1040 LAWS OF MARYLAND [CH. 332

CHAPTER 332
(Senate Bill 401)

AN ACT to authorize the Burgess and Commissioners of
Woodsboro in Frederick County to borrow not exceed-
ing $100, 000. 00 on the faith and credit of said town and
to issue bonds therefor for the purpose of constructing
and installing a water supply system for said town and
providing for a referendum thereon.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That the Burgess and Commissioners of Woodsboro be
and it is hereby authorized to borrow on the faith and
credit of said town an amount not to exceed One Hundred
Thousand Dollars ($100, 000. 00) and from time to time to
issue and sell serial coupon bonds therefor, said bonds to
be signed by the Burgess and countersigned by the Com-
missioners and with the seal of said town affixed thereto.
The entire proceeds of such bonds, after payment of costs
of engraving and all other incidental expenses connected
with the issuance of such bonds, shall be used for the
purpose of constructing and installing a water supply
system for said town.

SEC. 2. And be it further enacted, That said bonds if
issued shall be issued in such denominations as shall be
determined by the said Burgess and Commissioners, and
shall bear interest at a rate to be determined by said
Burgess and Commissioners, not in excess of four per cent.
(4%) per annum. The issue of said bonds must comply
strictly with the provisions of Sections 35 and 36 of
Article 31 of the Annotated Code of Maryland (1939
Edition); said bonds shall be exempt from all State,
county and municipal taxation, and shall have printed on
them a distinct reference to the Act authorizing their
issuance.

SEC. 3. And be it further enacted, That the Burgess
and Commissioners of Woodsboro, in the event any of said
bonds are issued, be and it is hereby authorized and
directed to levy each year so long as said bonds are out-
standing and not paid a tax sufficient to redeem the same
at their maturity and to pay the interest thereon, the pro-

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EXPLANATION: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.