hill is hereby
authorized to transfer and credit to said fund any United
States Government Bonds now owned by said town and
which are not pledged or dedicated to any other specific
purpose. Such transfer of U. S. Government Bonds shall
be by resolution adopted by the Council and approved by
the Mayor and entered upon the minutes of a regular or
called meeting of the said Mayor and Council of Snow Hill.
In order further to insure the payment of the principal and
interest of the outstanding bonds of said town of Snow Hill
and to the extent that funds may be necessary therefor in
addition to the United States Government Bonds deposited
in said "Sinking Fund" as aforesaid, the said Mayor and
Council of Snow Hill are hereby authorized and empowered
to levy upon the taxable basis of said town and to ap-
propriate and transfer to said Sinking Fund from time to
time such sum or sums of money as said corporation may
deem to be required, and to invest and re-invest said funds
from time to time only in United States Government Bonds
or in bonds of the State of Maryland.