34 LAWS OF MARYLAND. [CH. 27

interests, provided that no such adjustments shall exceed the
limitation on maturities hereinabove set forth.

SEC. 4. And be it further enacted, That the bonds hereby
authorized shall constitute, and they shall so recite, an irre-
vocable pledge of the full faith and credit and unlimited
taxing power of the municipality to the payment of the ma-
turing principal and interest of said bonds as and when the
same respectively mature. In the case of bonds issued to
finance public improvements, the municipality in each and
every year that any of said bonds are outstanding, shall
levy or cause to be levied ad valorem taxes upon all prop-
erty subject to assessment for taxation at the full rate with-
in the corporate limits of the municipality, such taxes to be
in rate and amount sufficient to provide for the payment
when due of the interest and principal of all bonds maturing
in each such fiscal year and, in the event the proceeds from
said taxes so levied shall prove insufficient for the payment
of said maturing principal and interest, the Mayor and
Aldermen of Frederick shall promptly levy or cause to be
levied additional ad valorem taxes upon all such property
in rate and amount sufficient to provide the funds needed
to make up any such deficiency. In the case of bonds issued
to finance the extensions and improvements to the water
system of the municipality, the Mayor and Aldermen of
Frederick shall, at the time of the issuance of said bonds,
pledge to the payment of the principal and interest thereof,
all rents and other charges imposed by it for the use of
water. Notwithstanding any other law, the municipality
shall, in each year, fix said water rents and other charges
on a scale which will produce an amount sufficient to pay for
the maintenance and operation of said water system and the
principal and interest of said bonds payable in such year
issued to finance the above mentioned extensions and improve-
ments to said water system. In the event, however, that, the
proceeds from said water rents and other charges shall
prove insufficient for the payment of said maturing principal
and interest in any year, the Mayor and Aldermen of
Frederick, in such year, shall levy or cause to be levied ad
valorem taxes upon all the property subject to assessment
for taxation at the full rate within the corporate limits of
the municipality, which taxes shall be in rate and amount
sufficient to provide the funds to make up any such defici-
ency.

SEC. 5. And be it further enacted, That any and all bonds
issued pursuant to the authority of this Act, the interest
payable thereon and the income derived therefrom in the