WM. PRESTON LANE, JR., GOVERNOR. 889

SEC. 4. And l)e it farther enacted, That to effectuate the
construction of storm water sewers within the Town of
Cheverly and areas immediately adjacent thereto, the Mayor
and Town Council of Cheverly, Maryland, are hereby author-
ized and empowered to borrow from time to time on the credit
of the Town a sum or sums of money which shall not, how-
ever, exceed in amount at any one time the total sum of eight
per centum (8%) of the assessed valuation of all real property
in the Town appearing on the assessment books of Prince
George's County, State of Maryland, and to issue bonds or
certificates of indebtedness therefor, which shall be payable
on or before ten years from the date of issuance, with in-
terest thereon not to exceed the rate of six per centum (6%)
per annum, payable semi-annually, unless of shorter duration
than at the maturity of said obligation. The funds derived
from the sale of said bonds or certificates of indebtedness
shall be deposited by the Mayor and Town Council of Chev-
erly, Maryland, in some safe banking institution in the State
of Maryland, to be determined by them and to be subject to
the check of the Town Clerk and Treasurer only when
countersigned by the Mayor and one member of the Town
Council. Out of said funds shall be paid only the proper ex-
penses for the negotiation, sale and liquidation of said bonds
or certificates of indebtedness and for the planning or con-
struction of storm water sewers and drainage systems, as
provided for herein.

The hereinbefore mentioned limitation of eight per centum
(8%) of the assessed valuation constitutes an overall limita-
tion of borrowing capacity, notwithstanding any borrowing
power heretofore authorized by the General Assembly of
Maryland, and any sums outstanding incident to any hereto-
fore authorized bond issues shall be included in the determi-
nation of the limitations authorized in this section.

SEC. 5. And be it further enacted, That the Mayor and
Town Council of Cheverly, Maryland, are hereby authorized
to do all acts not specifically mentioned herein which may be
necessary to issue and sell said bonds or certificates of in-
debtedness, provide for the payment thereof and the interest
thereon, and to arrange for the construction of storm water
sewers and drainage systems, as provided for herein. The
bonds or certificates of indebtedness hereunder shall be the
direct obligation of the Mayor and Town Council of Cheverly,
Maryland, and the said corporation shall be responsible
therefor.

SEC. 6. And be it further enacted. That for the purpose of
providing for the payment of the principal and the interest