650 LAWS OF MARYLAND. [CH. 598

land Registered Bonds. None of the principal of this Sink-
ing Fund shall be expended or used for any purpose with-
out the consent of the Commissioners of St. Michaels and the
St. Michaels Utilities Commission The income from the prin-
cipal of this Sinking Fund shall be transferred and credited
to the St. Michaels Improvement Fund, as provided for in
Section 489B. If, at any time, the principal amount of the
Sinking Fund shall be used for any purpose which shall re-
duce it to an amount under Sixty Thousand Dollars ($60, -
000. 00), profits of the St. Michaels Utilities Commission
shall be added to it until it again reaches Sixty Thousand Dol-
lars ($ 60, 000. 00).

489B. The Utilities Commission is hereby authorized and
directed to create a fund of Twenty Thousand ($20, 000. 00)
Dollars from cash now on deposit, to be known as "St.
Michaels Improvement Fund" in the name of the Commission-
ers of St. Michaels and shall be invested in United States or
State of Maryland Registered Bonds, and the income from this
fund shall be added to the fund. No part of this fund shall be
expended for any public, improvement unless and until a peti-
tion shall be presented to the Commissioners of St. Michaels, at
least thirty days before the first Monday in April, bearing at
least fifty (50) signatures of taxpayers of said town and
when such petition is so submitted to said Commissioners,
they shall submit the same to the qualified voters of the town,
on the first Monday of April following the receipt of such
petition, for the approval or rejection of the voters of said
town. Provided, however, that no part of said fund shall be
expended until at least fifty-one per cent. (51%) of the reg-
istered qualified voters of said town shall have voted their ap-
proval for such expenditure. The Commissioners of St. Mich-
aels are hereby authorized and directed to add the income from
the investment of the Sixty Thousand Dollars ($60, 000. 00)
Sinking Fund created by Section 489A to the St. Michaels Im-
provement Fund.

SEC. 2. And be It further enacted, That all laws or parts of
laws, whether public general or public local, inconsistent with
the provisions of this Act be and they are hereby repealed to
the extent of such inconsistency.

SEC. 3. And be it further enacted, That this Act is hereby
declared to be an emergency law and necessary for the imme-
diate preservation of the public health and safety and having
been passed upon by yea and nay vote, supported by three-
fifths of all the members elected to each of the two Houses of
the General Assembly of Maryland, the same shall take effect
from the date of its passage.

Approved April 5, 1945.