572 LAWS OF MARYLAND [CH. 223

mature on an annual serial maturity plan so that a certain
number of said bonds will mature and be payable in annual
serial installments, although said installments need not
be consecutive. The Town may provide by ordinance the
conditions upon which any bonds which may become muti-
lated, destroyed or lost after issuance thereof may be
replaced.

SEC. 3. And be it further enacted, That any money
borrowed or the proceeds of any bonds issued hereunder,
pursuant to the authority hereof shall be paid to the
Treasurer of North Beach, who shall disburse the same
only for the purpose of paying for the improvements
defined in Section 1 hereof upon vouchers approved by the
Mayor and Council of North Beach at any regular or
special meeting of said Mayor and Council.

SEC. 4. And be it further enacted, That the bonds
hereby authorized to be issued, and the interest paid
thereon, in the hands of the persons entitled thereto from
time to time, shall be and remain exempt from all State,
county and municipal taxation of any kind and nature
whatsoever in the State of Maryland.

SEC. 5. And be it further enacted, That the Mayor and
Council of North Beach are hereby authorized to impose,
by ordinance, front foot benefit assessments on the prop-
erty served and to provide that receipts from said front
foot benefit assessments shall be used for servicing the
bonds issued under the authority of this Act, and if such
funds, together with any funds which may be received
under Section 6 of this Act, are not sufficient for this
purpose, then the Mayor and Council shall levy taxes pro-
vided by Section 7 of this Act. Said assessments shall be
payable annually during the life of the bonds, and suffi-
cient in aggregate amount to pay any part or all of the
interest on the outstanding bonds and to provide for their
retirement. The Mayor and Council may provide for the
extinguishment by property owners of annual front foot
benefit charges upon such terms as they may deem wise,
provided any such arrangement shall provide properly
for the necessary payments on the outstanding bonds. The
Mayor and Council, for the purpose of establishing the
front foot assessment rates, may classify properties accord-
ing to the uses to which they are put and may change
such classifications and the front foot assessment rates
from year to year, as may become necessary, but the rate
for any one year shall be uniform for all property so
assessed within the municipality. The Mayor and Council