1378 LAWS OF MARYLAND. [CH. 575

(b) The Town Commissioners shall have the power to
borrow from time to time, pledging the faith and credit of
the Town therefor, such sums of money as they may deem
necessary for the general corporate purposes of the Town or
any of its departments, and to sell and issue bonds for such
indebtedness in the manner set forth and subject to the limita-
tions in Sections 35 and 36 of the Annotated Code of Mary-
land and all amendments thereto.

(c) Before any such loan is made pursuant to this section,
the Town Commissioners shall pass an ordinance authorizing
such loan, stating its purpose, and setting forth in detail the
terms and conditions thereof, which ordinance shall be pub-
lished once a week for at least two weeks in a newspaper
printed and published in the Town.

(d) No such loan shall be made pursuant to this section
unless the question has been submitted to the qualified voters
of the Town at a general or special election, and unless a
majority of those voting on such question have approved the
loan.

115. (Serial Bonds. ) All Bonds sold by the Town pur-
suant to the powers granted by this sub-title shall be issued
in the form of serial bonds.

116. (Redemption. ) The Town Commissioners shall levy
and collect such a tax on the assessable property of the Town
as may be necessary to pay the interest on all bonds issued
and sold by the Town, under the provisions of this sub-title,
and to provide for the redemption thereof, all agreeably to
the terms of any such issue. If any funds remain from the
amount borrowed after accomplishing the purposes for which
borrowed, such surplus moneys shall be used only for the
redemption of the principal amount of the particular bonds
so issued and sold.

117. (Tax Redemption. ) All bonds and notes issued and
sold by the Town Commissioners under the authority of this
sub-title shall be exempt from all State, County and munici-
pal taxes in Maryland, unless otherwise specified.

SEC. 2. And be it further enacted, That all ordinances,
resolutions, rules and regulations in effect in the Town at
the time this Act is adopted, and. not in conflict with the
provisions of this Act, shall remain in effect until amended,
altered or repealed according to the terms of this Act.

SEC. 3. And be it further enacted, That all right, title, and
interest held by the Town Commissioners at the time this