1058 LAWS OF MARYLAND [CH. 563

change the same from time to time; to adopt any and all
regulations which may be necessary or proper for the
operation of the said parking lot, and to provide for the
enforcement of such regulations in the manner provided
by, and within the limitations with respect to the enforce-
ment of ordinances as set forth in the Charter of the Town
of Laurel.

SEC. 3. And be it further enacted, That the bonds hereby
authorized may be sold at one time, or from time to time,
and the Mayor and City Council of Laurel shall by proper
ordinance or resolution fix the maturity or maturities of
any such bonds, provided that no bonds so issued shall
mature later than twenty years from the date of their
issue; such ordinance or resolution may fix the interest
rate or rates on said bonds, or the manner of determining
the same, the manner and place of payment, the date,
place and terms of the sale of bonds, the form of the bonds
and of the coupons to be attached thereto, and all details
not herein otherwise provided for with respect to the is-
suance and sale thereof; said bonds may be made reg-
isterable as to principal; they shall be signed by the Mayor
and counter-signed by the Treasurer of Laurel, and the
corporate seal shall be attached thereto, attested by the
Clerk of the City Council; said bonds shall be in denomina-
tions of One Thousand Dollars ($1, 000. 00). The principal
and interest of said bonds shall be forever exempt from
State, County and municipal taxation in the State of Mary-
land.

SEC. 4. And be it further enacted, That the proceeds of
the sale of said bonds shall be paid to the Treasurer of
Laurel, who shall place them in a separate account de-
signated "Proceeds of Laurel, Maryland, Parking Lot
Bonds", said funds to be used only for the purposes herein
set forth and for no other purpose whatsoever.

SEC. 5. And be it further enacted, That so long as any
of the bonds issued hereunder are outstanding and unpaid,
all net revenues derived from the operation of said parking
lot shall be devoted to the payment of the principal and
interest on said bonds as they respectively fall due. In
any year that said net revenues are insufficient in amount to
pay the interest due on all of said bonds during such year,
and the principal of any such bonds maturing during such
year, the Mayor and City Council of Laurel is authorized,
empowered and directed to levy an ad valorem tax on all
property subject to taxation within the Town of Laurel,