120 LAWS OF MARYLAND. [CH. 101

boats shall be Twenty-five Dollars ($25. 00) per annum.
Such craft shall be equipped by the operator or owner with
required life preservers.

SEC. 2. And be it further enacted, That this Act shall
take effect June 1, 1949.

Approved March 31, 1949.

CHAPTER 101
(Senate Bill 197)

AN ACT to authorize and empower the Mayor and Council
of Salisbury to borrow upon the faith and credit of
Salisbury a sum or sums of money not exceeding Fifty
Thousand Dollars ($50, 000. 00) and to issue bonds for
the payment of same and to use the proceeds thereof for
the purpose of paving existing unpaved streets and
highways located within the corporate limits of Salis-
bury and to levy upon all assessable property in Salis-
bury and collect taxes thereon in an amount sufficient
to pay the principal and interest on said bonds.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That for the purpose of providing funds for the purpose
of paving existing unpaved streets and highways located
within the corporate limits of Salisbury, the Mayor and
Council of Salisbury be, and it is hereby authorized and
empowered to borrow from time to time a sum or sums
of money not exceeding in the aggregate Fifty Thousand
Dollars ($50, 000. 00), upon the faith and credit of Salis-
bury, and to issue arid sell serial bonds therefor, which
said bonds shall be known as "Salisbury, Maryland, Street
Paving Bonds of 1949. "

SEC. 2. And be it further enacted, That the said bonds
to be issued from time to time under this Act shall be
either registered or coupon bonds, issued in such denomi-
nations as shall be determined by the Mayor and Council
of Salisbury by ordinance, shall bear interest at a rate
not exceeding four per centum (4%) per annum, payable
semi-annually, shall all be serial type bonds and shall all
mature in not exceeding ten (10) years from the date of
issue, and shall be forever exempt from State, County and
Municipal taxation. Said bonds shall be signed by the
Mayor of Salisbury and the President of the Council of