1652 LAWS OF MARYLAND [CH. 543

sufficient to meet the interest and principal of all bonds
maturing in that fiscal year, additional taxes shall be
levied in the next fiscal year to make up such deficiency,
levied in the next fiscal year to make up such deficiency.
; AND MAKING THIS ACT SUBJECT TO A REF-
ERENDUM.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That for the purpose of providing funds for the acquisi-
tion, construction, design and establishment of a sanitary
sewerage system and sewage treatment disposal plant,
lands, easements, improvements and including the ma-
chines, tanks, devices, pipe and all the mechanical, elec-
trical and chemical equipment and supplies and all other
property necessary therefor, and all other expenses inci-
dental thereto, either within or outside the corporate lim-
its of the town of Taneytown, Carroll County, in the State
of Maryland, a municipal body corporate of the State of
Maryland, under its corporate name of The Mayor and
City Council of Taneytown the said the Mayor and City
Council of Taneytown 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 the total of Four
Hundred Thousand Dollars ($400, 000. 00), upon the faith
and credit of the said municipality The Mayor and City
Council of Taneytown, and to issue and sell serial bonds
therefor, which said bonds shall be known and denominated
as "Taneytown Sewer Bonds. "

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 denominations
as shall be determined by the said The Mayor and City
Council of Taneytown by ordinance, shall bear interest at
a rate not exceeding four per centum (4%) per annum,
payable semi-annually, shall all be of the serial type bonds,
and shall mature in not exceeding forty years from the
date of issue and shall be forever exempt from State,
County and Municipal taxation, in the State of Maryland.

The said bonds shall be signed by the Mayor of Taney-
town or the President of the Council of Taneytown, with
the seal of Taneytown attached thereto, attested by the
Clerk of Taneytown, or a facsimile of his signature shall
be stamped, printed or engraved thereon.

Said bonds when signed and attested as heretofore di-
rected shall be delivered for safe keeping to the Clerk of
Taneytown, and the bond of said Clerk of Taneytown shall